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IoM Amends Collective Investment Scheme Rules

by Jason Gorringe, Lowtax.net, London
10 August, 2017

The Isle of Man Financial Services Authority is proceeding with proposed changes to the regulation of collective investment schemes.

The definition of collective investment schemes will be widened to include a limited number of closed-ended investment companies. The Authority, in its consultation paper, explained the change as necessary for the protection of the public, and also to meet certain principles of the International Organization of Securities Commissions, the international body that brings together the world's securities regulators.

An exemption will be introduced for managers, asset managers, and investment advisers to specialist funds, and the minimum subscription level for those taking advantage of the exemption will be set at USD100,000 (as for any other specialist fund) and not increased.

The final change will see the Isle of Man's collective investment schemes legislation aligned with that of Ireland. The Authority describes these amendments as "housekeeping in nature."

It is anticipated that the legislation giving effect to these changes will be considered in the October or November sitting of the island's parliament, and, if approved, may come into effect from November 1, 2017, or a date immediately following the November sitting.

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