Juan Thornley

Jun 26, 2024 | mondaq.com | Claire Milne |Garry Manley |Juan Thornley

The Isle of Man Financial Services Authority (IOMFSA) has recently held three consultations relating to the regulation of Virtual Asset Services Providers (VASPs) in the jurisdiction. Here, we take a closer look a the background to VASPs regulation in the Isle of Man and what the future may hold. The Isle of Man first brought cryptocurrency within its AML/CFT regime in 2015 under the Designated Business (Registration and Oversight) Act 2015 (DBROA15).

Dec 4, 2023 | applebyglobal.com | Andrew Weaver |Jeremy Berchem |Juan Thornley |Gemma Palmer

Key changes include: Amendment of the Trustee Act 2001: Insertion of a new Part 1A: Duty to disclose trust information; This section seeks to codify the position set out in the Manx case of Schmidt v Rosewood and provides clarity as to who may apply for trust information, and when (and in relation to what circumstances) a trustee may refuse to provide trustee information; Insertion of a new Part 3A: Power of trustee to contract with himself; This section facilitates trustees contracting with...

Sep 22, 2023 | applebyglobal.com | Andrew Weaver |Jeremy Berchem |Juan Thornley |Gemma Palmer

One of the outcomes of the new licensing regimes created by the LCF Law is that any financial platform or intermediation operating either from within the Bailiwick (or any Bailiwick Body operating anywhere) is now in scope of the LCF Law and will now also fall under Guernsey’s AML-CFT Regime and needs to be licensed by the Guernsey Financial Services Commission (GFSC).

Sep 15, 2023 | applebyglobal.com | Andrew Weaver |Jeremy Berchem |Juan Thornley |Gemma Palmer

The Ordinance has attracted a large amount of media comment, a lot of which has not always been positive, but in broad terms it will largely bring Guernsey’s discrimination law in line with the UK, Jersey and the Isle of Man, who already have in place comprehensive equality frameworks.