Isle of Man Financial Services Authority publishes Central Registry proposals to update beneficial ownership rules and senior managing official reporting

The Isle of Man Financial Services Authority has published a Central Registry update on proposals to strengthen the Isle of Man’s beneficial ownership framework, aimed at making it easier to identify who owns and controls companies and other legal entities. The main changes would update the definition of a registrable beneficial owner and specify what information must be submitted when an entity does not have a registrable beneficial owner. The legislative package comprises the Beneficial Ownership Act 2017 (Amendment) Order 2026, which would revise the registrable beneficial owner definition, and the Beneficial Ownership Information Regulations 2026, which set out the steps required where no registrable beneficial owner exists, including submission of information on the entity’s senior managing official. The changes are framed as supporting the quality, accuracy and reliability of information held on the beneficial ownership database and maintaining alignment with international transparency standards. Both the Order and the Regulations are set to be considered by Tynwald in May. The Authority also plans to publish a new guidance document shortly, with that guidance to be laid before Tynwald at the May sitting.