It has emerged that the Isle of Man will shortly introduce legislation that will expand the remit of the recently enacted Protected Cell Companies legislation beyond the insurance sector.
A PCC is a corporate entity which holds assets in one or more segregated cells. The purpose of the structure is to separate the assets in each cell from those in other cells. Although originally intended for use by the insurance industry, and commonly used as a means of entry into the captive insurance market, other users are being attracted to the concept.
“The Financial Supervision Commission, in consultation with the industry, is currently progressing regulations through Treasury which will allow the use of PCC structures for international collective investment schemes including EIFs and PIFs,” explained FSC chief John Aspden, according to the Isle of Man Online.
He added that the authorities are planning to have the legislation in place before the end of the current legislative session this summer, a target confirmed by the Treasury Minister Alan Bell whilst attending the launch of the Merrill Lynch Insurance PCC, the first Isle of Man protected cell company.
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