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Prevention Of Fraud (Investments) Act 1968 Repealed 31 August 2007

The Financial Supervision Commission is pleased to announce that the Minister for the Treasury has signed the Order effecting the repeal of the Prevention of Fraud (Investments) Act 1968 (“the 1968 Act”).

The purpose of the 1968 Act was to protect Isle of Man residents by creating penalties for fraudulently inducing persons to invest money. This was, in some respects, superseded by the introduction of the Commission’s regulation of investment business conducted in or from the Island and most of the 1968 Act has already been repealed.

In addition, the Island’s company law contains provisions relating to the content of prospectuses of Isle of Man companies and there are also other laws aimed at the type of fraudulent activity envisaged by the 1968 Act.

The Commission also plays a role in alerting potential victims of fraudulent business by monitoring inducements to invest made on websites and via circulars. Appropriate warnings to the public are issued on the Commission’s website. The Financial Crimes Unit and Office of Fair Trading also issue public warnings when they become aware of attempts to defraud the public.

The Companies Act 2006 (Appointed Day) (No.2) Order 2007 which repeals the 1968 Act came into operation on 29th August 2007, the date on which the Minister for the Treasury signed the Order. The Appointed Day Order will, for notification purposes, be laid before Tynwald at the October sitting.

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