Guidance

All guidance is accessible via the guidance tables below; please click on the relevant link.

The guidance tables contain a brief description and link to each piece of guidance, and it shows which specific fund types it is applicable to.

Guidance relating to the Financial Services Rule Book or conduct of Class 3 activity can be found here.

Auth - Authorised Scheme

RF - Regulated Fund

QF - Qualifying Fund

SF - Specialist Fund

Ex - Exempt Scheme

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Topic Title  Explanation  Auth  RF  QF  SF  Ex 
Acceptable Jurisdictions List of Acceptable Jurisdictions The criteria for assessing whether another jurisdiction can be treated as “acceptable” for the purposes of certain functionaries of particular fund types.     ☑ ☑   
Acceptable Jurisdictions List of Acceptable Jurisdictions  For the purposes of the of Collective Investment Schemes (Specialist Fund) Order 2010.       ☑   
Acceptable Jurisdictions List of Acceptable Jurisdictions    For the purposes of the Collective Investment Schemes (Qualifying Fund) Regulations 2010.     ☑    
Fact sheets Authorised Schemes High Level Key Features. ☑        
Fact Sheets Regulated, Qualifying and Specialist Funds High Level Key Features.   ☑  ☑  ☑   
Legal structure Permitted Structures for Scheme Types Guidance on the corporate structure/trust that can been used for different scheme types.   ☑  ☑  ☑  
Legal structure  Companies Incorporated under the Companies Act 2006 To provide operators of schemes with an understanding of the Authority’s expectations in respect of the use of Companies incorporated under the Companies Act 2006 as collective investment schemes   ☑ ☑  ☑  ☑ 
Legal structure Protected Cell Companies The application of the Isle of Man Protected Cell Company Regime to funds and the Authority’s expectations for the nature and extent of the information that should be contained in the offering document of a fund constituted as a protected cell company   ☑  ☑  ☑  ☑
Legal structure Exempt Schemes Guidance on Exempt Schemes for licenceholders undertaking Class 3(11) or 3(12) activities.         ☑ 
Promotion Promotion of Authorised Schemes Guidance on the promotion of Authorised Schemes. ☑        
Promotion Promotion of Full International Schemes, Specialist Funds, Qualifying Funds and Experienced Investor Funds. Guidance on the promotion of other types of scheme.   ☑  ☑  ☑   
Governance Governance of Collective Investment Schemes – Guidance Note Guidance on governance in relation to funds under the Collective Investment Schemes Act 2008. ☑ ☑ ☑  ☑  ☑ 
Conduct of business Annual Report and Audited Financial Statements (“the Accounts”) Guidance on the requirements in relation to the late issue of accounts and to clarify the Authority’s approach to late accounts. ☑ ☑ ☑  ☑  ☑ 
Conduct of business Isle of Man Wealth and Fund Services Association Sound Practice Guidelines Guidance for administrators of Alternative Funds in the IOM in relation to the services they provide in support of the establishment and ongoing administration of funds.   ☑  ☑  ☑   
Conduct of business Isle of Man Wealth and Fund Services Association Deferred Sales Charges Guidance issued by the Isle of Man Wealth and Fund Services Association in relation to funds set up with a Deferred Sales Change as part of its charging structure. ☑ ☑  ☑  ☑   
Conduct of business Pricing Errors Guidance on recording and reporting of incorrect pricing of units in a scheme. ☑ ☑  ☑  ☑  ☑ 
Conduct of business Trading Platforms and Investor Declarations Trading platform modifications.     ☑  ☑  
Conduct of business Eligible Markets Matters a manager will need to take into account in order to be satisfied that the market/exchange is fair, clear, liquid and orderly. ☑        
Authorised Schemes Winding Up an Authorised Scheme Information to be provided to the Authority on requests to wind up an Authorised Scheme. ☑         

 

