IOM FSA Beneficial Ownership Act 2017 – Guidance - December 2024 - GC2024/0010
12/12/2024
This is the Isle of Man Financial Services Authority (the IOM FSA) Beneficial Ownership Act 2017 Guidance (the “Guidance”), which should be read in conjunction with the Beneficial Ownership Act 2017 (the “Act”).
It is issued by the Isle of Man Financial Services Authority (the “IOM FSA”) under section 4(4) of the Act and laid before Tynwald under section 4(7) of the Act.
This Guidance
- supersedes the Authority’s 2017 Guidance to provide relevant persons with supplementary and up-to-date information on beneficial ownership matters and using the Isle of Man’s Database of beneficial ownership (the “Database”) in practice.
- seeks to assist relevant persons in understanding their responsibilities under the Act.
- The Act and this Guidance apply to those legal entities in section 5(1) of the Act. When deciding on legal obligations, refer directly to the Act.
The provisions of the Act and the Guidance do not remove or reduce any obligations imposed on a business and legal entity under any other legislation concerning beneficial ownership information. This includes, but is not limited to,
- obligations on a business in the regulated sector (as defined in Schedule 4 of the Proceeds of Crime Act 2008) to comply with the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019.
The IOM FSA issues guidance for various purposes, including:
- to illustrate best practice.
- to assist persons in complying with legislation, and
- to provide examples or illustrations. It is beyond the scope of the Guidance to provide for every possible circumstance.
The Guidance
- The Guidance is not law; however, it is persuasive, and section 4(5) of the Act requires regard to this Guidance in interpreting references in the Act. Where a person follows this Guidance, compliance with the legislative provisions would generally be indicated, and vice versa.
- If the Guidance contradicts the Act, the Act takes precedence.
- Legal advice should be sought in cases where a person needs clarification on how the Act applies to their circumstances.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.