|Of relevance to:||Any Isle of Man firm dealing with closed-ended investment companies and specialist funds|
|Key date:||Applicable from 1 November 2017|
This new collective investment schemes legislation in the Isle of Man relates to the widening, to meet IOSCO principles, of the definition of collective investment schemes to include a limited number of Closed-Ended Investment Companies (“CEICs”), as well as possible exemption for managers, asset managers, or investment advisers to Specialist Funds.
It follows a consultation paper issued by the Isle of Man Financial Services Authority (FSA), and is relevant to anyone in the Isle of Man providing services to collective investment schemes, as well as to corporate service providers which provide services to CEICs; particularly where family offices are looking to move away from perceived high risk jurisdictions.
The legislation is available here and came into effect on 1 November 2017, having been approved by Tynwald on 17 October:
- Collective Investment Schemes (Definitions) Order 2017 (2017/0260);
- Collective Investment Schemes (Regulated Fund) Regulations 2017 (2017/0261);
- Collective Investment Schemes (Recognised Schemes) (Ireland) Order 2017 (2017/0262); and
- Financial Services (Exemptions) (Class 3) (Amendment) Regulations 2017 (2017/0263).