Draft Guidance Note - Governance of Collective Investment Schemes

Closed 14 Jul 2017

Opened 19 May 2017

Results Updated 3 Jan 2018

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Overview

The Authority has prepared a draft Guidance Note entitled ‘Governance of Collective Investment Schemes’ (‘Draft Guidance Note’), to assist members of governing bodies in performing their duties responsibly and within the laws of the Isle of Man. The Draft Guidance Note has been developed with reference to guidance issued by other jurisdictions and the Authority’s experience in supervising the Isle of Man’s funds sector. A copy of the Draft Guidance Note is attached to this Discussion Paper in Appendix B.

By way of example, IOSCO defines collective investment schemes governance as a “framework for the organisation and operation of a CIS that seeks to ensure that CIS are organised and operated efficiently and exclusively in the interest of their investors”. This illustrates that the govering body of a CIS therefore plays a key role in ensuring the interests of investors are upheld. The principles and recommendations detailed within the Draft Guidance Note are intended to promote strong and effective governance amongst those who act or intend to act as members of a governing body to CISs.

The Draft Guidance Note is neither exhaustive, nor prescriptive. It is the responsibility of the governing body to identify the most appropriate governance framework for the scheme.

Guidance is, by its nature, not law, however it is persuasive. Where a person follows guidance this would tend to indicate compliance with legislative provisions.

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Why We Are Consulting

This Discussion Paper invites relevant parties to consider and provide views on the Draft Guidance Note prior to its finalisation and formal issuance by the Authority.

Comments should be submitted to the Authority prior to the closing date of the discussion period.

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Tenants
  • Landlords
  • Employees
  • Older people
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  • Children & young people
  • Volunteers
  • Unemployed
  • Parents, carers and & guardians
  • People with disabilities or long term illness
  • Leaseholders/ landowners
  • Lesbian, gay, transgender & bisexual
  • Civil and public servants
  • Black & minority ethnic
  • Business owner
  • Road users
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  • Other non-resident - business interests

Interests

  • Policies, strategies & plans
  • Finance