September 22, 2009

The Isle of Man Finance industry has reacted to the recent International Monetary Fund (IMF) report for financial sector regulation and supervision.The IMF's 400-page report concluded that the Isle of Man measures up well according to global standards of economic regulation and compliance. Mike Hennessy (pictured), Chief Executive, Chamber of Commerce, said, “The Public and Private Sectors and Regulator alike will undoubtedly welcome the findings of the IMF Report.

“Certainly the accent is toward recognising that the Isle of Man is a well managed and well regulated environment."Much was changing in the world at the time of the IMF’s assessment visit and it is fair to say that this probably altered the brief - if anything a more cautious approach emerged."We adapted collectively at the time to the focus applied by IMF officials and this has borne fruit.