As of the first of November 2017, Isle of Man law allows for the establishment of a person to act as exempt manager, exempt asset manager or exempt investment adviser to or more Isle of Man specialist funds without having to be regulated by the Isle of Man Financial Services Authority (IOMFSA). This briefing below has been created to help you understand the potential opportunities arising from this new exemption.
These changes may primarily affect start-up fund managers, family offices and multi-family offices. However, they may also be relevant to “onshore” fund managers who are looking to establish parallel operations outside of the European Union.
This briefing focusses on the structuring of specialist funds which are only suitable for specialist investors and require a minimum initial investment of at least US$100,000. Acting as manager, asset manager or investment advisor to a specialist fund is typically a regulated activity in the Isle of Man and is licensed by the Isle of Man Financial Services Authority. However, Isle of Man law now allows for the establishment of a person to act as exempt manager, exempt asset manager and/or exempt investment adviser without having to be regulated by the IOMFSA.