http://www.fma.org.im Isle of Man Fund Management Association Sat, 31 Jul 2010 13:32:38 +0000 en-us http://www.fma.org.im//news-detail.php?Bank-of-Ireland-Monthly-Bulletin---July-2010---Fiscal-Consolidation-in-the-UK.-109 Bank of Ireland Global Markets brings you the latest economic research and analysis in The Bulletin for July 2010. Fri, 16 Jul 2010 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Bank-of-Ireland-Monthly-Bulletin---July-2010---Fiscal-Consolidation-in-the-UK.-109 http://www.fma.org.im//news-detail.php?IFG-expands-specialist-fund-administration-team-112 IFG Fund Administration has strengthened its team which targets the alternative investment industry, as it seeks to grow its business. Tue, 20 Apr 2010 00:00:00 +0000 http://www.fma.org.im/news-detail.php?IFG-expands-specialist-fund-administration-team-112 http://www.fma.org.im//news-detail.php?Hedge-Funds---Directors-Officers-Insurance-111 No matter how well run your hedge firm is, you are exposed to serious liability risks given the volatile market conditions at present, shareholder concerns regarding corporate governance, and due diligence current FSA/SEC regulatory pressures. Thu, 18 Mar 2010 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Hedge-Funds---Directors-Officers-Insurance-111 http://www.fma.org.im//news-detail.php?DTI-supports-Company-Direction-Programme-at-IBS-110 DTI supports development of local senior managers Institute of Directors – Company Direction Programme provided at International Business School Tue, 22 Dec 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?DTI-supports-Company-Direction-Programme-at-IBS-110 http://www.fma.org.im//news-detail.php?AIFM-Directive---Swedish-Compromise-proposal-105 Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC
and 2009/…/EC Mon, 16 Nov 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?AIFM-Directive---Swedish-Compromise-proposal-105 http://www.fma.org.im//news-detail.php?Note-to-US-Investors-107 A Proposed legislative Bill was recently released jointly by the US House Ways and Means Committee and the Senate Finance Committee, which, if enacted, will affect all payments made on or after 1 January 2011 to certain investors in US securities. As such, potentially affected parties should consider their options and take appropriate action before that date. We understand that there is a high likelihood of the Bill becoming law early in 2010. Thu, 05 Nov 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Note-to-US-Investors-107 http://www.fma.org.im//news-detail.php?FMAIOM-welcomes-Michael-Foot-s-review-of-Crown-Dependencies-104 The FMAIOM welcomes the publication of Michael Foot’s review of Crown Dependencies and Overseas Territories.

The review gives a clear endorsement of the Isle of Man’s status as a well regulated and cooperative jurisdiction within the International arena. In this respect, the review merely reinforces the recent IMF report findings; however, more importantly, the review also gives a detailed and independent overview of the economic flows between the Crown Dependencies and Overseas Territories and the United Kingdom and the fiscal position of the Crown Dependencies and Overseas Territories. Mon, 02 Nov 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?FMAIOM-welcomes-Michael-Foot-s-review-of-Crown-Dependencies-104 http://www.fma.org.im//news-detail.php?IOMFMA-AGM-106 This year’s Annual General Meeting of the Isle of Man Fund Management Association will be held at 12 noon on Friday 11th December at the Hilton Hotel and the timings are as follows:

12.00 – 12.40 AGM
12.40 – 12.55 ICAEW presentation
1.00 – 2.00 Lunch Mon, 02 Nov 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?IOMFMA-AGM-106 http://www.fma.org.im//news-detail.php?Ethical-Governance-in-a-Changing-World-101 The Isle of Man Insurance & Financial Services Institute and the Securities & Investment Institute welcome you to our CPD seminar to debate:
‘Ethical Governance in a Changing World’

Claremont Hotel, Douglas - 10am until 1pm
(9.30am tea/coffee - morning pastries will be available on arrival)


