Anguilla (AI)

Jurisdiction Overview

IDQuestionAnswer
172 *Are bearer shares available? Yes, unregistered bearer shares are available/circulating or registered by a private custodian.
 Data Date: 2019

Notes

 
The Global Forum reports: "Only IBCs [International Business Companies] can issue bearer shares in Anguilla, pursuant to the IBC Act. to date, 808 IBCs have issued bearer shares. The IBC Regulations on Custody of Bearer Shares (CBS Regulations) require bearer shares to be in the custody of a “custodian” (Sec. 3(1)).[...] A custodian must be licensed under the TCOBA [Trust Companies and Offshore Banking Act] or the CMA [ Company Management Act ], or be a foreign regulated person within the meaning of the AML/CFT Regulations and the AML/CFT Code. A “foreign regulated person” is defined as a person “that is incorporated in, or if it is not a company, has its principal place of business in, a country outside Anguilla; that carries on business outside Anguilla that, if carried on in Anguilla would be a regulated business or would result in the person falling within the definition of independent legal" (GF 2014: 36; [TJN-Note]). Given that the custodian can be a private business and not necessarily a public institution, we consider that the bearer shares are not sufficiently immobilised.
 
While in 2016 a consultation took place on the abolition of bearer shares, as of October 2019 there are no hints that new legislation on bearer shares has been implemented.

Sources

http://www.gov.ai/documents/finance/Bearer%20Shares%20Consultation%20Paper%20Execution%20Version.pdf
 
GF 2014: 36;GF 2011: 26
 
Custody of Bearer Shares Regulations
 
https://www.fsc.org.ai/legislation.php
 
http://www.gov.ai/documents/finance/Bearer%20Shares%20Consultation%20Paper%20Execution%20Version.pdf