Legislation & Guidance

This page contains legislation and guidance relevant to persons, entities and arrangements which are regulated under the following Acts:

It excludes Recognised Auditors and Designated Businesses. 

Legislation relating to the Anti-Money Laundering & Countering the Financing of Terrorism is applicable to all businesses undertaking regulated activities. Please click here to view this legislation.

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)

Professional Officers (PO)

 

Legislation DT IB CIS CS TS CP MAL MTS PO
Primary Legislation
                 
Financial Services Act 2008
Secondary Legislation
                 
Anti-Money Laundering and Countering the Financing of Terrorism Code 2015
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 (as amended 2018) ☑ 
Financial Services (Fees) Order 2018 ☑ 
Financial Services Rule Book 2016
Tracked changes from 2013 to 2016 Rule Book
Financial Services Tribunal Rules 2015 ☑ 
Financial Supervision (Promotion of schemes other than Authorised and Recognised Schemes) (Exemption) Regulations 2010                
Regulated Activities Order (as amended 2018)
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)

Professional Officers (PO)

 

Title DT IB CIS CS TS CP MAL MTS PO
Advertising, Distribution and Promotion of Financial Products or Services Guidance ☑  ☑  ☑  ☑  ☑  ☑  ☑  ☑ 
Audit Exceptions   ☑  ☑  ☑  ☑  ☑  ☑  ☑   
Breaches ☑  ☑  ☑  ☑  ☑  ☑  ☑  ☑ 
Changes in ownership etc ☑  ☑  ☑  ☑  ☑  ☑  ☑   
CIS pricing errors (summary) CIS pricing errors (single page)     ☑             
Complaints ☑  ☑  ☑  ☑  ☑  ☑  ☑  ☑ 
Conflicts of Interest  
Conflicts of interest policy and related rules
Contents of a generic business plan  
Corporate Governance for Banks                
Corporate Governance for non-banks    
CPD guidance  
Credit Risk, Arrears & Provisions Management ☑                 
Cyber security
Deposit Advertising ☑                 
Directorships, trusteeships and similar responsibilities held by directors and key persons of licenceholders   ☑  ☑  ☑ 
Discretionary Civil Penalties
Fiduciary Deposits                
Financial Advice - Sales and Advisory Guidance                
Foreign Exchange Risk Management                
Forming a subsidiary or branch  
Guidelines on expected practice for TSPs              
Interest Rate Risk Management                
Internal Capital Adequacy Assessment Process (ICAAP)                
Large Exposures                
Limited Partnerships and Schemes            
Liquidity Risk Management                
Materiality of rule breaches
Operational Risk Management                
OTC Derivatives and Structured Deposits                
Outsourcing/Delegation of Powers  
Parent company financial statements    
Procedural Instructions for financial returns      
Proforma subordinated loan agreement      
Quarterly Prudential Returns                 
Qualifying Subordinated Loans      
Rule Book consent and notification summary table
Rule Book guidance
Rule Book obligations to keep registers
Rule Book obligations to maintain policies
Rule Book requirements for record keeping  
Sales of Higher Risk Investments to Retail Investors                
Statement of Professional Standing (“SPS”)                
Staff disciplinary action  
Surrendering a financial services licence
The responsibilities and duties of directors under the laws of the Isle of Man

 

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)

 

Legislation LI NLI GII PCC/ICC SPV/ILS
Principal legislation
         
Insurance Act 2008
Insurance (Amendment) Act 2017 - (Appointed Day) (No.1) Order 2018          
Incorporated Cell Companies Act 2010  
Protected Cell Companies Act 2004  
Secondary legislation
         
Anti-Money Laundering and Countering the Financing of Terrorism Code 2015
Corporate Governance Code of Practice for Regulated Insurance Entities    
Financial Services Review Regulations 2001
Incorporated Cells Regulations 2011

