Regulatory Alerts2020-11-11
Isle of Man Financial Services Authority Guidance Note on Exempt Schemes
The Isle of Man Financial Services Authority issued this November 2020 guidance to define Exempt Schemes under the Collective Investment Schemes Act 2008 and outline compliance requirements for their operation. The document specifies that such schemes must have fewer than 50 participants, prohibit public invitations, and require licensed functionaries to adhere to strict licensing, governance, and anti-money laundering standards. Additionally, it mandates that licenseholders provide quarterly statistical returns and pay applicable fees while ensuring the paramount interests of the scheme are protected.
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