IOM Reviews Funds Regime Structure

by Jason Gorringe, Tax-News.com, London

27 April 2010

With effect from May 1, 2010, the Isle of Man Financial Supervision Commission will again permit the establishment of Regulated Funds in the Isle of Man, with Specialist and Qualifying Fund types both being relaunched as Registered Funds.

According to the Commission, the move is in response to the new market environment and recognizes the importance of appropriate regulatory oversight for funds.

On the basis of the proposed gegulatory structure, the Irish Stock Exchange has confirmed that funds which are Isle of Man Regulated Funds under the Collective Investment Schemes (Regulated Fund) Regulations 2010 are suitable for listing on the Irish Stock Exchange without the imposition of a EUR100,000 (USD133,000) investment threshold criteria.

Commenting, John Aspden, Chief Executive of the 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.”

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