Legislation & Guidance
This page contains legislation and guidance relevant to persons, entities and arrangements which are regulated under the following Acts:
- Financial Services Act 2008
- Insurance Act 2008
- Retirement Benefits Schemes Act 2000
- Collective Investment Schemes Act 2008
- Bank (Recovery and Resolution) Act 2020
It excludes Credit Unions, Recognised Auditors and Designated Businesses. For information on Credit Unions click here.
Legislation relating to the Anti-Money Laundering & Countering the Financing of Terrorism is applicable to all businesses undertaking regulated activities. Please click here for a list of legislation and guidance.
Class 1 - Deposit Taking (DT)
Class 2 - Investment Business (IB)
Class 3 - Services to Collective Investment Schemes (CIS)
Class 4 - Corporate Services (CS)
Class 5 - Trust Services (TS)
Class 6 - Crowdfunding Platforms (CP)
Class 7 - Management or Administration to Licenceholders (MAL)
Class 8 - Money Transmission Services (MTS)
Class 9 - Credit Unions (CU)
Professional Officers (PO)
| Legislation | DT | IB | CIS | CS | TS | CP | MAL | MTS | CU | PO |
Primary Legislation |
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| Financial Services Act 2008 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | |
Secondary Legislation |
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| Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | |
| Depositors’ Compensation Regulations 2010 | ☑ | |||||||||
| Financial Services Act 2008 (Appointed Day) Order 2008 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | |
| Financial Services (Appointment of a Manager) Order 2014 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | |||
| Financial Services (Civil Penalties) Regulations 2015 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ||
| Financial Services (Disclosure of Information) Order 2017 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ||
| Financial Services (Exemptions) Regulations 2011 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Financial Services Rule Book 2016 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Financial Services Tribunal Rules 2015 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | |
| Regulated Activities Order 2011 | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Transfer of Business Including Deposit-Taking Regulations 2013 | ☑ |
Class 1 - Deposit Taking (DT)
Class 2 - Investment Business (IB)
Class 3 - Services to Collective Investment Schemes (CIS)
Class 4 - Corporate Services (CS)
Class 5 - Trust Services (TS)
Class 6 - Crowdfunding Platforms (CP)
Class 7 - Management or Administration to Licenceholders (MAL)
Class 8 - Money Transmission Services (MTS)
Class 9 - Credit Unions (CU)
Professional Officers (PO)
Class 1 - Deposit Taking (DT)
Class 2 - Investment Business (IB)
Class 3 - Services to Collective Investment Schemes (CIS)
Class 4 - Corporate Services (CS)
Class 5 - Trust Services (TS)
Class 6 - Crowdfunding Platforms (CP)
Class 7 - Management or Administration to Licenceholders (MAL)
Class 8 - Money Transmission Services (MTS)
Class 9 - Credit Unions (CU)
Professional Officers (PO)
| Title | DT | IB | CIS | CS | TS | CP | MAL | MTS | CU | PO |
| Clients' Assets Reports ("CAR") | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | ||||
| Security of Clients’ Assets | ☑ | ☑ | ||||||||
| Thematic Feedback - Exempt and Exempt Type Schemes - Governance, compliance and risk management | ☑ | |||||||||
| AML Account Block Dear CEO Letter | ☑ |
Life Insurance (LI)
Non-life insurance (including Captive Insurance) (NLI)
General Insurance Intermediaries (GII)
Protected Cell Companies / Incorporated Cell Companies (PCC / ICC)
Special Purpose Vehicles / Insurance Linked Securities (SPV / ILS)
Life Insurance (LI)
Non-life insurance (including Captive Insurance) (NLI)
General Insurance Intermediaries (GII)
Protected Cell Companies / Incorporated Cell Companies (PCC / ICC)
Special Purpose Vehicles / Insurance Linked Securities (SPV/ILS)
Domestic Authorised Schemes (DAS)
International Authorised Schemes (IAS)
Permitted Schemes (PS)
Recognised Schemes (RS)
Domestic Authorised Schemes (DAS)
International Authorised Schemes (IAS)
Permitted Schemes (PS)
Recognised Schemes (RS)
| Title | DAS | IAS | PS | RS |
| Company, Business and Domain Name Guidance | ☑ | ☑ | ☑ | ☑ |
| Cyber Security | ☑ | ☑ | ☑ | ☑ |
| Inspections Guidance for Firms | ☑ | ☑ | ☑ | ☑ |
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.
