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Guidance Notes - Choosing Your Company Or Business Name 10 August 2005

    This Guidance Note is issued to set out the policies operated by the Financial Supervision Commission in relation to the consideration and approval of company and business names. This Guidance Note updates the one issued in January 2002 to take account of changes introduced by the Companies Etc. (Amendment) Act 2003 and the Fiduciary Services Act 2005.

    The Commission has statutory authority to refuse to register a name or change of a name which, in its opinion, is undesirable or to impose conditions on the use of a name. The Commission can also direct that a name is changed if, in its opinion the name is undesirable. There are rights of appeal against such a refusal or direction and these are outlined in the Guidance Note.

    There is also a new prohibition on the use of words that imply that a person or company is a trust service provider unless the person or company holds or has applied for the relevant licence.

    Where the Commission approves a name subject to conditions and the approval conditions are not met, or a name is not changed after a direction has been issued, subject to no appeal being lodged, the Commission can change a name to one it considers is not undesirable, and enter the new name on the register.

    Copies of the guidance note are available from the Companies Registry and our web site.

    Queries concerning this news release should be addressed to John Wilkinson, Clive Oldale or Maralyn Brown in the Companies Registry.

    Telephone: +44 (0)1624 689389

    Facsimile: +44 (0)1624 689397

    Email: companies@fsc.gov.im

    Web Site: www.fsc.gov.im

    10th August 2005

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