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F.S.C

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Funds

The Financial Supervision Act 1988 ("FSA”), sets out the statutory framework for the regulation of Collective Investment Schemes (“schemes” or “funds”), more commonly known as unit trusts, mutual funds or open-ended investment companies. The FSA sets out 3 classes of scheme:-

Authorised Schemes

Any scheme established in the Island which is promoted to the general public in the Island (or the UK by virtue of the Island's designated territory status) must be authorised by the Commission under Section 3 of the FSA. Authorised Schemes are subject to detailed regulation concerning their structure and operation.

International Schemes

Any scheme established in or operated from the Isle of Man which is not an Authorised Scheme is an International Scheme under Section 11 of the FSA. International Schemes may not be promoted to the general public in the Isle of Man.

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