Isle of Man FSA bans directors from regulated activity

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Isle of Man FSA bans directors from regulated activity

The Isle of Man Financial Services Authority has banned Intelligent Formations Limited and Christopher Stirk from regulated activity, in a statement which it said was in accordance with powers conferred upon it under section 30 of the Financial Services Act 2008.

Section 4 of the Act prohibits any person from carrying on, or holding themselves out as carrying on, any Regulated Activity (as defined in the Regulated Activities Order 2011 made under the Act) in respect of which no licence issued by the Authority is in force.

Section 20 of the Act permits the High Court of Justice to issue an injunction, if, on the application of the Authority, it is satisfied that a person may contravene, has contravened or continues any contravention of, inter alia, any provision of the Act.

Neither IF Ltd nor Mr Stirk hold or have previously held the requisite licence to carry on any Regulated Activities in or from the Isle of Man or hold themselves out as doing so."

Intelligent Formations Limited (IF Ltd) with its registered office at Compton House, Parliament Square, Castletown, Isle of Man IM9 1LF is a company incorporated in the Isle of Man, the regulator's statement on 27 September said. 

Christopher Stirk is a director of IF Ltd and listed on records available from the Isle of Man Companies Registry as company secretary on approximately 30 additional live companies.

"Neither IF Ltd nor Mr Stirk hold or have previously held the requisite licence to carry on any Regulated Activities in or from the Isle of Man or hold themselves out as doing so.

The directors of IF Ltd, Mr Christopher Stirk and Mr Christian Burton do not hold the requisite licences in their own names to undertake any regulated activities in or from the Isle of Man or hold themselves out as doing so."

Through its website www.intelligentformations.com IF Ltd held itself out as offering various services relating to the formation of companies both in the Isle of Man and in other jurisdictions.

These services included the formation of companies as well as provision of a registered office address.

In addition to this, Mr Stirk, a director of IF Ltd acted as Company Secretary to a number of the companies incorporated in the Isle of Man. These services fall within the definition of Class 4 -Corporate Services Regulated Activities.

On 23 September 2021, and as a result of an application made by the Authority under Section 20 of the Act, the High Court of Justice of the Isle of Man, by consent of the parties, made an Order against IF Ltd and Mr Stirk directing, inter alia, that they forthwith cease to carry on any regulated activities in or from the Isle of Man and that they notify every client/customer of such cessation within 14 days of service of the Order.