Financial Services and Private Equity
Highest calibre advice on commercial and private equity matters
As experts in assisting clients in the corporate and commercial sector, both locally and in the international market, we can provide you with sector specific pragmatic advice.
Clients benefit from our comprehensive experience having acted for every type of financial instruction and equity houses across all corporate and commercial disciplines. With many of our lawyers having worked in industry and financial services as in-house counsel, our team also brings a commercial practicality to the advice we give.
Our experience extends beyond transactional work and we also look after our clients through implementation and then in every stage of the business’s lifecycle.
The Isle of Man is a long-established, well-regulated yet pragmatic and commercially orientated international financial centre. Areas covered include banking (including the newly-introduced alternative banking regime for in-house banks and foreign branches), captive insurance, fiduciaries, fund management and administration and life and pensions.
With an Aa1 sovereign rating from Moody’s, it has been recognised by the IMF as a well-regulated offshore Finance Centre of excellence.
As a result of entering into various TIEAs and related agreements, the Isle of Man was included on the OECD “White List” of 40 jurisdictions that had substantially implemented internationally agreed tax standards, published following the G20 meeting in London on 2 April 2009.
On 17 November 2017 the OECD reported: “The Global Forum concluded that the Isle of Man continues to be Compliant with the international standard on transparency and exchange of information upon request. The Isle of Man’s legal framework for the availability of ownership, accounting, and banking information is in place and legal obligations are subject to proper oversight. The new obligation of availability of beneficial ownership information was previously primarily addressed under the anti-money laundering rules. To address the gap relating to entities that are not required to engage an anti-money laundering obliged service provider, the Isle of Man passed the Beneficial Ownership Act 2012 [now updated and expanded under the Beneficial Ownership Act 2017], which now extends obligations to identify the beneficial owner(s) to all relevant entities except for general partnerships. Provisions requiring entities to hold and register information on their beneficial owners. Isle of Man has successfully exchanged both legal and beneficial ownership information in practice. The Isle of Man also addressed a weakness identified in its practice during the last round of reviews, namely the sharing information received under an EOI request with the financial intelligence authority. In terms of exchange of information, the Isle of Man has been commended by peers for its highly efficient and cooperative EOIR practice.”
Our corporate and commercial team is supported by our property, employment, immigration and litigation experts which provide specialist advice in their respective sectors.