Tynwald, the Isle of Man parliament, has approved the orders required to introduce the new Specialist and Qualifying funds and to update the Experienced Investor Fund regime. The orders will take effect on 1 November 2007. The changes follow on from the work of the Isle of Man Funds Review Group, which published a report that looked at the future opportunities for the island’s funds industry in March this year. Amongst its recommendations, the group advocated the introduction two new fund types, one targeted at the institutional funds market and another aimed at non-retail investors. There were also implications for existing Experienced Investor Funds. John Aspden, chief executive of the Financial Supervision Commission, said: “I am delighted that the successful partnership of industry, Treasury and the Commission has resulted in a new suite of funds appropriate to the modern marketplace for institutional and non-retail investors.” The commission has also consulted with the industry and will shortly be announcing some new licencing arrangements for managers and asset managers, to complement the new regime.