Funds Fees
Fees
When the Commission was established in 1983, Tynwald expressed the view that the expenses of the Commission should be covered by licence fee income. The Commission therefore sets its licence fees with a view to balancing its budget, and also having regard to equivalent fees in other jurisdictions.
The Collective Investment Scheme (Fees) Regulations 2007 (SD 112/07) show the fees in respect of collective investment schemes. To summarize those applicable to Funds:
FUNDS
| Type of Scheme | Application Fee | Periodical Fee | |
|---|---|---|---|
| Authorised | Single Tier | £1,400 per fund | £950 per fund |
| Umbrella | £1,300 per fund plus £500 per sub-fund | £500 per sub-fund | |
| Recognised | Section 12 | None | £1,150 |
| Section 13 Single Tier | £2,500 per fund | £1,300 | |
| Section 13 Umbrella | £1,950 per fund plus per sub-fund 1-10 £400 per sub-fund 11+ £250 | Per sub-fund 1-10 £400 Per sub-fund 11+ £250 | |
| International* | Section 11 | None | £1,100 |
*with the exception of professional investor funds, experienced investor funds and overseas funds where no fee is applicable.
INVESTMENT BUSINESS
| Category of Licence | Application Fee | Periodical Fee |
|---|---|---|
| Manager of Authorised Schemes (category 3b) | £1,300 | £7,050 per annum |
| Manager of International Collective Schemes (including professional and experienced investor & overseas funds) (category 2b, 3a or 3b) | £1,300 | £4,600per annum |
| Third Party Fund Administrators (category 4) | £1,300 | £7,350 per annum |
| Fee payable upon the issue of a new licence following the addition of an International collective investment scheme to the licence of an existing manager | £800 |
Civil Penalties
The Financial Supervision Commission was given power to impose penalties by Tynwald in the Fiduciary Services Act 2005. This Act added powers to the Banking Act 1998, Building Societies Act 1986, Corporate Service Providers (“CSP”) Act 2000 and the Investment Business Act 1991, allowing the Financial Supervision Commission to make regulations to impose such penalties on its licenceholders as it deemed appropriate subject to Tynwald’s approval.
The Investment Business (Civil Penalties) Regulations 2006 have been approved by Tynwald and come into operation on 1st November 2006. From that date regulatory “returns” (as defined within individual regulations) for all licenceholders will be covered by the Civil Penalties regulations.
To ensure that all sectors regulated by the Financial Supervision Commission are treated equally, Civil Penalties for banks, building societies, fiduciaries (including those CSPs and TSPs which are subject to the transitional arrangements) and investment businesses, will be subject to the same procedures.
It is the licenceholder’s responsibility to ensure their regulatory returns are submitted and received by the Financial Supervision Commission before the end of the submission period. Submission dates for the regulatory returns are detailed in the individual regulations.
For ease of reference a table detailing the reporting requirements for funds can be found here.
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