Isle Of Man Authorised Fund_Guideline
Isle of Man Authorised Scheme
Authorised Collective Investment Schemes (‘Authorised CIS’) are retail funds authorised by the Isle of Man Financial Services Authority (‘the Authority’).
- Type A schemes are analogous to undertakings for collective investment in transferable securities “UCITS”; and
- Type B schemes are schemes which are not limited to operating under investment and borrowing powers which are analogous to those under the UCITS directive, including funds of alternative investment funds “FAIFs”.
Authorised funds are formally authorised and may be marketed to the general public in the Isle of Man. They are subject to prescriptive regulation: for example, the types of fund that are eligible for authorisation are prescribed – securities funds, money market funds, property funds, various derivatives funds, feeder funds, umbrella funds, etc.
Authorised schemes are retail-focused and may be sold directly to the general public in the Isle of Man and in the United Kingdom, Jersey, Guernsey and Ireland. Arrangements are also in place with Hong Kong, Australia and Japan. They benefit from an Isle of Man investor compensation scheme.
The entity making the application is:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
|Fund Administrator||The Applicant must employ a fund administrator with no local requirement|
The Applicant must employ a fund manager with local requirement
The proposed manager and proposed fiduciary custodian/trustee must hold a licence allowing it to act in this role to an Authorised CIS. The proposed manager must be based in the IOM and hold a financial services licence with the relevant Class 3 permissions.
The proposed fiduciary custodian/trustee may be located in the IOM or outside the IOM, subject to it being:
|Local Office||The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the IOM FSA|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements|
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Isle of Man Financial Services Authority, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the IOM FSA, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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