General licence - IOM/2022/RUS041
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 16 May 2023, the Treasury issued General Licence IOM/2022/RUS041 under regulation 64 of the Russia Sanctions (EU Exit) Regulations 2019, as they apply to the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504] (“the Regulations”).
Any persons intending to use General Licence IOM/2022/RUS041 should consult the copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.
General Licence IOM/2022/RUS041 which allows a Person on behalf of an Entity to file an Annual Return to Companies Registry and pay the statutory filing fee in order to remain on the register.
For the purposes of General Licence IOM/2022/RUS041 an Entity means a legal entity owned or controlled by a Designated Person (whether directly or indirectly) and being constituted, as the case may be, by:
(a) a company formed or registered under the Companies Act 2006 (of Tynwald);
(b) a company formed or registered under the Companies Act 1931 (of Tynwald);
(c) a foreign company registered under the Foreign Companies Act 2014 (of Tynwald);
(d) a company formed or registered under the Limited Liability Companies Act 1996 (of Tynwald);
(e) a Limited Partnership formed or registered under the Partnership Act 1909 (of Tynwald);
(f) a foundation established and registered under the Foundations Act 2011 (of Tynwald).
A Person is an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons; and a Relevant Institution is:
- a person who is licensed under the Financial Services Act 2008 (of Tynwald) to carry on a regulated activity within the meaning of section 3 of that Act;
- a person who is authorised or registered under the Insurance Act 2008 (of Tynwald) or holds a permit under that Act;
- a person who is registered under the Moneylenders Act 1991 (of Tynwald) to carry on the business of lending money;
- a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2000 (of Tynwald)
Under General Licence IOM/2022/RUS041 a Person may make payments to Companies Registry for the purposes of meeting their statutory duties on behalf of an Entity, and a Relevant Institution (e.g. a bank), can carry out any activity reasonably necessary to effect this.
Reporting Requirements
Within 7 working days of payment of the statutory fee, any Person who has used this licence must report to the Treasury, by email to customs@gov.im, with details and supporting evidence as set out in the attached licence.
Record Keeping Requirements
A Person must keep for a minimum of 6 years accurate, complete and readable records, on paper or electronically, of any activity purporting to have been permitted under this licence.
General
The permissions in General Licence IOM/2022/RUS041 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of The Russia Regulations, save as permitted under licences granted under The Russia Regulations.
The General Licence takes effect from the date of issue and expires on 31 December2025.
Further details of the sanctions regime related to Russia may be found on the Customs and Excise pages of the Isle of Man Government website.