Fund type key:
Auth - Authorised Scheme
RF - Regulated Fund
QF - Qualifying Fund
SF - Specialist Fund
Ex - Exempt Scheme
RS - Recognised Scheme
| Legislation | Explanation | Auth | RF | QF | SF | Ex | RS |
| Authorised Collective Investment Scheme Regulations 2010 | Authorised Schemes Framework | ☑ | |||||
| Authorised Collective Investment Schemes(Compensation) Regulations 2008 | Provision for the establishment of a compensation scheme. | ☑ | |||||
| Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013 | Details amendments to CISA08 Schedule 1. | ☑ | |||||
| Collective Investment Schemes (Regulated Fund) Regulations 2017 | Regulated Fund framework. | ☑ | |||||
| Collective Investment Schemes (Qualifying Fund) Regulations 2010 | Qualifying Fund framework. | ☑ | |||||
| Collective Investment Schemes (Specialist Fund) Regulations 2010 | Specialist Fund framework. | ☑ | |||||
| Collective Investment Scheme (Recognised Schemes) Regulations 2015 | Recognised Scheme framework. | ☑ | |||||
| Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012 | This Order allows UK retail authorised collective investment schemes to become IOM recognised schemes. | ☑ | |||||
| Collective Investment Schemes (Recognised Schemes) (Jersey) Order 2012 | This Order allows Jersey recognized funds to become IOM recognised schemes. | ☑ | |||||
| Collective Investment Schemes (Recognised Schemes) (Guernsey) Order 2012 | This Order allows Guernsey recognized funds to become IOM recognised schemes. | ☑ | |||||
| Collective Investment Schemes (Recognised Schemes) (Luxembourg) Order 2011 | This Order allows Luxembourg UCITS recognized funds to become IOM recognised schemes. | ☑ | |||||
| Collective Investment Schemes (Recognised Schemes) (Ireland) Order 2017 | This Order allows Irish UCITS to become IOM recognised schemes. |
☑ |
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| Collective Investment Schemes (Definition) Order 2017 | Arrangements that are not to be treated as collective investment schemes. | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Financial Services (Exemptions) (Class 3) (Amendment) Regulations 2017 | Details amendments to Schedule 1 to the Financial Services (Exemptions) Regulations 2011. | ||||||
| Beneficial Ownership (Exemption) (Collective Investment Schemes) Order 2017 | Details of the exemptions to the Beneficial Ownership Bill 2017 available for collective investment schemes. | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ |
| Fees directly applicable to collective investment schemes. | ☑ | ☑ | ☑ | ☑ | ☑ | ☑ | |
| Collective Investment Schemes (Promotion of Schemes other than Authorised and Recognised Schemes)(Exemption) Regulations 2010 | These Regulations permit other schemes to be exempted from section 3(1) of the CIS Act in defined circumstances. | ☑ | ☑ | ☑ | ☑ | ||
| Collective Investment Schemes (Prospectus)(Exemption) Regulations 2010 | Schemes exempt from certain provisions of the 1931 Companies Act with regard to prospectus requirements. | ☑ | ☑ | ☑ | ☑ | ||
| Collective Investment Schemes (Registers) Regulations 2010 | Content and public inspection of registers. | ☑ | ☑ | ☑ | ☑ | ☑ | |
| 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 (Collective Investment Schemes) Regulations 2010 | Schemes structured as an Isle of Man limited partnership may have more than 20 partners. | ☑ | ☑ | ☑ | ☑ | ☑ | |
| Limited Partnerships (Collective Investment Schemes) (Exemption) Regulations 2010 | Limited partnerships exempted from the requirement to disclose details of the limited partners on the public files at Companies Registry. | ☑ | ☑ | ☑ | ☑ |
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 table 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.
