Companies act 2006 impact on supervisory approach
This presentation is the property of its rightful owner.
Sponsored Links
1 / 18

Companies Act 2006 – Impact on Supervisory Approach PowerPoint PPT Presentation


  • 61 Views
  • Uploaded on
  • Presentation posted in: General

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.

Download Presentation

Companies Act 2006 – Impact on Supervisory Approach

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


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

Objectives

  • The Fiduciary Services team

  • CSP services to New Manx Vehicle

  • Supervision visits currently and any changes re NMV

  • Desk-based supervision


Who are we

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


Csp services to new manx vehicle nmv

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


Csp services to nmv

CSP services to NMV

  • New for NMV only –

    • Acting as registered agent

    • CSP Act amended by 2006 Act


Supervisory visits recap of what we look at

Supervisory Visits: Recap of what we look at

  • Documented policies and procedures

  • Implementation of new business procedures

  • KYC information


Supervisory visits recap of what we look at1

Supervisory Visits: Recap of what we look at

  • Corporate governance of licenceholder

  • Training

  • Complaints

  • Clients’ money


Supervisory visits recap of what we look at2

Supervisory Visits: Recap of what we look at

  • Client companies -

    • Company secretarial compliance

    • Corporate governance

    • Ongoing monitoring


What s new for nmv

What’s new for NMV?

  • Up-date documented procedures –

    • To reflect new role as registered agent

    • Any other additional services provided


What s new for nmv1

What’s new for NMV?

  • Implementation of new business procedures –

    • KYC as for other client companies applies


Supervision re corporate directors

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


Registered agent s responsibilities

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)


Registered agent s responsibilities1

Registered agent’s responsibilities

  • Register of Directors

  • Register of Members

  • Register of Charges


Registered agent s responsibilities2

Registered agent’s responsibilities

  • Accounting records (see also CA06, s.80)

  • Minutes / resolutions or where held (CA06, 79)


Accounting records

Accounting records

  • Company shall keep reliable accounting records which –

    • Explain transactions

    • Enable financial position to be determined with reasonable accuracy at any time


Accounting records1

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


Desk based supervision

Desk Based Supervision:

  • No changes

  • Monitoring the number of directorships

  • We will still require audited accounts of the licenceholder.


Companies act 2006 impact on supervisory approach1

Companies Act 2006 –Impact on Supervisory Approach

Michael Weldon

Head of Supervision

Financial Supervision Commission

24 October 2006


  • Login