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Statement on Progress with the Funds Review Group Proposals 12 June 2007

The FSC met with the Funds Review Group today, to discuss implementation of the Group’s proposals for a new fund product as contained in its report released in March 2007.

The Group noted the good progress being made with the Collective Investment Schemes Bill, and with secondary legislation needed for the new product.

One of the matters still to be resolved concerns the transitional arrangements applying to Experienced Investor Funds. The FSC and the Fund Management Association have been mandated to conduct and conclude discussions on the proposed changes to the existing regime by 13 July 2007. This will allow a short period for final consultation before submission to Tynwald.

12 June 2007

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