Investment Services Licence Categories
This page only applies to businesses licensed PRE-1.8.08 to provide services to collective investment schemes.
BUSINESSES WHICH BECOME A LICENCEHOLDER OR COMMENCE A REGULATED ACTIVITY AFTER 1ST AUGUST 2008 SHOULD REFER TO THE POST-1.8.08 HANDBOOK
| Class and Category of Licence | Regulated Activities
(Carried on in or from the Isle of Man, by way of business)
|
|---|
| Investment Business –
Category 1 Group (a) | Financial adviser acting in either a tied or independent capacity –
- who deals in limited range of investments (i.e. unit trusts, life and pensions products); and
- who is not permitted to control clients' money or assets
|
| Investment Business –
Category 2 Group (a) | Financial adviser acting in either a tied or independent capacity –
- who arranges deals in any investment instrument but does not receive or control clients' money; or
- who arranges deals in a limited range of products (as in Category 1) but is permitted to control clients' money; or
- who acts as investment adviser to occupational pension schemes and/or collective investment schemes.
|
| Investment Business –
Category 2 Group (b)
| - “managed managers” who are managers of international collective investment schemes (apart from experienced and professional investor funds (EIFs and PIFs)), where manager is administered by a third party fund administrator (Category 4 Licenceholder).
|
| Investment Business –
Category 3 Group (a) | - Portfolio managers who are permitted to control clients' money and assets on a discretionary basis;
- Managers of international collective investment schemes (apart from EIFs and PIFs), not administered by a third party fund administrator;
- Managers of more than one “exempt international collective investment scheme” (see Financial Supervision Act 1988, s.11(7)).
|
| Investment Business –
Category 3 Group (b)
| - Managers or fund administrators of PIFs and / or EIFs;
- Investment manager with discretionary powers of investment re collective investment schemes or occupational pension schemes, established in the Isle of Man or in another jurisdiction;
- Managers of authorised collective investment schemes;
- Administrators of managed portfolio managers;
? Investment businesses, other than those included in Categories 1, 2, 3(a), 4 and 5.
|
| Investment Business –
Category 4
| - Third party fund administrators who provide administrative services to managers of authorised and/or international collective investment schemes including PIFs and EIFs (except as provided for in Categories 2 and 3 above).
- They may also directly administer PIFs and EIFs.
|
| Investment Business –
Category 5 Group (a) | - Isle of Man branch of firm of stockbrokers, which is authorised by the UK Financial Services Authority.
|
| Investment Business –
Category 5 (b) | - A firm of stockbrokers acting in the capacity of an agency broker, which is not authorised by the UK Financial Services Authority.
|
| Investment Business –
Category 5 Group (c)
| - A firm of stockbrokers, other than an agency broker, acting in the capacity of a broad scope firm and which is not authorised by the Financial Services Authority.
|
Note
The above table is intended to serve as a quick reference guide to the various class and categories of investment business licensees. Please refer to the General Licensing Policy for further details.
