Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013

Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013 Article 1 c SD No. 0412/2013 Page 1 Statutory Document No. 0412/2013 Collective Investment Schemes Act 2008 c COLLECTIVE INVESTMENT SCHEMES (AUTHORISED SCHEMES) (TRUSTEE AND FIDUCIARY CUSTODIAN) ORDER 2013 Approved by Tynwald: 22 January 2014 Coming into Operation: 1 February 2014 The Financial Supervision Commission makes the following Order under section 4(1) of the Collective Investment Schemes Act 20081 , after carrying out the consultations required by section 24 of that Act. 1 Title This Order is the Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013. 2 Commencement If approved by Tynwald, this Order comes into operation on 1 February 2014. 3 Amendment to Schedule 1 In paragraph 2 of Schedule 1 to the Collective Investment Schemes Act 2008, for sub-paragraphs (4) and (5) substitute — «(4) The manager must be an authorised person whose licence allows it to act as a manager of an authorised scheme. (5) The trustee or fiduciary custodian must be — (a) an authorised person whose licence allows it to act as a trustee or fiduciary custodian of an authorised scheme; or (b) a body corporate that — (i) is incorporated in a jurisdiction with which the Commission has a co-operation agreement that includes provisions in relation to collective investment schemes;

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Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013
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(ii) is authorised to act as a trustee or fiduciary custodian for retail collective investment schemes in its jurisdiction of incorporation; and (iii) receives the Commission’s approval to act as such in relation to authorised schemes.» MADE 3 DECEMBER 2013 J.R. ASPDEN Chief Executive G.F. KARRAN Commissioner

Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013 Explanatory Note c SD No. 0412/2013 Page 3 EXPLANATORY NOTE (This note is not part of the Order) This Order amends Schedule 1 to the Collective Investment Schemes Act 2008, to enable an authorised scheme to have a trustee or fiduciary custodian that does not have a place of business in the Island but that meets other criteria.