CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.

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 islandís 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 apply.

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.