Chamber urges IoM to seize digital tech opportunity

Businesses and public urged to take part in DforE consultation on legal reform

Date: Thursday 30 September 2021

The impact of lockdowns, and the pandemic generally, has revolutionized electronic transactions worldwide. And that means leading jurisdictions need to make sure legal frameworks are modernized so that effective laws are in place to protect businesses, consumers and citizens. 

That’s the background behind a call from the Chamber of Commerce urging businesses and the general public to take part in a Department for Enterprise consultation about the Electronic Transactions Act 2000 and broader legal framework for electronic identification, digital signatures and electronic transactions. Click here for full details, or go to https://consult.gov.im/. The consultation – which closes on October 29 – provides an opportunity for businesses and the general public to give their views on how the Island can match or improve upon legal reforms that have been put in place in other jurisdictions. 

Chamber is hosting a free webinar on October 7 (9.30am to 10.30am) for members who want to learn more about the issues involved. It will be presented by Chris Corlett who is Head of Business Development with MBS and a member of Chamber’s Legislation Group. To register for the webinar click here, or go to our events page. 

 

Chris Corlett commented: “The EU’s regulation on electronic identification and trust services – usually referred to as eIDAS – is an excellent example of a proven international standard that’s recognised in the EU, UK and beyond. The Isle of Man could adopt this legislation quickly at minimal cost and with little risk. Indeed, it would significantly reduce the risks that we all have due to the lack of clarity of the Island’s Electronic Transactions Act which has not been changed since 2000. The law, and technology worldwide for electronic transactions, has changed enormously since then. Via legal reform, the Isle of Man has a chance to benefit by enabling digital innovation that reduces costs, speeds up service delivery and reduces risks. That’s why it’s so important to seize this opportunity. Making sure businesses are aware of the consultation process, and express their views, is essential if the Island is to benefit fully.”  

 

Chamber believes that there are two key benefits which the Island could gain from modernising legislation relating to electronic transactions:  

  1. Organisations and residents could benefit because it would help to access the products and services they need, rapidly and securely  
  2. It could enable IoM companies that serve clients from across the world to win new business, expand, and contribute to growing the Island’s economy.