Isle of Man Wealth & Fund Services Association

ESG Trends and a Changing Regulatory Environment plus Christmas drinks!

We are delighted to welcome Adam Creamore, ESG Senior Manager at KPMG to talk about ESG and funds before enjoying some festive drinks at 1886 on 14 December.

Presentation will begin at 4.30 and cover:

➡️A brief introduction to ESG
➡️Key ESG trends for Funds
➡️ESG Funds & Structures
➡️High level overview of reporting trends

Afterwards please stay for networking over Christmas drinks 🍻🥂

This event is free for our members!

Tickets available here

ESG Trends and a Changing Regulatory Environment plus Christmas drinks!

The Isle of Man Wealth and Fund Association are hosting a Networking and Update Event, and would be delighted if you could join us as our guest on 28th April 2022.

The event will be held at 1886, from 5PM to 7PM, with a selection of canapes and beverages, along with presentations from the Minister of Enterprise, Dr Alex Allinson MHK, and Alan Smith, providing insight into the future of our industry.

Dr Allinson will provide an update on the Island Plan, with particular focus on the finance sector.

Alan, who has been working with the Association and conducted an Isle of Man Funds Review, will present the findings from his report, including the initiatives and strategic objectives for the future.

We hope you can attend and would encourage all our members and associates to attend what will be our first “real” networking event for quite some time.

Tickets can be acquired for free (click the link below), please invite your colleagues.

IOM Wealth & Funds Update and Networking Event Join the Isle of Man Funds & Wealth Association for an industry update and networking event.

Views are being sought on how residents and businesses in the Isle of Man respond to threats posed by bribery and corruption.

A consultation is under way aimed at gathering feedback on the draft Anti-Bribery and Corruption Strategy and can be found here: https://consult.gov.im/cabinet-office/abcconsultation

The six-week process will conclude on Tuesday 19 April 2022.

Full news release: https://www.gov.im/.../views-sought-on-anti-bribery-and.../

Given the recent omicron developments, scaling down of events and close proximity to Christmas we have made the difficult decision to postpone the AGM and Lunch to the new year.

Apologies for the late notice - as has been the case throughout the pandemic, things are moving very quickly and we now feel it is the right thing to do.

Details of a new date will be released in due course and tickets will be rolled over. Alternatively, if you would like a refund please email [email protected] and we will be very happy to arrange this.

Wishing everyone all the best for a safe and healthy Christmas and New Year.

IOMWFSA Committee

Please join us next week

AGM with Minister for Enterprise Dr Allinson 2021 IOMWFSA AGM with Minister for Enterprise Dr Alex Allinson MHK

Tickets are on sale now for our AGM and lunch being held on 16 December where we will be joined by the new Minister for Enterprise Dr Alex Allinson MHK who will be speaking on the opportunities for the Isle of Man in the finance sector based on the recently released Island Plan and KPMG report.

AGM with Minister for Enterprise Dr Allinson 2021 IOMWFSA AGM with Minister for Enterprise Dr Alex Allinson MHK

Reminder: this webinar is taking place tomorrow

Webinar

We are delighted to be welcoming DQ's Sinead O'Connor to lead a webinar looking at the FSA's new AML/CFT Handbook which was issued earlier this Summer.

The webinar is free to members and will be held over Teams on Wednesday 13 October at 2.30pm. Please sign up here

Webinar

We were very pleased to finally host our joint dinner with the Chartered Institute of Securities and Investment (CISI) on Friday after various Covid delays. Thank you to our sponsors Nedgroup Investments, our venue Comis Hotel, photographer Matt Mosur Photography, speaker Bill Dale of Beach Buddies Isle of Man and all those of donated raffle prizes.

Companies registered in the will soon be required to adhere to new rules concerning beneficial ownership.

The Beneficial Ownership (Amendment) Bill 2020 recently received Royal Assent after passing through the branches of Tynwald, and will come into force on 1 September 2021.

The changes have been made in response to the Island’s Mutual Evaluation Report 2016, conducted by MONEYVAL, and will further improve the accuracy of the database which records beneficial ownership – defined as the natural person or people who ultimately own or control a company, limited partnership with legal personality or foundation.

Treasury Minister Alfred Cannan MHK said: ‘The introduction of these changes send a clear message that the Isle of Man is a responsible and responsive jurisdiction committed to following international financial standards.

‘Establishing the beneficial ownership database in 2017 placed us on a firm footing following the 2016 MONEYVAL report, and underlined a commitment to the UK Government to improve agreements for the sharing of information on beneficial ownership.’

A beneficial owner is someone who owns or controls more than 25 per cent of a legal entity. Details must be submitted online, via Isle of Man Government Online Services - https://services.gov.im/ - to the Isle of Man Database of Beneficial Ownership by a nominated officer or corporate service provider.

The Companies Registry issues enrolment codes by post to nominated officers and corporate service providers, which enables them to link a particular company to their Online Services account.

Comprehensive information, including downloadable forms and instructional videos, are available on the IoM Government website: https://www.gov.im/categories/business-and-industries/companies-registry/beneficial-ownership/

For further assistance, email [email protected].

The FSA will be holding a webinar later this month on the long awaited handbook to the AML/CFT Code 2019

Webinar – The launch of the Authority’s revised AML/CFT handbook 27 July 2021 Join the Authority on Tuesday 27 July at 11am to watch Ian Spence (Head of AML/CFT division) with Ashley Whyte (Senior Manager of AML/CFT division) who will be presenting an update in relation to the following publications;

We have been asked to share this article on an open FSA consultation:

Challenge the FSA's limitation of your right to challenge the FSA Rowany Solutions calls on all regulated firms and designated businesses to respond to FSA consultation TABLE OF CONTENTS Overview of the proposed changes So why is this important?

There are a limited number of tables still available for our dinner next month and we are also offering individual tickets Contact [email protected] to find out more

Expiry of the grace period for EU Settlement Scheme applications

EU nationals who were lawfully resident on the Isle of Man prior to the 31 December 2020 are strongly advised to ensure that they submit their applications under the EUSS well before the 30 June 2021 deadline.

From 1 July 2021, EU nationals will be required to hold proof of lawful residence, either under the EUSS or the immigration rules, to ensure they can continue to live, work, study and claim publicly funded benefits such as child benefit and income support in the Isle of Man.

Be prepared: 2006 Act Companies will soon have to file their register of directors with the Companies Registry

New options to switch corporate structure The Companies Amendment Bill 2020, which paves the way for a company operating under the provision of the Companies Act 2006 to re-register as one operating under the provisions of the Companies Act 1931, as well as introducing a small number changes to address issues identified by MoneyVal in its 2...