Fri, 30 Oct 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Ethical-Governance-in-a-Changing-World-101 http://www.fma.org.im//news-detail.php?Update-to-AML-CFT-Handbook-102 The Commission wishes to draw to your attention amendments to the Anti-Money Laundering and Countering the Financing of Terrorism Handbook (“AML/CFT”). Fri, 30 Oct 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Update-to-AML-CFT-Handbook-102 http://www.fma.org.im//news-detail.php?Limited-Partnerships---Optional-Separate-Legal-Personality-FSC-Press-Release-98 The Financial Supervision Commission (“FSC”) is seeking views on whether to create a provision that would permit a limited partnership, formed under the Partnership Act 1909, to exercise an election to adopt legal personality that is separate and distinct from that of its partners. Fri, 23 Oct 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Limited-Partnerships---Optional-Separate-Legal-Personality-FSC-Press-Release-98 http://www.fma.org.im//news-detail.php?Review-of-Collective-Investment-Schemes-Legislation-97 The Financial Supervision Commission (“the Commission”) is pleased to announce that it is consulting on proposed amendments to the regulatory framework for –

Full International Schemes;
Specialist Funds;
Qualifying Funds; and
Experienced Investor Funds. Thu, 22 Oct 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Review-of-Collective-Investment-Schemes-Legislation-97 http://www.fma.org.im//news-detail.php?An-AAA-rated-fund-in-an-AAA-rated-jurisdiction...-95 A glowing endorsement for Thomas Miller's Flagship fund and the Isle of Man as a global financial centre. Mon, 24 Aug 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?An-AAA-rated-fund-in-an-AAA-rated-jurisdiction...-95 http://www.fma.org.im//news-detail.php?Proposed-amendments-to-the-Financial-Services-Rule-Book-2008-92 The Financial Supervision Commission has today issued a consultation on proposed amendments to the Financial Services Rule Book 2008, Regulated Activities Order 2008 and Financial Services (Exemptions) Regulations 2008. Mon, 13 Jul 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Proposed-amendments-to-the-Financial-Services-Rule-Book-2008-92 http://www.fma.org.im//news-detail.php?Update-on-FBAR-Filing-Requirements-and-Extension-of-FBAR-Filing-Deadline-Granted-88 IRS representatives have informally indicated that investments in certain types of offshore hedge funds may constitute foreign financial accounts for which a U.S. investor must file a U.S. Treasury Department Form TD F90-22.1, or Report of Foreign Bank and Financial Account (an “FBAR”). The IRS has not yet provided any formal written guidance regarding this issue. Mon, 29 Jun 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Update-on-FBAR-Filing-Requirements-and-Extension-of-FBAR-Filing-Deadline-Granted-88 http://www.fma.org.im//news-detail.php?Isle-of-Man-Treasury-Minister-announces-major-tax-policy-move-at-OECD-Forum-in-Paris-86 The announcement of a move to automatic exchange of information under the EU Savings Directive keeps the Isle of Man at the forefront of tax co-operation

The Isle of Man Treasury Minister, Allan Bell, MHK, will speak today (24 June 2009) at the prestigious international 10th Organisation for Economic Co-operation and Development (OECD) Forum in Paris, “The Crisis and Beyond”. Mr Bell has also attended a private dinner on the evening of Monday 22 June 2009 hosted by the OECD Secretary-General, Angel Gurría.
Wed, 24 Jun 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Isle-of-Man-Treasury-Minister-announces-major-tax-policy-move-at-OECD-Forum-in-Paris-86 http://www.fma.org.im//news-detail.php?Ministers-Bell-s-Introductory-remarks-at-OECD-Forum-2009-87 Promoting Market Integrity

