IOM Clears Fund Sales From Luxembourg And Ireland

by Robert Lee, Tax-News.com, London

06 April 2011

The Isle of Man Financial Supervision Commission has announced that it will progress Regulations in respect of funds domiciled in Luxembourg and Ireland, having deemed their regulations in relation to UCITS funds to be equivalent to the Isle of Man's.

This means that instead of these Luxembourg and Irish schemes requiring separate approval as IOM Recognised Schemes, they will be recognized by virtue of their type and jurisdiction and will not need to go through the individual scheme review process. Such schemes will need to notify the Commission and meet applicable requirements.

In respect of Ireland, the new Regulation, the Collective Investment Schemes (Recognised Schemes) (Ireland) Order 2011 will apply to collective investment schemes authorized as UCITS by the Central Bank of Ireland, which appear on the Irish UCITs register. Likewise, in the case of Luxembourg, the Collective Investment Schemes (Recognised Schemes) (Luxembourg) Order 2011 will apply to collective investment schemes authorized as UCITS by the Commission de Surveillance du Secteur Financier (CSSF).

The new regulations aim to reduce barriers to entry for Luxembourg and Irish retail funds that wish to be able to sell directly to the Manx population.

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