 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| IoM To Change Fund Regulations |
by Jason Gorringe, Tax-News.com, London
Thursday, March 04, 2010
The Isle of Man Financial Supervision Commission (FSC) on March 1 launched a new consultation
on amendments to Authorised Collective Investment Schemes Regulations, which
have been drafted in order to maintain equivalence with the UK Financial Services
Authority’s (FSA's) requirements. Equivalence will allow the island to retain
its Designated Territory status, allowing the Isle of Man to market Authorised
Schemes to the UK public.
The consultation will be of particular interest to
managers, fiduciary custodians and trustees of authorised schemes and their
advisers.
While the FSC notes that amendments to the UK Authorised Schemes regime have tended
to be minimal in recent years, as a result of the European Union UCITS III regime the UK has materially
updated its regime for authorised type schemes. The Isle of Man FSC therefore
considers that a full review of the entire Authorised Schemes Regime is needed in order
to update the regime and to assist in preserving the existing business being undertaken in the jurisdiction.
In order to maintain equivalence, the Regulations have generally adopted most
of the UK FSA’s requirements but with amendments to take account of the
Island’s Collective Investment Schemes Act 2008. According to the consultation
document, of the latest revision, the noteworthy points are:
- As the existing UK requirements are significantly different from the
Commission’s current Regulations, there has been a major re-write of the
requirements and therefore the FSC has said that it has not been possible to
produce a “Road Map” of changes.
- Following informal consultation with existing market participants,
it would appear that the view of the industry is that, whilst welcoming any
initiative to enhance disclosure of key information to potential investors,
the UCITS Simplified Prospectus regime is viewed as being of limited success
in achieving its aim of improving investor disclosure. The Committee of European Securities Regulators and the EU Parliament
appear to have accepted this by proposing a new regime, the Key Information
Document, as part of the package of changes for UCITS IV although this
has not been finalised by them. It has therefore been decided to introduce an
optional simplified prospectus regime rather than require it in all cases.
- The UK FSA is considering whether to permit Authorised Schemes to be
structured as protected cell companies (PCCs). If such arrangements are permitted
in the UK, the Commission has said it would be keen to allow this. Therefore,
as part of the review, the opportunity has been taken to include reference to
PCCs to ensure that, if the UK does decide to extend its legislation, it will
be possible to maintain equivalence with them. The Commission will be liaising
with the FSA on developments in this area and should they not be progressed,
then all references will be removed.
Interested parties must respond to the Isle of Man's proposals by May 7, 2010.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