Funy type key:
FULL - Full International Scheme
EIF - Experienced Investor Fund
| Title | Explanation | FULL | EIF |
| Collective Investment Schemes(Legacy) Regulations 2010 | Prohibits the establishment of new International Schemes and Professional Investor Funds. Amends the jurisdictions in which a trustee or fiduciary custodian of an International Scheme can be located by including Ireland and Luxembourg. | ☑ | |
| Financial Supervision (International Collective Investment Schemes) Regulations 1990 | These Regulations prescribe the contents of the documents constituting an international scheme. | ☑ | |
| Financial Supervision (International 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. | ☑ | |
| 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. | ☑ | |
| Collective Investment Schemes (Experienced Investor Fund) Regulations 2010 | Experienced Investor Fund framework | ☑ | |
| Collective Investment Schemes (Definition) Order 2017 | Sets out arrangements that are not to be treated as collective investment schemes. | ☑ | ☑ |
| Collective Investment Schemes (Fees) Order 2023 | Fees directly applicable to collective investment schemes. | ☑ | ☑ |
| Financial Supervision (Promotion of Schemes other than Authorised and Recognised Schemes)(Exemption) Regulations 2010 | These Regulations permit other schemes to be exempted from section 3(1) of the CIS Act in defined circumstances. | ☑ | ☑ |
| Collective Investment Schemes (Prospectus)(Exemption) Regulations 2010 | Schemes exempt from certain provisions of the 1931 Companies Act with regard to prospectus 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. | ☑ | ☑ |
| Collective Investment Schemes (Registers) Regulations 2010 | Content and public inspection of registers. | ☑ | ☑ |
| Limited Partnerships (Collective Investment Schemes) Regulations 2010 | Schemes structured as an Isle of Man limited partnership may have more than 20 partners. | ☑ | ☑ |
| Limited Partnerships (Collective Investment Schemes) (Exemption) Regulations 2010 | Limited partnerships exempted from the requirement to disclose details of the limited partners on the public files at Companies Registry. | ☑ | ☑ |
Auth - Authorised Scheme
RF - Regulated Fund
QF - Qualifying Fund
SF - Specialist Fund
Ex - Exempt Scheme
| Title | Explanation | Auth | RF | QF | SF | Ex |
| List of Acceptable Jurisdictions | The criteria for assessing whether another jurisdiction can be treated as “acceptable” for functionaries of particular fund types. | ☑ | ☑ | |||
| List of Acceptable Jurisdictions | For the purposes of the of Collective Investment Schemes (Specialist Fund) Regulations 2010. | ☑ | ||||
| List of Acceptable Jurisdictions | For the purposes of the Collective Investment Schemes (Qualifying Fund) Regulations 2010. | ☑ | ||||
| Authorised Schemes | High Level Key Features. | ☑ | ||||
| Regulated, Qualifying and Specialist Funds | High Level Key Features. | ☑ | ☑ | ☑ | ||
| Permitted Structures for Scheme Types | Guidance on the corporate structure/trust that can been used for different scheme types. | ☑ | ☑ | ☑ | ||
| Companies Incorporated under the Companies Act 2006 | The use of Companies incorporated under the Companies Act 2006 as collective investment schemes | ☑ | ☑ | ☑ | ☑ | |
| Protected Cell Companies | The application of the Isle of Man Protected Cell Company Regime with regards to schemes. | ☑ | ☑ | ☑ | ☑ | |
| Exempt Schemes |
Guidance on Exempt Schemes for licenceholders undertaking Class 3(11) or 3(12) activities. |
☑ | ||||
| Promotion of Authorised Schemes | Guidance on the promotion of Authorised Schemes. | ☑ | ||||
| Promotion of Full International Schemes, Specialist Funds, Qualifying Funds and Experienced Investor Funds. | Guidance on the promotion of other types of scheme. | ☑ | ☑ | ☑ | ||
| Governance of Collective Investment Schemes – Guidance Note | Guidance on governance in relation to funds under the Collective Investment Schemes Act 2008. | ☑ | ☑ | ☑ | ☑ | ☑ |
| Annual Report and Audited Financial Statements (“the Accounts”) | Guidance on the requirements and expectations in relation to the late issue of accounts. | ☑ | ☑ | ☑ | ☑ | ☑ |
| Isle of Man Wealth and Fund Services Association Deferred Sales Charges | Guidance issued by the Isle of Man Wealth and Fund Services Association - Deferred Sales Charges. | ☑ | ☑ | ☑ | ☑ | |
| Pricing Errors | Guidance on recording and reporting of incorrect pricing of units in a scheme. | ☑ | ☑ | ☑ | ☑ | ☑ |
