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Isle of Man Government
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I.O.M.F.S.A

Recognised Schemes

Retail collective investment schemes established outside the Isle of Man wishing to be promoted to the general public of the Island must obtain ‘recognition’ by the Isle of Man Financial Services Authority ('the Authority'). These schemes are referred to as Recognised Schemes.

A Recognised Scheme should be subject to equivalent regulatory requirements in its own jurisdiction to those applying to an IOM Authorised Collective Investment Scheme (relevant information can be found here).

For legislation applicable to Recognised Schemes please click on the Legislation tab at the left of this page.

For forms applicable to Recognised Schemes please click on the forms page found under the Regulated Entities tab on the banner above.

Questions...

Answers...

1What is the procedure for recognition of a scheme?

There are two routes for recognition under the Collective Investment Schemes Act 2008 (“CIS Act”):

2What facilities need to be maintained in the Isle of Man?

All Recognised Schemes must maintain facilities for the public and complaints on the Island. Facilities for participants must be maintained, but these may be overseas.

3What updates and information will need to be provided to the Authority on an ongoing basis?

Recognised Schemes from designated territories are required to provide ongoing notifications to the Authority - please refer to section 6 of the Collective Investment Schemes (Recognised Schemes) Regulations 2015.

In the case of individually Recognised Schemes, any proposed alteration (including any proposal to replace the manager, trustee/fiduciary custodian or governing body) must be pre-notified in writing to the Authority in accordance with the CIS Act. Alterations to individually Recognised Schemes require the ‘approval’ of the Authority. No proposed change or alteration may take effect unless either the Authority has approved the proposal, or one month has elapsed since the date that notice was given and the Authority has not notified the manager or trustee that the proposed alteration is not approved.

4What is the process for de-registration in the Isle of Man?

When a Recognised Scheme wishes to cease recognition, the scheme’s representative in the Island should notify the Authority accordingly.

The Authority will want to ensure that there are no matters concerning the scheme or the Isle of Man investors that it should be aware of prior to the scheme ceasing recognition. In order to aid this process the scheme’s representative should inform the Authority:

  • how many Isle of Man investors are in the Scheme;
  • whether the Isle of Man investors have been notified that the scheme will no longer be recognised in the Island; and
  • whether such investors have been informed of where future enquiries may be addressed.

The Authority would wish to review a copy of the shareholder mailing prior to issue.

In the case of a scheme being liquidated or otherwise ceasing to be a scheme, the scheme’s representative in the Island should notify the Authority accordingly.