Regulatory Alerts2020-10-15
Guidance on Providing Services to Overseas Managers or Administrators of Schemes
The Isle of Man Financial Services Authority issued this guidance to clarify that licensed administrators or managers may provide services to overseas collective investment scheme managers without the foreign scheme being deemed operated in the Isle of Man. Authorized persons must hold Class 3(10) permission and ensure the outsourcer retains ultimate responsibility, with the scheme's mind and management remaining outside the island. Licensees are required to notify the Authority at least 20 business days before entering into or ceasing such outsourcing agreements and must adhere to strict due diligence and documentation standards.
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