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

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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.