IoM Seeks To Develop Funds Regime
Tuesday, December 7, 2010
The Isle of Man Financial Supervision Commission (FSC) on December 1 published two papers,
developed in conjunction with the Funds Development Group, which aim to support
the ongoing development of the island’s funds industry. Both are available on the Commission's website.
The two papers - on the Graduated Manager licensing process; and trading platforms
and investor declarations for specialist, qualifying and experienced investor
funds - are, according to the FSC, of particular relevance to funds and persons
providing services to funds.
The Graduated Manager licensing process allows an optional two-stage licence
process for applicants wanting to act as manager, administrator, asset manager
or investment adviser for a fund. Under the process the stage 1 start-up licence
is a restricted licence to allow a business to establish and start to develop
links with funds. At stage 2 a full licence will be considered and, if granted,
the licenceholder can act for such funds and normal regulatory requirements
The second paper establishes a new process
for investor declarations when a UK Regulated Financial Adviser is arranging
customer investments into qualifying, specialist and experienced investor funds
through a UK Regulated Trading Platform. The paper has been released to take
account of the fact that financial advisers are increasingly utilizing trading
platforms when servicing their customers, the FSC said.