Isle of Man Financial Services Act Progresses Towards Enactment and Will Provide Strict Regulation for Non-Resident Offshore Companies

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Sunday, September 1, 1991
Volume: 
7
Issue: 
9
Abstract: 
A Financial Services ACt modeled on the U.K. Financial Services Act is moving towards enactment sometime in 1992.  The bill will require non-resident companies to obtain a license and would enable the Financial Services Commission to impose regulatory codes covering inter alia: financial resources; handling of client money and assets; and the conduct of business.