Regulatory Alerts2017-04-07
Key Features of Regulated, Qualifying, and Specialist Funds
The Isle of Man Financial Services Authority (IOMFSA) issued this guidance note detailing the key features, requirements, and responsibilities for Regulated Funds, Qualifying Funds, and Specialist Funds established under the Collective Investment Schemes Regulations 2010. It provides a comparative overview of these three collective investment schemes, outlining differences in their regulatory status, establishment procedures, minimum investment levels, governing body composition, required functionaries, and ongoing compliance obligations. The document highlights that Regulated Funds face the most stringent oversight, while Qualifying and Specialist Funds have distinct criteria for investors and varying levels of regulatory prescription concerning their operations, documentation, and financial reporting.