Isle of Recognized Scheme
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
There two types of recognised funds:
- schemes authorized in designated countries; and
- Individually recognised schemes.
Legal Requirements
|
Sr.
No |
Element | Requirement(s) |
| Entity Requirements |
The entity making the application is:
|
|
| Director’s Requirements | The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction. | |
| Shareholder requirements |
|
|
| Compliance Officer | The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management. | |
| Licensed Principle |
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
|
|
| Fund Administrator | The Applicant must employ a fund administrator with no local requirement | |
| Fund Manager |
Isle of Man Manager licenceholder
Applicant can be of any jurisdiction. |
|
| Custodian | Regulated in the Isle of Man or in a suitable jurisdiction | |
| Promoter | A regulated promoter must be appointed if sales to “certain persons”(1) are allowed through non regulated financial advisers | |
| Local Office | The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents. | |
| Auditor | The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission | |
| Insurance | The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator | |
| Minimum Capital Requirements |
Ongoing Obligations
Recognised Schemes from designated territories are required to provide ongoing notifications to the Authority as elaborated in 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.
About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.
-
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
- Intellectual Property Registrations and Maintenance.
- Trusts and Foundations setup and administration
- Online Payment Gateway Solutions
- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
- Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)
The Valsen Advantage
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
Our Contact Details
Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com
OR Contact us on:
- Tel: +248 4321018
- WhatsApp: +248 2525217
- Skype: vf-international.com
- Email: [email protected]