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Updated rules for Isle of Man companies listed in London 21 November 2005

    The Financial Supervision Commission is pleased to announce the coming into operation of updated regulations to permit Isle of Man companies to continue to use the CRESTCo system for the paperless transfer of their shares which are listed on the London Stock Exchange.

    The Uncertificated Securities Regulations 2005 (SD754/05) were approved at last week’s sitting of Tynwald and come into operation on 1 December 2005. These Regulations largely repeat the requirements in the Transfer of Securities Regulations 1996, which they replace, but mirror the changes made in the UK in respect of the obligations on and procedures to be followed by the system operator (currently CRESTCo).

    The principal legal effects of these Regulations are to –

    • remove the obligations on companies to issue certificates;
    • create interests for those acquiring company securities by means of the system;
    • alter the effect of the law which requires transactions in company securities to be effected by means of written instruments; and
    • ensure that companies will act in accordance with the instructions of the system operator.

    The Uncertificated Securities Regulations 2005 are now available on the Commission’s website www.fsc.gov.im (See Library/Companies Legislation) or can be purchased from:

    Tynwald Library,
    3rd Floor,
    Government Office,
    Bucks Road,
    Douglas, Isle of Man
    IM1 3PG
    Tel: +44 (0) 1624 685520

    If you have any queries, please contact:

    Liz Berry,
    Senior Adviser – Policy and Legal Unit,
    Financial Supervision Commission,
    P O Box 58,
    Douglas, Isle of Man
    IM99 1DT
    Tel: +44 (0) 1624 6893335

    21st November 2005

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