Legislation

The Island has adopted a ministerial system of government with its political head being the Chief Minister, who is nominated by Tynwald from amongst its own members and appointed by His Excellency The Lieutenant Governor. The Chief Minister appoints individual Members of Tynwald to act as Ministers to the major Government Departments. Together with the Chief Minister, they form the Council of Ministers, the Manx Cabinet.

The Government appreciates the benefit that the offshore service industry has on the Islands economy, and as such aims to legislate in a manner that will stimulate growth of the sector, whilst providing protection for the consumer of such services.

The Government consults with leading members and professional bodies of the financial community whenever new legislation is proposed which will have an effect on the financial services industry. This ensures that all interested parties can consider the benefits, and address any potential disadvantages, of the proposed legislation before it is placed before Tynwald.