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FSC review “Inward Outsourcing” Policy for Fund Administrators and Fund Managers 11 April 2006

Following consultation with the Fund Management Association, the Financial Supervision Commission has reviewed its policy on the activities that a fund administrator or fund manager can undertake for a foreign Collective Investment Scheme.

Under the revised policy, Isle of Man licenceholders will be able to provide broader administration services to operators of foreign schemes provided these are carried out under an outsourcing contract and the appropriate licence extension is obtained from the Commission. Previously, outsourced services could only cover be provided in relation to “one of the “core” activities of fund administration”.

Commenting upon this change, John Aspden Chief Executive of the Financial Supervision Commission said

“the Commission is always seeking to maximise flexibility in the regulatory environment and to support new business opportunities for industry where it can do so without compromising the regulatory standards. The review of the inward outsourcing policy will enable local fund managers and administrators to take on more business with minimal regulatory hurdles.”

For additional information please contact Hazel Gawne, Senior Manager Collective Investment Schemes (hazel.gawne@fsc.gov.im) or Claire Whitelegg, Senior Policy Adviser (claire.whitelegg@fsc.gov.im).

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