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| IOM Clears Fund Sales From Luxembourg And Ireland |
by Robert Lee, Tax-News.com, London
Wednesday, April 06, 2011
The Isle of Man Financial Supervision Commission has announced that it will progress
Regulations in respect of funds domiciled in Luxembourg and Ireland, having deemed their regulations
in relation to UCITS funds to be equivalent to the Isle of Man's.
This means that instead of these Luxembourg and Irish schemes requiring separate
approval as IOM Recognised Schemes, they will be recognized by virtue of their
type and jurisdiction and will not need to go through the individual scheme
review process. Such schemes will need to notify the Commission and meet applicable
requirements.
In respect of Ireland, the new Regulation, the Collective Investment Schemes
(Recognised Schemes) (Ireland) Order 2011 will apply to collective investment
schemes authorized as UCITS by the Central Bank of Ireland, which appear on
the Irish UCITs register. Likewise, in the case of Luxembourg, the Collective
Investment Schemes (Recognised Schemes) (Luxembourg) Order 2011 will apply to
collective investment schemes authorized as UCITS by the Commission de Surveillance
du Secteur Financier (CSSF).
The new regulations aim to reduce barriers to
entry for Luxembourg and Irish retail funds that wish to be able to sell directly
to the Manx population.
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