The Isle of Man Financial Services Commission has announced a consultation on proposed amendments to the regulatory framework for Full International Schemes, Specialist Funds, Qualifying funds, and Experienced Investor Funds. The Commission is also seeking views on options for the future of Professional Investor Funds.
The review aims to update the legislation and bring it wholly into line with the Collective Investment Schemes Act 2008, to modernise the legislation and to build upon the Commission and industry’s experiences in implementing the new schemes framework in 2007.
As part of the review, the Commission proposes updating ancillary legislation which affects collective investment schemes.
According to the FSC, the purpose of the consultation is to obtain views and gather evidence from all interested parties, so that an informed decision on the content of the proposed legislation can be made.
The consultation document and drafts of the proposed legislation are accessible on the Commission’s website for comment before December 18, 2009.
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