Collective Investment Schemes legislation

Following the publication of the Consultation Paper (CP17-04/T05) (entitled ‘Collective Investment Schemes – Closed Ended Investment Companies and Other Matters: Consultation on Draft Legislation’) and the subsequent Consultation Response (CR17-02/T05), the Authority submitted draft legislation detailed below to Tynwald.

The legislation was approved by Tynwald on 17 October, and will come into effect on 1 November 2017.

This includes the:

  • Collective Investment Schemes (Definitions) Order 2017;
  • Collective Investment Schemes (Regulated Fund) Regulations 2017;
  • Collective Investment Schemes (Recognised Schemes) (Ireland) Order 2017; and
  • Financial Services (Exemptions) (Class 3) (Amendment) Regulations 2017

The legislation is available here and the reference numbers are 2017/0260, 2107/0261, 2017/0262 and 2017/0263. The documents will be available on the Authority’s website shortly.

The legislation is relevant to persons providing services to collective investment schemes, as well as to corporate service providers which provide services to closed-ended investment companies.