Mediaboss Marketing

by Anna Hemy

The Isle of Man Governments Department of Economic Development is delighted with the results of the annual Isle of Man Passenger Survey, which has been published by Treasurys Economic Affairs Division. The survey reveals that the total expenditure by visitors to the Isle of Man is now estimated at around 98 million, an increase of 8.7% on the figure of 90.5 million in 2010. While both the Commonwealth Youth Games in September and the TT Mountain Course Centenary in May led to increased visitor numbers, it is encouraging to note that more generally visitor numbers were up in the first nine months of the year. The survey also found that an estimated total of 299,778 visitors travelled to the Isle of Man during 2011, an increase of 11,990 (4.2%) on the comparable figure for 2010. Air arrivals increased in the second, third and fourth quarters and overall showed a growth of 4.2%, whilst sea arrivals also increased in the first half of the year compared to 2010. Last years success was underpinned by a number of initiatives including special events, pro-active destination marketing, private sector accommodation investment and development of transport links. Leisure visitors increased from 102,954 to 104,692; however, the most satisfying results were those for visiting friends and relatives which increased from 109,320 in 2010 to 118,679 in 2011. Geoff Corkish MBE, MHK, Political Member for the Department of Economic Development with responsibility for Tourism, said: The Department of Economic Development is forging effective working relationships with the industry and I congratulate the sector on its performance in 2011. The newly launched Visitor Economy Strategy will set out the direction for 2012 and we look forward to building on visitor numbers in future years. Colin Kniveton, Chief Executive of the Department of Economic Development added: I am pleased with these figures which provide recognition of the hard work that has been undertaken in difficult circumstances during the last couple of years. We have built a firm base upon which to move forward in all areas of the visitor economy and I am confident that we will see further increases in visitor numbers in the future. Copies of the Passenger Survey 2011 can be downloaded from the website: http://www.gov.im/treasury/economic

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we look forward to building on visitor numbers in future years."

Geoff Corkish MBE, MHK, Political Member for the Department of Economic Development

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Visitor Spending Approaches £100 Million

by Richard Parslow

The Department of Home Affairs is continuing its programme of rationalisation by relocating members of the Isle of Man Fire and Rescue Service to new accommodation.

A total of 15 senior managers, community fire officers and support staff are transferring from Elm Tree House in Onchan to the Departments headquarters in Douglas.

The move, which will be completed by the end of April 2012, is part of a package of measures aimed at achieving budget savings of 221,000 within the IoM Fire and Rescue Service during the current financial year.

Officers will join the DHA Chief Executives Office at Homefield on Woodbourne Road, Douglas when the lease is surrendered on Elm Tree House after 12 years.

Work is currently taking place to reorganise the office space at Homefield and convert the existing garage into a new reception area.

Home Affairs Minister Juan Watterson MHK is playing his part by moving into a smaller office to free up room for his officers.

The Minister said: In the current financial climate it is vital to generate efficiencies wherever possible, and that includes maximising the use of our office accommodation. The Department has been required to find additional budget savings this year and relinquishing the lease on Elm Tree House will play a small but important part in helping us to achieve our targets.

He added: Members of staff have responded very positively to the changes and have been fully engaged in the process to drive down costs and improve service delivery. We will continue to work together as a team to identify further cost efficiencies while maintaining a strong focus on community safety. The Department of Home Affairs provides its wide range of services for the equivalent of 1 a day per head of population, which I think represents exceptional value for money.

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Relocation of Fire Personnel

23 March 2012

The Isle of Man government has emphasized the importance of verifying the legitimacy of businesses which advertise offerings from the Isle of Man, after an exercise by the government found 400 businesses operating without meeting the legislative requirement to register with the Companies Registry.

Since the exercise in December 2011, 70% of new business registrations received were from the 400 companies targeted. However, the Companies Registry together with the Isle of Man Office of Fair Trading has released a statement reminding consumers of the importance of checking that a business is registered in the island, as part of efforts to tackle so called 'rogue traders'. In order to verify the authenticity of a business, the Companies Registry offers an online search facility.

Commenting on the review, Alan Crowe, Political Member for the Isle of Man Department of Economic Developments Companies Registry, said: "The Companies Registry is probably one of the oldest operations within the government and one that has a relatively low profile outside of the business community. However, the information held by the Companies Registry is there to assist not only members of the business community involved in international trade and commerce, but residents looking for a local trader or a business offering a service. Registering a business name not only helps to protect the particular company, it is a public statement of the companys existence and the service it offers."

"The information held by the Companies Registry is principally for statutory purposes and does not relate to the knowledge, expertise or competence of the trader or business named, other checks on their quality of service would need to be made," the government emphasized. "However, it does provide some assurance that customers and clients are dealing with a resident business and how they can be contacted."

Businesses that fail to meet legal requirements to register their business in the Isle of Man are liable to fines of up to GBP5,000 per offence on conviction, in accordance with The Registration of Business Names Act 1918 and 1954.

