The latest Isle of Man fund regulations together with AIFMD and its impact on third country funds, were key topics discussed at the recent Isle of Man Funds Regulatory Update which was held at the Manx Museum lecture theatre on Friday 14 March 2014 and co-hosted by the Isle of Man Funds Association (IOMFA) and the Chartered Institute for Securities and Investment (CISI).
The seminar attracted over 100 delegates who were welcomed by Paul Kneen, CEO of Abacus Financial Services Group, current chairman of IOMFA and committee member of the CISI Isle of Man branch. Mr Kneen introduced Ian Morley, Isle of Man Funds Association’s London representative, who chaired the event.
Delegates were addressed by two keynote speakers – Claire Whitelegg, Deputy Director, Funds & Investment Services at the Isle of Man Financial Supervision Commission and Rosalyn Breedy, a Partner at Forsters LLP’s Corporate practice, who specialises in advising family offices, entrepreneurs, fund managers and trusts, and who has been recognised in the 2012 and 2013 Citywealth Leading Lawyers as a ‘Prominent Figure’.
Claire Whitelegg provided a regulatory update which considered the Isle of Man’s funds offering and provided information on recent and pending legislation and company law changes and updates. She also discussed the Financial Supervision Commission’s soon to be launched online funds database, a new online portal through which fund service providers will be able to submit statistical information with the aim of simplifying the current manual submission process. The new system will provide more useful reporting to support businesses as well being more cost effective to administer.
Rosalyn Breedy provided a presentation entitled ‘AIFMD and the Isle of Man – Time to Embrace the Opportunities’, in which she addressed the strategic objectives of the EU’s Alternative Investment Fund Management Directive, its issues and practical implications relating to its impact on Isle of Man funds operating in the EU arena. Mrs Breedy also outlined a number of key opportunities for the Island, highlighting the need for both the island as a funds jurisdiction, and its service providers, to look to embrace the regulatory changes and engage with them in a positive outlook for the future.
Commenting on the event, Mr Kneen said: “I would like to thank Ian, Claire and Rosalyn for their excellent presentations. The seminar was well attended by our respective members who were provided with a valuable update to the local funds regulatory challenges we must address moving forward, whilst also identifying key insights as to how we might maximise our prospects under the new AFIMD regime.”