The Isle of Man: Who Bears Final Responsibility and Liability

The answer or this question is not addressed by the regulators in the Isle of Man. However, as the companies related to Virtual Currencies are regulated as Designated Businesses, I will refer to Designated Businesses Act 2015 when answering this question.

As mentioned in Designated Businesses Act, 2015:

‘Liability of officers of bodies corporate

Subsections (2) to (4) apply where an offence under this Act is committed by a body corporate and it is proved that the offence was committed with the consent or connivance of an officer of the body; or was attributable to neglect on the part of an officer of the body. The officer, as well as the body, is guilty of the offence. If an individual is convicted of an offence under this Act by virtue of subsection (2), that individual is liable to the penalty provided for the offence. In this section “officer” has the meaning assigned by section 1(2) of the Company Officers (Disqualification) Act 2009’

For further detail, please see:

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