Introductory remarks of Allan Bell, MHK
Treasury Minister of the Isle of Man Wed, 24 Jun 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Ministers-Bell-s-Introductory-remarks-at-OECD-Forum-2009-87 http://www.fma.org.im//news-detail.php?Charity-thanks-IoMFMA-for-support-82 Women's Aid, the charity which runs the Isle of Man Women's refuge, has thanked the IoMFMA for a recent donation. Tue, 16 Jun 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Charity-thanks-IoMFMA-for-support-82 http://www.fma.org.im//news-detail.php?Dickinson-Cruickshank-to-merge-with-Global-Offshore-Law-Firm-Appleby-84 Dickinson Cruickshank is delighted to announce the exciting news that they are to merge with leading global offshore law firm Appleby. The firm will continue to be known as Dickinson Cruickshank until 1st October 2009. Thereafter the firm will be known as Appleby when the merger takes place. Mon, 15 Jun 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Dickinson-Cruickshank-to-merge-with-Global-Offshore-Law-Firm-Appleby-84 http://www.fma.org.im//news-detail.php?New-Liquidity-Fund-site-launch-for-Thomas-Miller-Investment-73 In 2006 Thomas Miller Investment took the decision to launch a Liquidity Fund to meet the demand that we felt existed within the market place. Tue, 19 May 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?New-Liquidity-Fund-site-launch-for-Thomas-Miller-Investment-73 http://www.fma.org.im//news-detail.php?Thomas-Miller-announce-New-Private-Wealth-Service-64 It's certainly refreshing in these challenging times to find a business that's upbeat about its prospects and excited about the potential it sees for its clients in the months ahead. That's exactly the situation with Thomas Miller Investments (TMI) which has seen its private client business grow significantly with the acquisition of the business of Singer & Friedlander Investment Management (IOM) Ltd. Mon, 11 May 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Thomas-Miller-announce-New-Private-Wealth-Service-64 http://www.fma.org.im//news-detail.php?Current-Market-Conditions-17 It is unfortunate news that HSBC is set to make redundancies, however, this is a business decision that reflects changes in HSBC's operations to suit the current market conditions and is not reflective of its confidence in the Island's economy. Thu, 09 Apr 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Current-Market-Conditions-17 http://www.fma.org.im//news-detail.php?Income-Tax-Division-News-Update-15 Practice Note: PN 156/09
Revision to the Assessor's Practice in Respect of Distributions from Company Reserves

Mon, 06 Apr 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Income-Tax-Division-News-Update-15 http://www.fma.org.im//news-detail.php?Isle-of-Man-recognised-on-OECD-tax-white-list-14 THE Isle of Man Government has welcomed the Island’s inclusion on the OECD ‘white list’ of countries complying with the global standard for tax co-operation and exchange of information. Fri, 03 Apr 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Isle-of-Man-recognised-on-OECD-tax-white-list-14 http://www.fma.org.im//news-detail.php?Substance-Requirements-for-Subsidiary-Companies-Operating-from-Overseas-Locations-13 Substance - the Issue Wed, 01 Apr 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Substance-Requirements-for-Subsidiary-Companies-Operating-from-Overseas-Locations-13 http://www.fma.org.im//news-detail.php?New-Appointment-At-Thomas-Miller-12 Andrew Tattersall has been appointed as a Portfolio Manager at Thomas Miller Investment (Isle of Man) Limited (TMI)
Fri, 20 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?New-Appointment-At-Thomas-Miller-12 http://www.fma.org.im//news-detail.php?Fed-s-Plan-to-Buy-Treasuries-Hits-Dollar-10 Daily Market News - Currencies Thu, 19 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Fed-s-Plan-to-Buy-Treasuries-Hits-Dollar-10 http://www.fma.org.im//news-detail.php?Collins-Stewart-Wealth-Management-grows-stronger-11 Collins Stewart Wealth Management has appointed Richard Stanley, former Managing Director at Singer & Friedlander Investment Management (IOM) in a newly created role as Investment Director in its Douglas office. Thu, 19 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Collins-Stewart-Wealth-Management-grows-stronger-11 http://www.fma.org.im//news-detail.php?New-Year-brings-new-opportunities-as-Collins-Stewart-appointed-manager-5 The Premier Group (Isle of Man) Ltd (“Premier”) have appointed top fund manager Collins Stewart Wealth Management (“Collins Stewart”) to take over the investment management of the Private Client Sub-Funds (the “Sub-Funds”) which are well positioned for clients looking to take advantage of recovering markets post credit crunch. Thu, 12 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?New-Year-brings-new-opportunities-as-Collins-Stewart-appointed-manager-5 http://www.fma.org.im//news-detail.php?Recycling-Fund-reaches-target-first-close-of-10-million-2 The New Earth Solutions Recycling Facilities Investment Sub-Fund ("the Fund") has announced it has raised £10 million since its launch in July last year. Wed, 11 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Recycling-Fund-reaches-target-first-close-of-10-million-2 http://www.fma.org.im//news-detail.php?New-hotel-nearing-completion-3 Future Inns Hotels have recently announced the “topping out” of their new hotel situated in the centre of Bristol within the multi-million pound Cabot Circus development.

