Regulatory Alerts2017-04-07
Guidance on UK UCITS Outsourcing Functions to Isle of Man Functionaries
The Isle of Man Financial Services Authority issued this guidance to confirm that UK UCITS schemes may outsource functions to Isle of Man entities under the equivalent regulatory regime. It specifies that Isle of Man functionaries must hold relevant Class 3 regulatory permissions and notes the existing cooperation agreement between the IOMFSA and the FCA. The document clarifies that while UK managers and depositaries retain ultimate responsibility for outsourced activities, such delegation is permissible provided the functionary is competent and the arrangement allows for effective monitoring and supervision.
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