Class 3 – Services to Collective Investment Schemes
Services to Collective Investment Schemes Handbook - Link to Register of licenceholders
Contents
1. Introduction
The Services to Collective Investment Schemes handbook is produced to provide licenceholders (those who are licensed by the Financial Supervision Commission to provide services to Collective Investment Schemes ("funds") in or from the Isle of Man), potential licenceholders and other interested parties with easy access to the relevant legislation and guidance.
The handbook is only produced in an on-line format. However, copies of all statutory documents (original, un-amended, legislation) may be obtained from the Tynwald Library, by quoting the SD number shown at the top of each document. Please find links below to the Financial Services Act 2008, secondary legislation and relevant pieces of guidance.
Guidance (and where applicable other legislation) relating to other Classes of Regulated Activities may be found in handbooks relating to other licensable activities: Deposit taking, Collective Investment Schemes, Corporate Service Providers, Trust Service Providers, Money transmission, and Management and Administration services.
Legislation and guidance applicable to funds is contained in the Funds section of the Commission’s website.
In case of any query, please contact the Funds & Investment Services team at the Commission, on +44 (0)1624 689329.
2. Legislation
2.1 The Primary legislation governing providing services to funds, in or from the Isle of Man, are the Financial Services Act 2008 and the Collective Investment Schemes Act 2008.
The following secondary legislation is made under powers contained in the Financial Services Act 2008. Where these regulations and regulatory codes have been amended after they were made, the “as amended” version is shown:
- Financial Services Act 2008 (Appointed Day) Order 2008
- Regulated Activities Order 2011
- Financial Services (Exemption) Regulations 2011
- Financial Services Rule Book 2011
- Financial Services (Civil Penalties) Regulations 2011
- Financial Services (Fees) Order 2011
- Financial Services (Not fit and Proper) Regulations 2008
- Financial Services (Register of Permitted Persons) Regulations 2011
- Financial Services (Appointment of a Manager) Order 2008
2.2 Other legislation which may affect investment businesses but which is not made under the Financial Services Act 2008:
Legislation issued under the Collective Investment Schemes Act 2008 is contained in the Funds section of the Commission’s website [link to funds main page]. This legislation sets out requirements for different types of schemes and establishes particular responsibilities for those providing services to the schemes.
3. Guidance applicable to services to collective investment schemes
3.1 Guidance and forms which relate to services to collective investment schemes
- Application form for a Financial Services Licence
- Licenceholder contact sheet
- Forms and Reporting Page
- Indirect Tax Concession (VAT)
- Rule Book consent and notification summary table
- Rule Book obligations to keep registers
- Rule Book obligations to maintain policies
- Interim Financial Returns Form
- Supplemental Licensing Policy for Class 3
- Graduated Manager Licensing Process
- Guidance note on exempt schemes and limited partnerships
3.2 Disaster recovery/business continuity
The use of facilities on the Island by regulated businesses from other jurisdictions for temporary business continuity purposes is addressed by Schedule 2 of the Financial Services (Exemption) Regulations 2009.
4. Guidance applicable to all licensable sectors/activities
Guidance on matters generic to all FSC-licensable activities/ categories of business:
- Anti Money Laundering
- Business Plan - rule 8.9 guidance
- Corporate Governance
- General Licensing Policy
- Materiality of rule breaches – rule 8.14 guidance
- Outsourcing/Delegation of function
- Vetting forms
- Responsibilities and Duties of Directors under the laws of the Isle of Man
- Proforma subordinated loan agreement (N.B. This proforma agreement has been prepared specifically for use by applicants for and holders of a financial services licence under the Financial Services Act 2008. If you are not an applicant or licenceholder, you should not copy, circulate or in any other way use or rely on the wording contained in the agreement. Applicants and licenceholders may copy the proforma but must not rely on the wording of the proforma and should take their own legal advice as to the appropriateness of the wording and the document in their own circumstances.)
- Supervisory approach,
- Training & Competence.
5 Sundry web links and other matters
- The Isle of Man Fund Management Association www.fma.org.im
- The Alternative Investment Management Association www.aima.org
- The International Organisation of Securities Commissions www.iosco.org/
