The Isle of Man Financial Supervision Commission has published updated regulatory fees for licence holders and collective investment schemes for the year 2009.
In line with previous year's increases, the Commission will again increase fees in line with inflation. In addition, the Commission intends that collective investment schemes, which do not currently pay a fee, will be charged an annual fee to cover the regulatory costs associated with that sector. Some types of scheme already pay an application and annual fee, so these proposals establish a level playing field across the funds industry and also move towards the Commission’s aim for fees to cover the cost of supervision.
The Commission's consultation document stated:
"It is the Commission’s policy that licence holders should contribute significantly towards the cost of regulating the island, and it takes the following factors into account when setting fee levels: maintaining the island’s competitive position; changes in the Retail Price Index in the period under review; guidance from the Treasury on the requirement to review revenue; and any increase in the Commission’s expenditure.
“The Commission has undertaken research of several other jurisdictions (Jersey, Guernsey, Cayman Islands and the UK) to ascertain their charging structures and current fee levels. The charging structures vary between jurisdictions and direct comparison is not fully possible, however, it is considered that the Isle of Man’s regulatory fees will remain cost competitive.”
A full guide of Isle of Man’s regulatory fees is available on the Isle of Man’s Financial Commission website.
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