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Offshore Regulator Extends Fund Management Permissions

Stephen Harris

17 April 2006

The Isle of Man Financial Supervision Commission has reviewed its policy regarding the activities that a fund administrator or fund manager can do on behalf of a foreign collective investment scheme. Under the revised policy, following consultation with the Fund Management Association, Isle of Man licence holders will be able to provide broader administration services to operators of foreign schemes. This extension only applies if the services are governed by an outsourcing contract, and the appropriate licence extension is obtained from the commission. Previously, outsourced services could only be provided in relation to one of the “core” activities of fund administration.