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Deadline for notification of EIF transitioning 11 September 2008

The Financial Supervision (Experienced Investor Fund) (Exemption) (Amendment) Order 2007, which came into effect on 1st November 2007, made significant amendments to the regulatory regime for Experienced Investor Funds (EIFs). The Financial Supervision Commission would like to remind licenceholders of the following:

Under the amended Financial Supervision (Experienced Investor Fund) (Exemption) Order 1999, an EIF has until 1st November 2008 to elect whether it wishes to:

1. become a legacy EIF or Specialist Fund;
2. become a Qualifying Type EIF or Qualifying Fund;
3. become a Closed EIF; or
4. cease to be an EIF (e.g. by electing to close the fund, become an overseas fund or become another type of International Scheme such as a Full International Scheme).

The governing body of an EIF has until 14th November 2008 to notify the Commission of the fund’s decision.

In relation to options 1 and 2 the fund will then have until 1st May 2009 to fully implement the required changes. In relation to options 3 and 4 the fund will need to have completed all necessary changes by 1st November 2008.

The Commission looks forward to receiving notification of individual EIF elections between now and 14th November.

If licenceholders would like to discuss their plans they should contact their relationship manager.

Enquiries: Mrs Sandra McAuliffe
Senior Manager – Funds and Investment Services Team
Financial Supervision Commission P O Box 58 - Finch Hill House
Bucks Road
Isle of Man IM99 1DT
Direct Line: 01624 689329

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