Isle of Man Chamber of Commerce response to DFE's consultation on the Electronic Transactions Act | October 2021

Date: Wednesday 27 October 2021

Below is the response from the Isle of Man Chamber of Commerce Legislation Group in relation to the Electronic Transactions Act consultation. This response incorporates the views of a cross-section of the Chamber membership.

Isle of Man Chamber of Commerce response to DFE's consultation on the Electronic Transactions Act

Submission from the Finance & Professional Services Forum:

In response to feedback from our Member firms, we raise the following points in respect of the above mentioned Consultation.

1. It is really important to consider that IOM changes will conform in time to the Electronic Identification and Trust Services Regulation (eIDAS Regulation 910/2014/EC) being the single, standardised regulation that applies across all EU member states — this provides a consistent legal framework for accepting electronic identities and signatures. It also introduces digital seals for business. We understand that the IOM cannot ‘’join’’ EIDAS directly, as we are dependent on the UK lead on the relationship with Europe. Therefore, we should also tie in with what the UK position is as well, to ensure we are aligned and thereby making cross border business as seamless as possible in the future.

2. Digital identities are import too in terms of verification of signatures and as such we should be progressing with an IOM digital ID+V that in turn would become useable under eIDAS – and the ability for any other non-IOM people to create an IOM Digital ID – huge in terms of improving due diligence collection across the Financial services sector.

3. We see it as vital for the Island to maintain a proactive position in the adaptation to and adoption of new ways of working. These changes support a demonstration of acceptance of new ways of working and supports individuals in completing transactions and give companies the ability to make their own risk assessed decisions.

4. Other relevant IOM regulation should be reviewed to reflect the proposed changes. This is needed to ensure that the new items do not introduce any conflicts and do let business make use of the benefits, on consideration of their own risks, provided by the proposed changes.

5. Our other comments stem around any future guidance issued outlining covered topics that would assist our Member Firms in their risk assessments, around supporting the education, understanding and culture change in accepting these methods.

6. We welcome the intention of the proposals and it feels right to add more certainty by updating the Legislation, subject to the comments made herein.

 

A response will also be received from the Chamber of Commerce Digital Forum and we have also requested our members to respond to this consultation on an individual basis.