Topic  Title  Explanation Applicable to 
Fund functionaries Undertaking Functions on Behalf of Overseas Collective Investment Schemes The Authority permits the provision of certain services by Isle of Man licensed fund managers or fund administrators to overseas collective investment schemes, without such schemes becoming an International Scheme Class 3 Licenceholders
Fund functionaries Outsourcing of functions to an Isle of Man licenceholder by a UK UCIT’s Scheme This document considers the existing regulatory requirements for a UK scheme which is subject the Financial Conduct Authority’s (“FCA’s”) COLL Sourcebook and wishes to outsource functions to an Isle of Man functionary. Class 3 Licenceholders
Fund functionaries Indirect Taxes The managers of schemes in the Isle of Man are exempted from the requirement to charge VAT on management fees. Class 3 Licenceholders of all schemes except exempt schemes.
Fund functionaries AIFMD Co-operation Agreements with EEA Competent Authorities List of EEA competent authorities with whom AIFMD Cooperation Agreements have been signed. Class 3 Licenceholders
Other Managed Accounts Outline and regulatory backdrop. Class 2 Licenceholders

FULL - Full International Scheme

EIF - Experienced Investor Funds – EIF (legacy, closed and qualifying type) 

 

Topic Title  Explanation  FULL EIF
Acceptable Jurisdictions List of Acceptable Jurisdictions The criteria for assessing whether another jurisdiction can be treated as “acceptable” for the purposes of certain functionaries of particular fund types.   ☑
Acceptable Jurisdictions List of Acceptable Jurisdictions For the purposes of the Collective Investment Schemes (Qualifying Fund) Regulations 2010 and the Collective Investment Schemes (Experienced Investor Fund) Regulations 2010.   ☑
Acceptable Jurisdictions Full International Schemes High Level Key Features. ☑  
Legal structure Permitted Structures for Scheme Types Guidance on the corporate structure/trust that can been used for different scheme types. ☑ ☑ 
Legal structure  Companies Incorporated under the Companies Act 2006 To provide operators of schemes with an understanding of the Authority’s expectations in respect of the use of Companies incorporated under the Companies Act 2006 as collective investment schemes ☑  ☑
Legal structure Protected Cell Companies The application of the Isle of Man Protected Cell Company Regime to funds and the Authority’s expectations for the nature and extent of the information that should be contained in the offering document of a fund constituted as a protected cell company. ☑ ☑ 
Promotion Promotion of Full International Schemes, Specialist Funds, Qualifying Funds and Experienced Investor Funds. Guidance on the promotion of other types of scheme. ☑ ☑ 
Governance Governance of Collective Investment Schemes – Guidance Note Guidance on governance in relation to funds under the Collective Investment Schemes Act 2008. ☑ ☑
Conduct of business Annual Report and Audited Financial Statements (“the Accounts”) Guidance on the requirements in relation to the late issue of accounts and to clarify the Authority’s approach to late accounts. ☑ ☑
Conduct of business Isle of Man Wealth and Fund Services Association Sound Practice Guidelines Guidance for administrators of Alternative Funds in the IOM in relation to the services they provide in support of the establishment and ongoing administration of funds.   ☑ 
Conduct of business Isle of Man Wealth and Fund Services Association Deferred Sales Charges Guidance issued by the Isle of Man Wealth and Fund Services Association in relation to funds set up with a Deferred Sales Change as part of its charging structure. ☑ ☑ 
Conduct of business Pricing Errors Guidance on recording and reporting of incorrect pricing of units in a scheme. ☑ ☑ 
Conduct of business Trading Platforms and Investor Declarations Trading platform modifications.   ☑

 

Topic  Title  Explanation Applicable to 
Fund functionaries Undertaking Functions on Behalf of Overseas Collective Investment Schemes The Authority permits the provision of certain services by Isle of Man licensed fund managers or fund administrators to overseas collective investment schemes, without such schemes becoming an International Scheme. Class 3 Licenceholders
Fund functionaries Outsourcing of functions to an Isle of Man licenceholder by a UK UCIT’s Scheme This document considers the existing regulatory requirements for a UK scheme which is subject the Financial Conduct Authority’s (“FCA’s”) COLL Sourcebook and wishes to outsource functions to an Isle of Man functionary. Class 3 Licenceholders
Fund functionaries Indirect Taxes The managers of schemes in the Isle of Man are exempted from the requirement to charge VAT on management fees. Class 3 Licenceholders of all schemes except exempt schemes
Fund functionaries AIFMD Co-operation Agreements with EEA Competent Authorities List of EEA competent authorities with whom AIFMD Cooperation Agreements have been signed. Class 3 Licenceholders
Other Managed Accounts Outline and regulatory backdrop. Class 2 Licenceholders