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| IOM Launches Consultation On Treasury Shares Legislation |
by Jason Gorringe, Tax-News.com, London
Wednesday, February 10, 2010
Plans to allow companies whose shares are traded on a market to hold up to 10% of shares in treasury are being progressed by the Isle of Man Financial Supervision Commission, to help companies manage their share capital more efficiently.
On September 1, 2009, the Companies (Amendment) Act 2009 came into effect.
Section 25A of the Amendment Act, gave the Commission the power to make regulations
to introduce treasury shares under the Companies Acts 1992.
The Commission started consulting on whether to allow treasury shares in July
2009. Interested parties were asked to give details of the motivation and rationale
for introducing treasury shares.
Respondents indicated that treasury shares are vital in ensuring that the Isle
of Man remains able to compete as a premier offshore financial centre. The responses
indicated a need for prompt action. In acknowledging this commercial need the
Commission is now consulting on draft legislation, which is needed to introduce
treasury shares, for a limited period.
The Consultation Document calls for comments on the proposed regulations to be made before February 19, 2010.
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