Isle of Man Recognized Scheme _Guideline
Isle of Recognized Scheme
Retail collective investment schemes established outside the Isle of Man wishing to be promoted to the general public of the Island must obtain ‘recognition’ by the Isle of Man Financial Services Authority (‘the Authority’). These schemes are referred to as Recognised Schemes.
A Recognised Scheme should be subject to equivalent regulatory requirements in its own jurisdiction to those applying to an IOM Authorised Collective Investment Scheme
There two types of recognised funds:
- schemes authorized in designated countries; and
- Individually recognised schemes.
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|
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|
|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|
Recognised Schemes from designated territories are required to provide ongoing notifications to the Authority as elaborated in section 6 of the Collective Investment Schemes (Recognised Schemes) Regulations 2015.
In the case of individually Recognised Schemes, any proposed alteration (including any proposal to replace the manager, trustee/fiduciary custodian or governing body) must be pre-notified in writing to the Authority in accordance with the CIS Act. Alterations to individually Recognised Schemes require the ‘approval’ of the Authority.
No proposed change or alteration may take effect unless either the Authority has approved the proposal, or one month has elapsed since the date that notice was given and the Authority has not notified the manager or trustee that the proposed alteration is not approved.
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