Legislation
The Collective Investment Schemes Act 2008 (“CIS Act”) is the primary Act that sets out the statutory framework in the Isle of Man for the promotion and regulation of collective investment schemes ("funds").
All secondary legislation is accessible via the legislation tables below; please click on the relevant link.
The legislation tables contain a brief description and link to each piece of legislation, and it shows which specific fund types it is applicable to.
Auth - Authorised Scheme
RF - Regulated Fund
QF - Qualifying Fund
SF - Specialist Fund
Ex - Exempt Scheme
RS - Recognised Scheme
|
Topic/scheme type |
Title | Explanation | Auth | RF | QF | SF | Ex | RS |
| Authorised Scheme | Authorised Collective Investment Scheme Regulations 2010 | Authorised Schemes Framework | ☑ | |||||
| Authorised Scheme | Authorised Collective Investment Schemes(Compensation) Regulations 2008 | Provision for the establishment of a fund out of which compensation is to be paid to investors in the event that a manager, trustee or fiduciary custodian of an authorized collective investment scheme is unable or likely to be unable to satisfy claims in respect of any description of civil liability incurred in connection with a regulated business. | ☑ | |||||
| Authorised Scheme | Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013 | Provision for the establishment of a fund out of which compensation is to be paid to investors in the event that a manager, trustee or fiduciary custodian of an authorized collective investment scheme is unable or likely to be unable to satisfy claims in respect of any description of civil liability incurred in connection with a regulated business. | ☑ | |||||
| Regulated Fund | Collective Investment Schemes (Regulated Fund) Regulations 2017 | Regulated Fund framework. | ☑ | |||||
| Qualifying Fund | Collective Investment Schemes (Qualifying Fund) Regulations 2010 | Qualifying Fund framework. | ☑ | |||||
| Specialist Fund | Collective Investment Schemes (Specialist Fund) Regulations 2010 | Specialist Fund framework. | ☑ | |||||
| Recognised Scheme | CIS (Recognised Schemes) Regulations 2015 | These Regulations outline requirements which apply to recognised schemes authorised in a designated country and individually recognised schemes. | ☑ | |||||
| Recognised Scheme | Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012 | This Order allows UK retail authorised collective investment schemes to become IOM recognised schemes. | ☑ | |||||
| Recognised Scheme | Collective Investment Schemes (Recognised Schemes) (Jersey) Order 2012 | This Order allows Jersey recognized funds to become IOM recognised schemes. | ☑ | |||||
| Recognised Scheme | Collective Investment Schemes (Recognised Schemes) (Guernsey) Order 2012 | This Order allows Guernsey recognized funds to become IOM recognised schemes. | ☑ | |||||
| Recognised Scheme | Collective Investment Schemes (Recognised Schemes) (Luxembourg) Order 2011 | This Order allows Luxembourg UCITS recognized funds to become IOM recognised schemes. | ☑ | |||||
| Recognised Scheme | Collective Investment Schemes (Recognised Schemes) (Ireland) Order 2017 | This Order allows Irish UCITS to become IOM recognised schemes. |
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| Other | Collective Investment Schemes (Definition) Order 2017 | Sets out arrangements that are not to be treated as collective investment schemes. | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Other | Financial Services (Exemptions) (Class 3) (Amendment) Regulations 2017 | Details amendments to Schedule 1 to the Financial Services (Exemptions) Regulations 2011. | ||||||
| Other | Schemes Exemption to the Beneficial Ownership Bill 2017 | Details of the exemptions to the Beneficial Ownership Bill 2017 available for collective investment schemes. | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Fees | Collective Investment Schemes (Fees) Order 2017 | Fees directly applicable to collective investment schemes.Fees directly applicable to collective investment schemes. | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Promotion | Financial Supervision (Promotion of Schemes other than Authorised and Recognised Schemes)(Exemption) Regulations 2010 | Section 3 of the CIS Act prohibits advertising, or advising or procuring investment in a collective investment scheme unless it is an authorised scheme or a recognised scheme. These Regulations permit other schemes to be exempted from section 3(1) of the CIS Act in defined circumstances. | ☑ | ☑ | ☑ | ☑ | ||
