Financial Supervision (International Collective Investment Schemes) Regulations 1990

Financial Supervision (International Collective Investment Schemes) Regulations 1990 Regulation 1 c GC No.1990/0064 Page 1 Government Circular No. 1990/0064 Financial Supervision Ac c t 1988 FINANCIAL SUPERVISION (INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES) REGULATIONS 19901 2 Approved by Tynwald: 21 March 1990 Coming into Operation: 1 March 1990 In exercise of the powers conferred on the Treasury by sections 6 and 11(4) of the Financial Supervision Act 19881 , and of all other powers enabling it in that behalf, the following Regulations are hereby made: — Editorial Note: The title of this instrument was amended by the Collective Investment Schemes (International Schemes)(Amendment) Regulations 2000 [SD 408/00]. Editorial Note: This instrument, made under the Financial Supervision Act 1988, is continued by virtue of Article 6 of the Collective Investment Schemes Act 2008 (Appointed Day) Order 2008 [SD 461/08]. 1 Citation and commencement These Regulations may be cited as the Financial Supervision (International Collective Investment Schemes) Regulations 1990 and shall come into operation on the 1 st March 1990.3 2 Contents of constitutional documents of an open-ended investment company incorporated in the Island The constitutional documents of an international collective investment scheme which is an open-ended investment company incorporated in the Island shall provide for the following matters — (a) Maximum permitted level of initial charge and annual management charge; (b) Amount of notice to be given to participants to increase Manager’s charges, up to the maximum permitted level; (c) Amount of notice to be given to participants of any proposed change to the trustee and management agreements;

1 c.16

Regulation 3 Financial Supervision (International Collective Investment Schemes) Regulations 1990 Page 2 GC No.1990/0064 c (d) How Trustee remuneration is to be provided for and whether it is to be paid out of the property of the scheme; (e) Description of all other costs and charges payable out of the property of the scheme; (f) Investment objectives; (g) Classes of units to be issued and voting rights attached thereto; (h) Registration and transfer of title to units; (i) Powers and duties of the Manager, the Trustee, and arrangements for the appointment and removal thereof; (j) Accounting periods; (k) Income distribution dates, if any; (l) Dates and method of publication of reports and accounts; (m) How the property of the scheme will be valued, and the basis on which the offer and redemption prices will be calculated; (n) Issue and redemption of units; (o) Circumstances, if any, in which redemption of units may be suspended; (p) Restrictions or limits, if any, on investment powers; (q) Hedging powers, if any, and any limits or restrictions thereon; and (r) Borrowing powers, if any, and any limits or restrictions thereon; and (s) Provisions covering the convening and conduct of meetings including the service of notices and documents.4 3 Contents of constitutional documents of other international collective investment schemes5 The constitutional documents of an international collective investment scheme, other than a scheme to which regulation 2 applies, shall provide for the following matters — (a) Maximum permitted level of initial charge and annual management charge; (b) Amount of notice to be given to participants to increase Manager’s charges, up to the maximum permitted level; (c) Amount of notice to be given to participants of any proposed change to the documents constituting the scheme; (d) How Trustees remuneration is to be provided for and whether it is to be paid out of the property of the scheme; (e) Description of all other costs and charges payable out of the property of the scheme; (f) Investment objectives;

Financial Supervision (International Collective Investment Schemes) Regulations 1990 Regulation 3 c GC No.1990/0064 Page 3 (g) Classes of units to be issued and voting rights attached thereto; (h) Registration and transfer of title to units; (i) Powers and duties of the Manager, the Trustee and arrangements for the appointment and removal thereof; (j) Accounting periods; (k) Income distribution dates, if any; (l) Dates and method of publication of reports and accounts; (m) How the property of the scheme will be valued and the basis on which the offer and redemption prices will be calculated; (n) Issue and redemption of units; (o) Circumstances, if any, in which redemption of units may be suspended; (p) Restrictions or limits, if any, on investment powers; (q) Hedging powers, if any, and any limits or restrictions thereon; (r) Borrowing powers, if any, and any limits or restrictions thereon; (s) Provisions covering the convening and conduct of meetings including the service of notices and documents; (t) Provision for winding up of the Scheme; and (u) Appointment, removal, remuneration and powers and duties of the auditor.6 MADE 28 FEBRUARY 1990

Endnotes Financial Supervision (International Collective Investment Schemes) Regulations 1990 Page 4 GC No.1990/0064 c ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015. 2 Title substituted by SD408/00. 3 Reg 1 amended by SD408/00. 4 Reg 2 amended by SD408/00. 5 Reg 3 heading amended by SD408/00. 6 Reg 3 amended by SD408/00.