Key Features of a Full International Collective Investment Scheme

GUIDANCE NOTE - High level1 Key Features of a Full International Collective Investment Scheme January 2017 Note: No new Full International Schemes can be created. The equivalent fund type is a Regulated Fund General Matters

1. Name Full International Collective Investment Scheme
2. Domicile Isle of Man or Overseas
3. New Funds Allowed Yes
4. Minimum Investment N/A
5. Entrant Criteria None specified
6. Fees Manager pays application and annual fee based on number of sub-funds
7. Investment and Borrowing Restrictions Yes – per regulations and guidance Functionaries
8. Manager IOM licenceholder
9. Investment Advice/Asset Management Manager responsible for ensuring appropriate
10. Fiduciary Custodian/Trustee The trustee or fiduciary custodian must be – a) an authorised person whose licence allows it to act as a trustee or fiduciary custodian; or b) a body corporate that - i) is incorporated in a jurisdiction with which the IOMFSA has a co-operation agreement that includes provisions in relation to collective investment schemes; ii) is authorised to act as a trustee or fiduciary custodian for such collective investment schemes in its jurisdiction of incorporation.
11. Promoter No specific requirements
12. Acceptable Financial Adviser for certain Sales No specific requirement
13. Auditor Yes Responsibilities of the Manager
14. Determining whether the fund is and continues to be managed and operated in accordance with the fund’s constitutional documents Yes

1 It should be noted that this document is a high level summary only. The specific legislation should be referred to in all cases.

Isle of Man Financial Services Authority Jan 2017 Page 2 of 2 15. Notify IOMFSA if aware a member of the governing body or the qualifying auditor is removed from such office, resigns or is not reappointed IOMFSA would view as a material change 16. Submit documentation to the IOMFSA on launch or alteration Yes 17. Quarterly statistical information to IOMFSA Yes 18. Notify IOMFSA if audited annual financial statements are late (with reasons, timetable for distribution, joint signature with auditor) Yes Responsibilities of the Fiduciary Custodian/Trustee 19. Determining whether the fund is and continues to be managed and operated in accordance with the fund’s constitutional documents Yes Offering Document 20. Required to include all material information relevant to an informed judgement about the merits of participating in the fund Yes 21. Prescribed information and risk warnings must be contained Yes Status of Guidance: The Isle of Man Financial Services Authority issues guidance for various purposes, including to illustrate best practice, to assist licenceholders to comply with legislation and to provide examples or illustrations. Guidance is, by its nature, not law, however it is persuasive. Where a person follows guidance this would tend to indicate compliance with the legislative provisions, and vice versa.