This page aims to identify the specific legal and regulatory obligations for keeping records within the Isle of Man jurisdiction.
Public Records Act 1999
Certain records will be permanently preserved in the Public Record Office.
This can include Records with evidential value show what was decided and why, what was – or was not – done and how it was done. This can also include records with informational value show aspects of life here through detail about people, places, businesses, events and so on.
Under the PRA records transferred to IOMPRO are normally open to the public when they are 30 years old – this is often known as ‘the 30-year rule’
For FSC regulated entities, from the Financial Supervision Commission Anti Money Laundering Notes Section 8: Retention of identification records –
Licenceholders must retain CDD records including the supporting evidence and methods used to verify identity for at least five years after the account is closed or the business relationship ended. Where a disclosure has been made to a constable with the FCU or a licenceholder knows or believes that a matter is under investigation, the licenceholder must retain the records for as long as required by the constable.
Within the Money Laundering and Terrorist Financing Code 2013, a relevant person must keep the records required by this Code for at least 5 years from, as relevent, the date of the completion of the transaction or all activities relating to a one-off transaction or a series of linked transactions were completed or the business relationship was formally ended or if the business relationship was not formally ended, when all activities relating to the transaction were completed.the business relationship was formally ended.
This includes, but is not limited to a record of all transactions carried out in the course of business in the regulated sector, including identification data, account files and business correspondence records and such other records as are sufficient to permit reconstruction of individual transactions and compliance with this Code.
Based on the Money Laundering and Terrorist Financing (Online Gambling) Code 2013, a licence holder must keep the records required by paragraph 13 for at least 6 years from the date when the person concerned formally ceases to be a participant or business participant; or if sub-paragraph (1)(a) does not apply, when the last transaction was carried out by the former participant or business participant. If a report has been made to a constable under paragraph 17(3)(f), or the licence holder knows or believes that a matter is under investigation, the licence holder must, without limiting sub-paragraph (1), retain all relevant records for as long as required by the constable.
The Companies Act 2006, Chapter 2, “Company Records” implies to keep registers and minutes of meetings and resolutions for the life of the company.
Copies of all notices and other documents filed by the company pursuant to the Act must be kept for 6 years.
The accounting records of a company shall be maintained by or on behalf of that company for not less than six years from the end of the financial period of the company to which they relate.
Contracts and Limitation
There are various time limits for legal action within the Isle of Man Limitation Act 1984. these include but are not limited to:
Time limit for actions founded on tort = 6 years from the date on which the cause of action accrued.
Time limit for actions founded on simple contract = 6 years from the date on which the cause of action accrued.
Time limit for actions on a specialty = 21 years from the date on which the cause of action accrued.
Actions in respect of defective products = 10 years from the relevant time, within the meaning of section 3 of the Consumer Protection Act 1991.
Citations and References
Companies Act 2006 http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&ved=0CC4QFjAA&url=http%3A%2F%2Fwww.legislation.gov.im%2Fcms%2Facts-of-tynwald-as-enacted%2Fcategory%2F7-primary-2006.html%3Fdownload%3D69%253Acompanies-act-2006&ei=Jw1qU6WiMIvX7AayqoHYDg&usg=AFQjCNFRQ-TZstEOrUIxUdHcttBXKb94pw
Advice to public bodies under the Public Records Act http://webcache.googleusercontent.com/search?q=cache:vr996ERw88YJ:www.gov.im/registries/PublicRecords/advice.xml+&cd=1&hl=en&ct=clnk&gl=uk
IOM Financial Supervision Commission Anti Money Laundering Notes Section 8 http://www.fsc.gov.im/handbooks/guides/AML/AMLSection8.xml
The Money Laundering and Terrorist Financing Code 2013 http://www.gov.im/lib/news/fsc/moneylaunderinga.xml
Isle of Man Limitation Act 1984 http://www.legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1984/1984-0018/LimitationAct1984_3.pdf
The Data Protection Act does not state any period of time for data retention