 
Insurance Act 2008 - Legislation
Insurance (Fees) Regulations 2018
Insurance (Incorporated Cell Companies) Regulations 2011  
Insurance (Limited Partnership) Regulations 2004      
Insurance (Limited Partnerships)(Solvency)(Amendment) Regulations 2011      
Insurance (Miscellaneous Amendments) Regulations 2015
Insurance (Protected Cell Companies) (Amendment) Regulations 2005  
Insurance (Protected Cell Companies) Regulations 2004 (as amended)  
Insurance (Solvency) (Amendment) Regulations 2011  
Insurance (Solvency) (Amendment) Regulations 2012  
Insurance (Special Purpose Vehicles) Regulations 2015    
Insurance (Supplementary Information) Regulations 2016  
Insurance (Transitional Provisions) (Amendment) Regulations 2015  
Insurance (Valuation of Long Term Liabilities) Regulations 2007    
Insurance Act (Appointed Day) (No.2) Order 2008    
Insurance Act 2008 (Appointed Day) (No.3) Order 2010    
Insurance Intermediaries (General Business) (Amendment) Regulations 2012      
Insurance Intermediaries (General Business) (Amendment) Regulations 2018      
Insurance Intermediaries (General Business) Regulations 1999 (as amended)      
Insurance Regulations 1986    
Insurance (Amendment) Regulations 2018    
Life Insurance (Compensation of Policyholders) Regulations 1991        
Protected Cell Companies (Forms) Regulations 2004        

 

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)

 

Title LI  NLI  GII  PCC / ICC  SPV / ILS 
Cyber Security ☑   ☑ ☑  ☑  ☑ 
Guidance Notes for Insurance Business ☑  ☑  ☑  ☑  ☑ 
Guidance Notes for Insurance Special Purpose Vehicles        
Guidance Notes (Amendment) for Insurance Special Purpose Vehicles        
Guidance Note on Principal Control Officer
Summary Information Form
Insurance Act 2008 - updated for changes from 1 February 2018

Domestic Authorised Schemes (DAS)

International Authorised Schemes (IAS)

Permitted Schemes (PS)

Recognised Schemes (RS)

 

Legislation DAS IAS RS PS
Primary Legislation
       
Retirement Benefits Schemes Act 2000
Secondary Legislation
       
Anti-Money Laundering and Countering the Financing of Terrorism Code 2015
Financial Services Review Regulations 2001        
Retirement Benefits Schemes Act 2000 (Appointed Day) (No. 1) Order 2001
Retirement Benefits Schemes Act 2000 (Appointed Day) (No. 2) Order 2001
Retirement Benefits Schemes Act 2000 (Appointed Day) (No. 3) Order 2004
Retirement Benefits Schemes Act 2000 - Legislation
Registered Schemes Administrators (Fees) Order 2018    
Registered Schemes Administrators (Fees) Regulations 2015 (as amended 2016)    
Retirement Benefits Schemes (Domestic Schemes) (General Administration) Regulations 2004      
Retirement Benefits Schemes (Excepted Schemes) Regulations 2001
Retirement Benefits Schemes (General Register) Regulations 2004
Retirement Benefits Schemes (Independent and Nominated Trustee Requirement) Regulations 2004    
Retirement Benefits Schemes (International Schemes) Regulations 2001      
Retirement Benefits Schemes (Management and Miscellaneous Provisions) Regulations 2001
Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014
Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2015
Retirement Benefits Schemes (Permitted Schemes) Regulations 2004      
Retirement Benefits Schemes (Recognised Schemes) (Republic of Ireland) Order 2004      
Retirement Benefits Schemes (Recognised Schemes) (United Kingdom) Order 2004      
Retirement Benefits Schemes (Recognised Schemes) Regulations 2004      

 

Domestic Authorised Schemes (DAS)

International Authorised Schemes (IAS)

Permitted Schemes (PS)

Recognised Schemes (RS)

 

Title DAS  IAS  PS  RS 
Cyber Security  ☑  ☑  ☑  ☑

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.          

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.            
Schemes Exemption to the Beneficial Ownership Bill 2017 Details of the exemptions to the Beneficial Ownership Bill 2017 available for collective investment schemes.
Collective Investment Schemes (Fees) Order 2018 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.    
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 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.  
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 2008 Sets out arrangements that are not to be treated as collective investment schemes. ☑ 
Collective Investment Schemes (Fees) Order 2017 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.
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.   ☑  ☑  ☑ 
Limited Partnerships and Funds

Guidance in determining whether a limited partnership is a fund and requirements for a Class 4 licenceholder that wishes to undertake 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. ☑         

 

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