Isle of Man Financial Supervision Commission Takes Over Companies Registry

Tax-news.com

25 May 2000

The Isle of Man Companies Registry has been transferred to the Financial Supervision Commission from 1 April 2000. The move follows the Council of Ministers decision in September 1998. Legislation was required to facilitate the transfer, and the Companies Transfer of Functions Bill received Tynwald approval during March 2000.
Whilst the legislation was being prepared, much work was undertaken to ensure a smooth transition.This included a detailed review of responsibilities being transferred to the Commission, preparing the Commission to take on those responsibilities, transferring most of the staff to new contracts of employment, and other operational matters to ensure that the Companies Registry continues to operate smoothly after the transfer. During early 2001 it is intended that the Commission and Companies Registry will co-locate within the same offices.

Commenting on the transfer the Commission's Chief Executive John Aspden said "After much hard work we are very pleased that the transfer has taken place efficiently. The Commission looks forward to working with the private sector to develop further the Island's regime for registering companies and the ongoing supervision and compliance with companies legislation. We feel that there are many opportunities in this area where we can work together further to strengthen the Island's reputation and attractiveness for business undertaken here".

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