| Trading Platforms and Investor Declarations | Trading platform modifications. | ☑ | ☑ | |||
| Eligible Markets | Considerations in determining if a market/exchange is fair, clear, liquid and orderly. | ☑ | ||||
| Winding Up an Authorised Scheme | Information to be provided to the Authority on requests to wind up an Authorised Scheme. | ☑ | ||||
| Thematic Feedback - Exempt and Exempt Type Schemes - Governance, compliance and risk management | Thematic Feedback - Exempt and Exempt Type Schemes - Governance, compliance and risk management | ☑ |
| Title | Explanation | Applicable to |
| Undertaking Functions on Behalf of Overseas Collective Investment Schemes | Provision of services by Isle of Man fund managers/administrators to overseas collective investment schemes. | Class 3 Licenceholders |
| Outsourcing of functions to an Isle of Man licenceholder by a UK UCIT’s Scheme | UK schemes which are subject to the Financial Conduct Authority’s (“FCA’s”) COLL Sourcebook outsourcing functions to an Isle of Man functionary. | Class 3 Licenceholders |
| Indirect Taxes | The managers of schemes in the Isle of Man are exempted from the requirement to charge VAT on management fees. | Class 3 Licenceholders of all schemes except exempt schemes. |
| AIFMD Co-operation Agreements with EEA Competent Authorities | List of EEA competent authorities with whom AIFMD Cooperation Agreements have been signed. | Class 3 Licenceholders |
| Managed Accounts | Outline and regulatory backdrop. | Class 2 Licenceholders |
FULL - Full International Scheme
EIF - Experienced Investor Funds – EIF (legacy, closed and qualifying type)
| Title | Explanation | FULL | EIF |
| List of Acceptable Jurisdictions | The criteria for assessing whether another jurisdiction can be treated as “acceptable” for functionaries of particular fund types. | ☑ | |
| List of Acceptable Jurisdictions | For the purposes of the Collective Investment Schemes (Qualifying Fund) Regulations 2010 and the Collective Investment Schemes (Experienced Investor Fund) Regulations 2010. | ☑ | |
| Full International Schemes | High Level Key Features. | ☑ | |
| Permitted Structures for Scheme Types | Guidance on the corporate structure/trust that can been used for different scheme types. | ☑ | ☑ |
| Companies Incorporated under the Companies Act 2006 | The use of Companies incorporated under the Companies Act 2006 as schemes. | ☑ | ☑ |
| Protected Cell Companies | The application of the Isle of Man Protected Cell Company Regime to schemes. | ☑ | ☑ |
| Promotion of Full International Schemes, Specialist Funds, Qualifying Funds and Experienced Investor Funds. | Guidance on the promotion of other types of scheme. | ☑ | ☑ |
| Governance of Collective Investment Schemes – Guidance Note | Guidance on governance in relation to funds under the Collective Investment Schemes Act 2008. | ☑ | ☑ |
| Annual Report and Audited Financial Statements (“the Accounts”) | Guidance on the requirements and expectations in relation to the late issue of accounts. | ☑ | ☑ |
| Isle of Man Wealth and Fund Services Association Deferred Sales Charges | Guidance issued by the Isle of Man Wealth and Fund Services Association - Deferred Sales Charges. | ☑ | ☑ |
| Pricing Errors | Guidance on recording and reporting of incorrect pricing of units in a scheme. | ☑ | ☑ |
| Trading Platforms and Investor Declarations | Trading platform modifications. | ☑ |
| Title | Explanation | Applicable to |
| Undertaking Functions on Behalf of Overseas Collective Investment Schemes | Provision of services by Isle of Man fund managers/administrators to overseas collective investment schemes. | Class 3 Licenceholders |
| Outsourcing of functions to an Isle of Man licenceholder by a UK UCIT’s Scheme | UK schemes which are subject to the Financial Conduct Authority’s (“FCA’s”) COLL Sourcebook outsourcing functions to an Isle of Man functionary. | Class 3 Licenceholders |
| Indirect Taxes | The managers of schemes in the Isle of Man are exempted from the requirement to charge VAT on management fees. | Class 3 Licenceholders of all schemes except exempt schemes |
| AIFMD Co-operation Agreements with EEA Competent Authorities | List of EEA competent authorities with whom AIFMD Cooperation Agreements have been signed. | Class 3 Licenceholders |
| Managed Accounts | Outline and regulatory backdrop. | Class 2 Licenceholders |