Isle Of Man / Ellan Vannin

Isle of Man government reviews new US finance law

The Isle of Man government is examining what impact new finance laws from the United States will have on the island's finance industry.

The Dodd-Frank Act requires some island finance companies to register with the US Securities and Exchange Commission.

A government spokesperson said: "The Financial Supervision Commission is reviewing the implications with the local financial services industry."

Companies may have to register even if they do not have a presence in the US.

According to Jersey regulatory expert John Roche, until this legislation came in finance companies could rely on a private investment exemption and could avoid registering.

Talking at a seminar for Jersey Finance Limited, Mr Roche warned the changes could be costly and the responsibilities tougher.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites