The Island is acknowledged to be one of the best regulated international financial centres, with the regulators working in harmony with the private sector.
The main regulatory and supervisory bodies are:
The Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority ("the Authority") was established by the Transfer of Functions (Isle of Man Financial Services Authority) Order 2015, which was approved by Tynwald in March 2015, with the main provisions of the order coming into force on 1 November 2015. As well as establishing the Authority, the order transfers the functions of the Financial Supervision Commission and the Insurance and Pensions Authority to the Authority.
The regulatory objectives of the Authority are:
-securing an appropriate degree of protection for policyholders, members of retirement benefits schemes and the customers of persons carrying on a regulated activity;
-the reduction of financial crime; and
-the maintenance of confidence in the Island's financial services, insurance and pensions industries through effective regulation, thereby supporting the Island's economy and its development as an international financial centre.
The Isle of Man operates a Category One, Red Ensign Group British Register that provides for the registration of ships of any size or type and, consequently, Isle of Man Red Ensign carries non-FoC status (Flag of Convenience).
In 2003 the Ship Registry adopted the "Large Yacht Code" which facilitated superyacht registration on the Isle of Man.
The Isle of Man Aircraft Registry was established in 2007 to provide a customer focused service for the registration of high quality private and corporate jets and high quality twin turbine-engine helicopters. Isle of Man registered aircraft cannot be used for Commercial Air Transport. It is the only dedicated corporate aircraft register in Europe.