Regulatory Alerts2013-01-01
Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013
The Financial Supervision Commission issued this Order to amend Schedule 1 of the Collective Investment Schemes Act 2008 regarding the appointment of trustees and fiduciary custodians for authorised schemes. The amendment permits scheme managers to appoint trustees or custodians that are incorporated in jurisdictions with co-operation agreements and authorised locally, even if they do not maintain a place of business in the Island. These entities must still obtain specific approval from the Commission to act in relation to authorised schemes under the revised criteria.
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