The orders were required to introduce the Specialist Fund and the Qualifying Fund, and to update the Experienced Investor Fund. They will come into effect on November 1, 2007.

The Tynwald's approval of the orders is the culmination of an initiative sponsored by the Funds Review Group of Isle of Man Treasury, which looked at the future opportunities for the Island’s funds industry. Amongst its recommendations, the FRG advocated the introduction of two new fund types, one targeted at the institutional funds market and another aimed at non-retail investors. There were also implications for existing Experienced Investor Funds.

Welcoming the move, John Aspden, Chief Executive of the Financial Supervision Commission, stated:

“I am delighted that the successful partnership of industry, Treasury and the Commission has resulted in a new suite of funds appropriate to the modern marketplace for institutional and non retail investors. It is pleasing that this close cooperation has allowed the Island to swiftly and commercially implement these recommendations of the Treasury sponsored Fund’s Review Group. I look forward to continuing this partnership as we work to provide the appropriate regulatory environment to support the Island’s funds industry now and into the future.”

The FSC has also consulted with the industry, and will shortly be announcing some new licensing arrangements for managers and asset managers, to complement the new regime.