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.
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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Article 3 Collective Investment Schemes (Authorised Schemes) (Trustee and Fiduciary Custodian) Order 2013 Page 2 SD No. 0412/2013 c (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.