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Consultation on Licensing Policy for certain Functionaries of Collective Investment Schemes 21 September 2007

In March 2007, in an initiative sponsored by Isle of Man Treasury, the Funds Review Group (“FRG”) published a report which looked at the future opportunities for the Island’s funds industry. Amongst its recommendations, the FRG advocated the introduction of appropriate licensing criteria for functionaries acting for the new fund types –

• specialist funds, which are targeted at the institutional funds market; and

• qualifying funds, which are targeted at non retail investors.

The Commission has today published proposals for the licensing of certain functionaries to such schemes. The Commission welcomes responses on any aspect of this consultation and would be grateful if comments could be submitted as soon as possible and by no later than 19 October 2007.

The consultative paper can be found on the Commission’s website at:- http://www.fsc.gov.im/doclibrary/condocs.xml

Enquiries:

Mrs Claire Whitelegg
Senior Adviser - Policy & Legal Division
Financial Supervision Commission
P O Box 58 - Finch Hill House
Bucks Road
Isle of Man IM99 1DT

Direct Line: 01624 689332

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