IoM Deadline For Notification Of EIF Transitioning Approaching

by Philip Morton, Investors Offshore.com

12 September 2008

The Isle of Man's government this week reminded licenceholders of the deadline for the notification of Experienced Investor Fund (EIF) transitioning.

The Financial Supervision (Experienced Investor Fund) (Exemption) (Amendment) Order 2007, which came into effect on November 1, 2007, made significant amendments to the regulatory regime for EIFs.

The Financial Supervision Commission on Thursday reminded licenceholders that:

Under the amended Financial Supervision (Experienced Investor Fund) (Exemption) Order 1999, an EIF has until November 1, 2008 to elect whether it wishes to:

1. Become a legacy EIF or Specialist Fund;
2. Become a Qualifying Type EIF or Qualifying Fund;
3. Become a Closed EIF; or
4. Cease to be an EIF (e.g. by electing to close the fund, become an overseas fund or become another type of International Scheme such as a Full International Scheme).

The governing body of an EIF has until November 14, 2008 to notify the Commission of the fund’s decision.

In relation to options 1 and 2, the fund will then have until May 1, 2009 to fully implement the required changes.

In relation to options 3 and 4, the fund will need to have completed all necessary changes by November 1, 2008.

The Commission stated in conclusion that it looks forward to receiving notification of individual EIF elections between now and November 14.

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