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Companies Act 2006 – Impact on Supervisory Approach

Companies Act 2006 – Impact on Supervisory Approach. Michael Weldon Head of Supervision Financial Supervision Commission 24 October 2006. Objectives. The Fiduciary Services team CSP services to New Manx Vehicle Supervision visits currently and any changes re NMV Desk-based supervision.

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Companies Act 2006 – Impact on Supervisory Approach

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  1. Companies Act 2006 –Impact on Supervisory Approach Michael Weldon Head of Supervision Financial Supervision Commission 24 October 2006

  2. Objectives • The Fiduciary Services team • CSP services to New Manx Vehicle • Supervision visits currently and any changes re NMV • Desk-based supervision

  3. Who are we? • Michael Weldon- Head of Supervision 689318 • Geraldine Smith- Senior Manager 689338 • Sue Ferrario- Manager 689339 • Kerry Thomson- Manager 689340 • Lynda Cain- Manager 689374 • Pat Kennaugh- Supervision Officer 689319

  4. CSP services to New Manx Vehicle (“NMV”) • As currently for any other client company - • Acting as directors (individual or corporate) • Nominee shareholders/members • Registered office

  5. CSP services to NMV • New for NMV only – • Acting as registered agent • CSP Act amended by 2006 Act

  6. Supervisory Visits: Recap of what we look at • Documented policies and procedures • Implementation of new business procedures • KYC information

  7. Supervisory Visits: Recap of what we look at • Corporate governance of licenceholder • Training • Complaints • Clients’ money

  8. Supervisory Visits: Recap of what we look at • Client companies - • Company secretarial compliance • Corporate governance • Ongoing monitoring

  9. What’s new for NMV? • Up-date documented procedures – • To reflect new role as registered agent • Any other additional services provided

  10. What’s new for NMV? • Implementation of new business procedures – • KYC as for other client companies applies

  11. Supervision re corporate directors • Corporate directors (must be CSP licenceholder or nominee company) • Number of directorships individual holds will still be monitored • Current guidance applies

  12. Registered agent’s responsibilities • To hold [and maintain] company records as follows (CA06, s.78) - • Memorandum and Articles (signed copy) • Documents filed by NMV with Registrar (6 years)

  13. Registered agent’s responsibilities • Register of Directors • Register of Members • Register of Charges

  14. Registered agent’s responsibilities • Accounting records (see also CA06, s.80) • Minutes / resolutions or where held (CA06, 79)

  15. Accounting records • Company shall keep reliable accounting records which – • Explain transactions • Enable financial position to be determined with reasonable accuracy at any time

  16. Accounting records • Accounting records need to be orderly (R v Garvey in 2001) and sufficient to enable accounts to be prepared • If accounts are prepared (e.g. to meet solvency test), Registered Agent should hold a copy

  17. Desk Based Supervision: • No changes • Monitoring the number of directorships • We will still require audited accounts of the licenceholder.

  18. Companies Act 2006 –Impact on Supervisory Approach Michael Weldon Head of Supervision Financial Supervision Commission 24 October 2006

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