The Draft Beneficial Ownership (Civil Penalties) Regulations 2018 For Contraventions Under The Beneficial Ownership Act 2017

Closed 2 Nov 2018

Opened 24 Sep 2018

Contact

Dan Johnson

(Senior Manager)

Senior Manager

+44 1624 689340

dan.johnson@iomfsa.im

Feedback updated 15 Oct 2019

We asked

We asked for views on the introduction of civil penalties for some contraventions of the Beneficial Ownership Act 2017.

You said

We received four responses: two in favour, one making technical observations and one seeking clarification on certain matters.

We did

The new civil penalties came into force on 1 February 2019.

Overview

The Isle of Man Financial Services Authority has issued a consultation paper CP18-05/T17. This paper is seeking views on the introduction of civil penalties for some contraventions of the Beneficial Ownership Act 2017, and invites interested parties to consider the draft Regulations set out within the paper.

The proposals may be of interest to relevant persons under the Act, especially nominated officers and the Authority welcomes feedback from interested parties.

Why your views matter

To obtain information, views and evidence regarding the proposed introduction of civil penalties for contraventions of the Beneficial Ownership Act.

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