David Quirk, the Chairman of the Office of Fair Trading, said: "I would urge consumers to only deal with businesses that are registered in accordance with the law. Rogue traders are afraid of being traced which is why they often do not register. The Office of Fair Trading supports the steps being taken by the Companies Registry to encourage compliance."

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Isle Of Man Targets 'Rogue Businesses'

Washington, D.C., March 23, 2012 The Securities and Exchange Commission today announced that it has established comprehensive arrangements with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.

The two memoranda of understanding (MOUs) reached this month follow on a similar supervisory arrangement that the SEC concluded with the Quebec Autorit des marchs financiers and the Ontario Securities Commission in 2010 and expanded to include the Alberta Securities Commission and the British Columbia Securities Commission last September.

The SECs latest supervisory cooperation arrangements will enhance SEC staff ability to share information about such regulated entities as investment advisers, investment fund managers, broker-dealers, and credit rating agencies. The Cayman Islands is a major offshore financial center and home to large numbers of hedge funds, investment advisers and investment managers that frequently access the U.S. market. ESMA is a pan-European Union agency that regulates credit rating agencies and fosters regulatory convergence among European Union securities regulators.

Supervisory cooperation arrangements help the SEC build closer relationships with its counterparts to cooperate and consult on each others oversight activities in ways that may help prevent fraud in the long term or lessen the chances of future financial crises, said Ethiopis Tafara, Director of the SECs Office of International Affairs.

The SECs approach to supervisory cooperation with its overseas counterparts follows on more than two decades of experience with cross-border cooperation, starting in the late 1980s with MOUs facilitating the sharing of information between the SEC and other securities regulators in securities enforcement matters. The SECs enforcement cooperation arrangements which now encompass partnerships with approximately 80 separate jurisdictions via bilateral MOUs and a Multilateral MOU under the auspices of the International Organization of Securities Commissions (IOSCO) detail procedures and mechanisms by which the SEC and its counterparts can collect and share investigatory information where there are suspicions of a violation of either jurisdictions securities laws, and after a potential problem has arisen.

In contrast, the SECs supervisory cooperation arrangements generally establish mechanisms for continuous and ongoing consultation, cooperation and the exchange of supervisory information related to the oversight of globally active firms and markets. Such information may include routine supervisory information as well as the types of information regulators need to monitor risk concentrations, identify emerging systemic risks, and better understand a globally-active regulated entitys compliance culture. These MOUs also facilitate the ability of the SEC and its counterparts to conduct on-site examinations of registered entities located abroad.

Although they are designed to achieve different things, enforcement and supervisory cooperation arrangements are complimentary tools. Supervisory cooperation involves ongoing sharing of information regarding day-to-day oversight of regulated entities. Enforcement cooperation MOUs, by contrast, help the Commission collect information abroad that is necessary to help ensure that the SECs enforcement program deters violations of the federal securities laws, while also helping to compensate victims of securities fraud when possible.

The SEC entered into its first supervisory cooperation MOU in March 2006 with the United Kingdoms Financial Services Authority. Following the recent financial crisis, the Commission has expanded its emphasis on this form of continuous supervisory cooperation in an effort to better identify emerging risks to U.S. capital markets and the international financial system. As part of this effort, SEC commissioners and staff co-chaired an international task force in 2010 to develop principles for cross-border supervisory cooperation. These principles have since proven to be a useful guideline for structuring MOUs around the type of information to be shared, the mechanisms which regulators can use to share information, and the degree of confidentiality this information should be accorded.

Additional information about SEC cooperation arrangements with foreign regulators can be found at: http://www.sec.gov/about/offices/oia/oia_cooparrangements.shtml

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SEC Establishes New Supervisory Cooperation Arrangements with Foreign Counterparts

The MP for Warrington South raised the issue in the House of Commons on Wednesday during a debate on the budget.

He highlighted the broadcaster's admission that it had 318 people earning more than 50,000 without paying tax at source, saying: "That is not acceptable.

Mr Mowat, a member of the Commons public accounts committee (PAC), added: "The review that is being conducted across government ... explicitly excludes the BBC. I ask ministers to reconsider that."

The BBC disclosed that it has 20,000 salaried staff and "typically" 12,000 freelancers in any year.

Its response said: "Around 3,000 of these choose to provide their services via a limited company." It added that 1,363 workers paid through limited companies earn above 26,000 a year.

Stephen Barclay, another Tory MP on the PAC, said: "This reply shows that there is a need for much greater transparency at the BBC because the figures do not include so many people from BBC's talent which covers its main presenters and its commercial operations.

"There is also a duty on the BBC Trust over accountability to check whether people who are employed through these companies do not have rolling contracts running every year and are working exclusively for the BBC."

A BBC spokesman said:"We have written to Mr Mowat to correct him explaining that these individuals are not permanent members of BBC staff so do not have their tax deducted at source in the way a the vast majority of employees do.

"In the main they are hired to do specific jobs for a fixed period of time such as directing, editing and other craft skills. When a person is contracted in this way it is their responsibility to organise their tax arrangements directly with the HMRC.

"This is entirely in keeping with HMRC regulations and is standard practice across the broadcasting and many other industries."

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Thousands of BBC workers paid through limited companies