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IoM Consults On Funds Sector Rules

by Jason Gorringe, Lowtax.net, London
22 May, 2017

The Isle of Man Financial Services Authority, which supervises the island's financial services sector, is seeking feedback on draft guidance dealing with the governance of collective investment schemes.

The guidance relates to Isle of Man domiciled funds regulated under the Collective Investment Schemes Act 2008 (CIS Act), whether constituted as bodies corporate, unit trusts, or as partnerships. It is relevant to any person who acts or intends to act as a member of a governing body or a collective investment scheme, and persons who provide services to collective investment schemes.

The guidance brings together themes from several existing sources including, the CIS Act, funds regulations and other legislation issued under the CIS Act, companies legislation, partnership legislation, the guidance note on directors duties, and relevant accounting standards.

The Authority expects governing bodies of relevant funds to self-assess funds' governance arrangements against the guidance note on a regular basis, and record the governing body's approval of the assessment and governance arrangements. The guidance recognizes that funds will adopt governance practices appropriate to the regulatory type, size, structure, investor profile, investment profile, strategy, and risk profile of the fund.

The closing date for submitting comments on the draft guidance is July 14, 2017.

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