The Isle of Man has recently been named Best International Finance Centre at the 18th International Investment Fund and Product Awards last month.
Isle of Man companies also took home ten out of the eighteen awards at the event.
The prestigious International Investment Fund and Product Awards celebrate groups who distribute financial products and services internationally recognising product providers and advisers who demonstrate best practice, raise standards and who put their customers first.
Martyn Perkins MHK, Member of the Department of Economic Development with responsibility for Financial Services, commented:
‘It’s encouraging to see that the Island’s success as a provider of world-class financial services was recognised at this year’s International Investment Awards. The Island’s financial services sector underpins our thriving economy and our commitment to diversification has seen great success in the development of new markets, products and customers for the Isle of Man.
‘This year the awards received a record number of applications and I’d like to congratulate all of the local companies who took home awards and applaud them for their continuing dedication to client-focussed and high quality financial services.’
The Isle of Man won the award for Best International Finance Centre with Guernsey and Jersey receiving commendations from the judging panel.
Six local companies took home ten awards in categories including Best International Life Group, Best International Platform and Best International Private Banking Service.
The Isle of Man is also nominated for ‘IFC of the Year’ at the annual Citywealth International Finance Centre Awards, which will take place on the 18th January 2018.
The Isle of Man Ship Registry are consulting on their regulations applying SOLAS Chapter I.
The consultation paper sets out proposals to make new Regulations to give effect to the latest version of Chapter 1 to the International Convention for the Safety of Life at Sea (SOLAS).
SOLAS is generally regarded as the most important of all international treaties concerning the safety of merchant ships and SOLAS Chapter 1 regulates the survey and certification of ships.
This is fundamentally a legislation project to replace existing Regulations with a new set of Regulations containing the latest survey and certification provisions of SOLAS Chapter 1. They do not anticipate any changes to how the Ship Registry operates with regards to the survey and certification of Isle of Man registered ships and these surveys are either delegated to a Recognised Organisation, or carried out by the Ship Registry using their own surveyors.
The purpose of the consultation is to provide the opportunity to customers to review and comment on the proposals.
To view the Consultation document click here.
Teamwork between members of the Red Ensign Group (REG) and the industry as a whole has led to the creation of a new yacht code.
The REG Yacht Code, which was launched on the 13th November at the Global Superyacht Forum in Amsterdam has taken into account all the expertise gained across almost two decades of regulating the large yacht sector since the first version was published by the Maritime & Coastguard Agency in 1997.
In its new format, the Code is made up in two parts with common annexes – such as for over-side working systems, sailing vessels and helicopter landing areas. It will keep the familiar format of the existing REG codes while being more dynamic to industry change and development.
Work has been carried out across the REG to get the new code ready for its launch and also within the industry. One consultation alone brought in more than 700 comments as part of that active discussion with those involved with large yachts.
The new REG Code combines the existing Large Yacht Code 3 and the Passenger Yacht Code into one document and will come into force on 1 January 2019, to give the industry time to become familiar with it.
Sir Alan Massey, CEO of the Maritime & Coastguard Agency said: ‘In the superyacht sector, the Red Ensign is the flag of choice and its yacht code is the international standard for yacht construction and operation.
‘This has been an excellent example of how well the Red Ensign Group works both together as a team and also with the wider industry to make sure we continue to be that. We maintain the highest maritime safety standards but also recognise that we must take into account a changing industry.
‘This represents a lot of work over many months and includes many innovative measures to meet the specific needs of the Large Yacht Sector. The Red Ensign Group has made a point of listening to the industry to create this code and all of us will continue to listen to help support the industry to get ready for it as it comes into force.’
Jo Assael, senior surveyor and yacht code specialist for the Cayman Islands Shipping Registry, worked with industry to help shape the new code.
He said: ‘We wanted to make the code more usable and wrote in greater flexibility so that naval architects, designers and owners can get what they want out of a superyacht. It was important to make sure that we are regulating for today and not for how yachts were being built when this code first came out in 1997.