Wed, 11 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?New-hotel-nearing-completion-3 http://www.fma.org.im//news-detail.php?Premier-announce-new-licence-4 The Premier Group (Isle of Man) Ltd ("Premier") is pleased to announce that it has been successful in its application for an Isle of Man "Promoter" licence. Wed, 11 Mar 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Premier-announce-new-licence-4 http://www.fma.org.im//news-detail.php?Changes-to-UK-Taxation-of-Non-Domiciled-UK-Residents-NDRs-9 This note is intended for individuals who are currently UK resident but not UK domiciled (NDRs). It highlights issues that NDRs should be considering before the end of the current tax year, i.e. before 6 April 2009. The note does not extend to issues affecting trustees of offshore trusts, but as discussed in the last two sections of this Bulletin, NDRs who are settlors or beneficiaries of offshore trusts should consider the interaction of the new rules affecting such trusts with the choices that they make as individuals. Thu, 26 Feb 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Changes-to-UK-Taxation-of-Non-Domiciled-UK-Residents-NDRs-9 http://www.fma.org.im//news-detail.php?A-new-Cayman-Islands-insolvency-regime-6 A suite of new Cayman Islands legislation comes into effect on 1 March 2009, providing a comprehensive and modern insolvency regime for the jurisdiction. For the first time, the Cayman Islands will have its own set of detailed rules and procedures governing insolvency practice in the form of the new Companies Winding Up Rules 2008, which aim to clarify what has previously been considered a difficult area of law. The already well recognised concept of judicial co-operation in cross-border insolvency cases is effectively codified, ensuring international protocols are considered by the Courts of the Cayman Islands. Thu, 12 Feb 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?A-new-Cayman-Islands-insolvency-regime-6 http://www.fma.org.im//news-detail.php?BVI-company-reserve-directors-8 We explain how the sole director/shareholder of a BVI company can provide for the smooth transition of the administration of the company upon his death. Tue, 20 Jan 2009 00:00:00 +0000 http://www.fma.org.im/news-detail.php?BVI-company-reserve-directors-8 http://www.fma.org.im//news-detail.php?Cayman-Islands-Court-of-Appeal-Decision-7 In the Cayman Islands, a shareholder becomes a creditor of a fund company only at the date of the completion of the process of redemption of the shareholder’s shares. The redemption process itself is not at an end until the shareholder’s name is removed from the share register of the company. After the date on which redemptions are processed (“redemption date”), a shareholder continues to be a shareholder of the fund company, and therefore bound by the company’s Articles, until they are removed from the share register. There is not yet any statutory protection for minority shareholders in the Cayman Islands, as there is in other jurisdictions. In the absence of such protection, it is unlikely to be an abuse of the Court’s processes for an aggrieved minority shareholder to seek relief by petitioning to wind-up a company on just and equitable grounds.
Wed, 24 Dec 2008 00:00:00 +0000 http://www.fma.org.im/news-detail.php?Cayman-Islands-Court-of-Appeal-Decision-7