Banking and Finance
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“David Spencer’s team at Simcocks Advocates is ‘highly responsive’, with Alex Spencer praised as ‘diligent and able to understand issues from a client’s perspective’. The firm kept busy on a series of loan restructurings in 2009, and clients include Barclays, DEG and RBS.”
2010 Legal 500
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“David Spencer has expertise in banking, insurance, regulation, media and entertainment and shipping. He is vastly experienced and considered a strong transactional lawyer.”
2010 Chambers and Partners
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“Simcocks Advocates is active on multi-jurisdictional banking matters. The team, which has grown through the hire of two new associates, is headed by experienced practitioner David Spencer.”
2009 Legal 500
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“Simcocks’ David Spencer, who ‘provides exceptional service’, is recommended for banking and finance instructions.”
2008 Legal 500
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“Phil Games is recommended for banking and finance instructions. The team handled one of the major cross-jurisdictional refinancing transactions of 2006 valued at £1.12bn.”
2007 Legal 500
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The Isle of Man offers a favourable environment for the establishment of banks, high standards are maintained by the supervisory authorities and staffing and accommodation facilities are readily available. These factors have attracted many of the world's leading banks to the Island, where they are able to offer services associated with an off-shore financial centre and in particular, the payment of interest on a gross basis, specialist services for the expatriate market and the usual confidential controls found in well regulated jurisdictions.
Simcocks have extensive experience in banking law and procedure and can provide services to enable new banking institutions to become incorporated and established. In-house capabilities exist to provide post-incorporation advice including the drafting and implementation of security documentation.
The Isle of Man has also attracted a significant number of corporations involved in investment business and other financial services. In response to this trend, Simcocks provide advice on regulatory and supervisory matters with special emphasis on the formation and management of Collective Investment Schemes.
Related literature
- Corporate and Commercial Brochure
- Banking in the Isle Of Man
- Practical Comparison of the 1931 and 2006 Isle of Man Companies Acts
- Companies (Amendment) Bill 2009
- Financial Services Act 2008
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