Regulatory Alerts2010-01-01
Collective Investment Schemes (Legacy Schemes) Regulations 2010
The Financial Supervision Commission issued these regulations under the Collective Investment Schemes Act 2008 to regulate legacy investment structures. The rules prohibit the establishment of new professional investor funds and international schemes effective from 1 May 2010. Additionally, the regulations update the prescribed jurisdictions list for international schemes to include Guernsey, Ireland, Jersey, Luxembourg, and the United Kingdom.
Collective Investment Schemes (Legacy Schemes) Regulations 2010 Regulation 1 c SD No.2010/0169 Page 1 Statutory Document No. 2010/0169 Collective Investment Schemes Ac c t 2008 COLLECTIVE INVESTMENT SCHEMES (LEGACY SCHEMES) REGULATIONS 20101 Approved by Tynwald: 20 April 2010 Coming into Operation: 1 May 2010 The Financial Supervision Commission, after consulting in accordance with section 24(13) of the Collective Investment Schemes Act 20081 , makes these Regulations under section 24(1) of that Act. 1 Title These Regulations are the Collective Investment Schemes (Legacy Schemes) Regulations 2010. 2 Commencement These Regulations come into operation on 1 May 2010. 3 Interpretation In these Regulations — “the Act” means the Collective Investment Schemes Act 2008; “international scheme” is a type of full international scheme under Schedule 2 paragraph 2 to the Act which is established under the Financial Supervision (International Collective Investment Schemes) Regulations l9902 ; “professional investor fund” is a type of other prescribed class of scheme under Schedule 2 paragraph 4 to the Act which a fund established under the Financial Supervision (Professional Investor Fund) Order 19993 ;
1 2008 c.7 2 GC 64/90 as amended by SD 408/00 3 SD 603/99 as amended by SD 81/03
Regulation 4 Collective Investment Schemes (Legacy Schemes) Regulations 2010 Page 2 SD No.2010/0169 c 4 Professional investor funds No new professional investor funds can be established from the date these Regulations come into operation. 5 International schemes (1) No new international schemes can be established from the date these Regulations come into operation. (2) Replace the list of jurisdictions in the Schedule to the Financial Supervision (Prescribed Countries and Territories) Regulations 19904 with — «(a) Guernsey; (b) Ireland; (c) Jersey; (c) Luxembourg; (e) United Kingdom.» MADE 15 MARCH 2010
4 GC 47/90
Collective Investment Schemes (Legacy Schemes) Regulations 2010 Endnotes c SD No.2010/0169 Page 3 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.