‘Although the codes remain mostly the same, we want to make sure that within this prescriptive framework, we have equivalent arrangement clauses. These support innovation and point to alternative SOLAS design routes as an alternative which would be just as safe as the prescriptive one.’
REG Yacht Code – Part A
REG Yacht Code – Part B
REG YAcht Code – Annexes
The Isle of Man SuperYacht Forum is pleased to welcome our newest Associate Member, Intrust (Manx) Limited.
Intrust (Manx) Limited is a corporate services provider based at the Isle of Man airport.
Their dedicated team within their yacht division is well placed to deal with all matters realting to the ownership, registration and day to day management of yachts. For more information, check out their Member profile here.
If you would like more information on becoming an Associate or Affiliate Member of the Isle of Man SuperYacht Forum, please contact firstname.lastname@example.org.
The Isle of Man SuperYacht Forum is pleased to welcome its newest member, RegisterAYacht.com Limited, who have recently joined as an Affiliate Member.
Register A Yacht is the marine & corporate services division of the Sovereign Group. They register, administer and manage both pleasure and commercial vessels in all major flag states and advise on a comprehensive range of marine services. For more information, check out their Member profile here.
If you would like more information on whether your business qualifies for Associate or Affiliate Membership and to find out how to join, please contact email@example.com.
The Department of Economic Development and stand partners have reported great interest in the Isle of Man at the 27th annual Monaco Yacht Show.
Monaco Yacht Show (27- 30 September) is one of the most prestigious events in the yacht industry’s calendar, bringing together over 30,000 manufacturers, owners, buyers and enthusiasts.
Dick Welsh, Director of the Isle of Man Ship Registry, commented: “Monaco is the primary event for the Island’s yacht industry, giving us the chance to show the world’s biggest players the quality and value of our highly successful Ship and Yacht Registers and gain some valuable insight and quality customer leads. The partnership working with the private sector was really effective this year with 12 stand partners flying the flag for the Isle of Man, showcasing the professional services and vast experience we have here.
“In a rapidly changing global maritime environment it’s important that we continue to evolve and improve our services for our clients. This year Manx Telecom provided the Isle of Man stand with wireless internet capability in a show where no Wi-Fi can normally be found. This made the Isle of Man stand very popular and presented the Island as a well-connected and progressive place to do business.”
Andy Roy, Chairman of the Isle of Man SuperYacht Forum, said: “We were pleased to see the Committee together with a number of our member firms represented at this year’s show and joining the Ship Registry on the Isle of Man stand to promote the range of services available on the Island, to the yachting sector.
“Six months ago the Forum launched its Affiliate Membership, which offers businesses based outside the Isle of Man with interests in the Island’s maritime sector, to become part of the Isle of Man SuperYacht Forum. Since then, the Committee have been working hard to promote both the Forum and its members to a wider audience and the Monaco Yacht Show provides a great platform to do this. We are delighted to say that the Affiliate Membership was received well in Monaco, with a number of firms showing considerable interest and others already signing up to become new Members.
“The Isle of Man is more than just a flag jurisdiction, it is home to a large number of firms that continue to provide a high level of service to one of the most demanding industries in the world and who look to offer clients the widest possible range of solutions. We are excited to see what the future holds for the Forum and the Isle of Man’s maritime sector as a whole.”
The Ship Registry launched the new Pleasure Yacht Plus package at Monaco this year, a new product for owners and managers who wish to keep their yacht for private use but maintain voluntary compliance with the rules and regulations for large charter yachts.
Dick Welsh added: “The new product received great interest and we have already registered one pleasure yacht and are working on negotiations for two significant projects arising from the show. We also participated in the ‘soft’ launch of the Red Ensign Yacht Codes, a clear statement of the strength of the Red Ensign Group and our combined dominance of the large yacht market. All in all it was a very positive and strong demonstration of the fantastic work of the Ship Registry, the private industry and our Island.”
For more information on the Isle of Man’s Ship and Yacht Registers, please visit www.iomshipregistry.com/