The Isle of Man has introduced a Regulated Fund Structure to meet the increasing appetite for regulation from the international fund community and investors.
The Isle of Man Financial Supervision Commission recognised the growing importance of appropriate regulatory oversight for funds and worked with industry to develop the new Regulated Fund structure to meet market demand and allow significant investment flexibility.
Commenting on the launch of the Regulated Fund on 1 May 2010, John Aspden, Chief Executive of the Financial Supervision Commission, said, "I am delighted that, following discussion with industry and a review of our fund range, we have developed a modern flexible Regulated Fund. I view this as a flagship product underlining the quality of the fund range that the Isle of Man can offer. We have already had interest shown in the new fund type and look forward to its future success.
"I am also pleased to announce that we have relaunched the Specialist and Qualifying Fund types as Registered Funds. In doing so we have taken the opportunity to review the regulations and introduce further flexibility.
"I believe that the Island's fund offering is first class, balancing appropriate regulatory requirements with the commercial flexibility needed in the modern financial environment."
The Irish Stock Exchange has already confirmed that Isle of Man Regulated Funds are suitable for listing on the Irish Stock Exchange without the imposition of a Euro 100,000 investment threshold.
Further information on the new regulated fund structure is available here on the Commission's website. www.fsc.gov.im
Key points: Regulated Fund Structure:
- The governing body and scheme functionaries have clearly defined areas of responsibility;
- There are mandatory warnings and information that must be included in the scheme's "offering-document" and promotional materials;
- There are clear requirements for the financial information and audit of the fund;
- The Commission reviews changes to the fund, its functionaries and documentation;
- There are requirements for notifications to the Commission including where there have been breaches of the regulatory requirements.
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