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Collective Investment Schemes - Specialist Fund Order, Qualifying Fund Order and Experienced Investor Fund Amendment Order approved in Tynwald 18 October 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 two new fund types, one targeted at the institutional funds market and another aimed at non retail investors. There were also implications for existing Experienced Investor Funds.

The Commission is pleased to announce that Tynwald has now approved the Orders required to introduce the Specialist Fund and the Qualifying Fund and to update the Experienced Investor Fund. The Orders will take effect on 1st November 2007.

The Commission has also consulted with the industry and will shortly be announcing some new licensing arrangements for managers and asset managers, to complement the new regime

John Aspden, Chief Executive of the Financial Supervision Commission commented:

I am delighted that the successful partnership of industry, Treasury and the Commission has resulted in a new suite of funds appropriate to the modern marketplace for institutional and non retail investors. It is pleasing that this close cooperation has allowed the Island to swiftly and commercially implement these recommendations of the Treasury sponsored Fund’s Review Group. I look forward to continuing this partnership as we work to provide the appropriate regulatory environment to support the Island’s funds industry now and into the future.

Electronic copies of the Orders are available on the Commission’s website as follows:

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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