Isle of Man Specialist Fund _Guideline
Isle of Man Exempt Scheme
Exempt Schemes (as defined in Schedule 3 to the CIS Act) are unregulated schemes which
- are private arrangements,
- can have up to 50 investors and
- whose constitutional documents must expressly prohibit the making of an invitation to the public to subscribe in any part of the world.
Exempt-type schemes are schemes established outside the IOM that are equivalent to the unregulated IOM Exempt Scheme.
- The fund’s constitutional documents must prohibit offerings to public anywhere in the world.
- There must be fewer than fifty participants.
- Under certain circumstances, the manager, administrator, custodian or trustee of an exempt scheme, if any, need not be licensed in the Isle of Man.
- Otherwise, there are no specific requirements as to permitted investors, permitted investments, financial statements, functionaries, etc.
- The exempt fund may have an offering document but none is required.
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|
|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|
- Quarterly statistical information must be provided within 15 business days of each quarter end (March, June, September and December);
- An annual Compliance Declaration must be submitted:-
- Within 6 months of the first anniversary of the launch of a fund;
- Within 6 months of a fund’s financial year-end thereafter; and
- Immediately prior to the fund ceasing to be a fund.
- Pricing Errors more than 0.5% of the price of the unit must be notified immediately and all errors must be notified on a quarterly basis with the statistical information.
- Where the audited annual financial statements are not distributed within six months of the year-end or the stated timescale per the offering document (if earlier), notification of late issuance of audited accounts must be made to the Authority.
- The Authority does not require copies of annual audited financial statements for Specialist Funds however notification must be made where issued financial statements are qualified or contain an emphasis of matter
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