| Prospectus | Collective Investment Schemes (Prospectus)(Exemption) Regulations 2010 | Schemes exempt from certain provisions of the 1931 Companies Act with regard to prospectus requirements. This is because similar provisions already apply to these schemes under the framework for schemes. | ☑ | ☑ | ☑ | ☑ | ||
| Companies Registry Requirements | Collective Investment Schemes (Returns of Allotment and Redemption)(Exemption) Order 2010 | Permits certain scheme types not to have to file returns of allotments and redemptions of shares with the registrar of companies. | ☑ | ☑ | ☑ | ☑ | ||
| Limited Partnerships | Limited Partnerships (Collective Investment Schemes) Regulations 2010 | Schemes structured as an Isle of Man limited partnership may have more than 20 partners. | ☑ | ☑ | ☑ | ☑ | ☑ | |
| Limited Partnerships | Limited Partnerships (Collective Investment Schemes) (Exemption) Regulations 2010 | Limited partnerships exempted from the requirement to disclose details of the limited partners on the public file held at the Companies Registry. | ☑ | ☑ | ☑ | ☑ |
FULL - Full International Scheme
EIF - Experienced Investor Fund
| Topic/Scheme type | Title | Explanation | FULL | EIF |
| Superseded Funds - Legislation |
Collective Investment Schemes(Legacy) Regulations 2010 | No new International Schemes or Professional Investor Funds can be established however existing funds may continue. The Regulations also expand the jurisdictions in which a trustee or fiduciary custodian of an International Scheme can be located by including Ireland and Luxembourg. | ☑ | |
| Superseded Funds - Legislation |
Financial Supervision (International Collective Investment Schemes) Regulations 1990 | These Regulations prescribe what the contents of the documents constituting an international scheme shall provide for. | ☑ | |
| Superseded Funds - Legislation |
Financial Supervision (International Collective Investment Schemes) (Advertising and Scheme Particulars) Regulations 1995 | These Regulations require the operators of international collective investment schemes to produce scheme particulars which contain the information specified in the Schedule. | ☑ | |
| Superseded Funds - Legislation |
Financial Supervision (Prescribed Countries and Territories) Regulations 1990 | These Regulations allow trustees of full international schemes to be located in the UK, Jersey and Guernsey. | ☑ | |
| Superseded Funds - Legislation |
Collective Investment Schemes (Experienced Investor Fund) Regulations 2010 | Experienced Investor Fund framework | ☑ | |
| Other | Collective Investment Schemes (Definition) Order 2008 | Sets out arrangements that are not to be treated as collective investment schemes. | ☑ | ☑ |
|
Fees |
Collective Investment Schemes (Fees) Order 2017 | Fees directly applicable to collective investment schemes. | ☑ | ☑ |
| Promotion | Financial Supervision (Promotion of Schemes other than Authorised and Recognised Schemes)(Exemption) Regulations 2010 | Section 3 of the CIS Act prohibits advertising, or advising or procuring investment in a collective investment scheme unless it is an authorized scheme or a recognised scheme. These Regulations permit other schemes to be exempted from section 3(1) of the CIS Act in defined circumstances. | ☑ | ☑ |
| Prospectus | Collective Investment Schemes (Prospectus)(Exemption) Regulations 2010 | Schemes exempt from certain provisions of the 1931 Companies Act with regard to prospectus requirements. This is because similar provisions already apply to these schemes under the framework for schemes. | ☑ | ☑ |
| Companies Registry Requirements | Collective Investment Schemes (Returns of Allotment and Redemption)(Exemption) Order 2010 | Permits certain scheme types not to have to file returns of allotments and redemptions of shares with the registrar of companies. | ☑ | ☑ |
| Limited Partnerships | Limited Partnerships (Collective Investment Schemes) Regulations 2010 | Limited PartnersSchemes structured as an Isle of Man limited partnership may have more than 20 partners.ps (Collective Investment Schemes) Regulations 2010. | ☑ | ☑ |
| Limited Partnerships | Limited Partnerships (Collective Investment Schemes) (Exemption) Regulations 2010 | Limited partnerships exempted from the requirement to disclose details of the limited partners on the public file held at the Companies Registry. | ☑ | ☑ |