Isle of Man Qualifying Fund _Guideline
Isle of Man Qualifying Fund
The Qualifying Fund is a sub-category of International schemes under Schedule 2 to the Collective Investment Schemes Act 2008, which is available only to qualifying investors who meet the investor requirements set out in the regulations.
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.|
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|
Isle of Man Manager licenceholder
Applicant can be of any jurisdiction.
|Custodian||Regulated in the Isle of Man or in a suitable jurisdiction|
|Promoter||A regulated promoter must be appointed if sales to “certain persons”(1) are allowed through non regulated financial advisers|
|Fiduciary Custodian/Trustee Required?||Not Required|
|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 Commission|
|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 Commission, 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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