The Isle of Man Financial Services Authority issued on 17 August a financial services licence to Group Eleven Fund Services Limited under section 7 of the Financial Services Act 2008.
In a statement on 18 August, the regulator said the licence had immediate effect and covers:
Class 3 - services to collective investment schemes - sub classes (1), (2), (9), (10), (11) & (12):
Acting as manager under Class 3 - sub-class (1) of Experienced Investor Funds, Qualifying Funds, Specialist Funds and Overseas Funds.
acting as administrator under Class 3 - sub-class (2) of Experienced Investor Funds, Qualifying Funds, Specialist Funds and Overseas Funds.
Providing management and administration services under Class 3 - sub-class (9) to managers of Collective Investment Schemes that are exempt from licensing in accordance with paragraph 3.3 of the Financial Services (Exemptions) Regulations 2011.
Acting as a manager or administrator under Class 3 - sub-class (11) to collective investment schemes which are exempt schemes or exempt type schemes.
Class 4 - corporate services - sub-classes (1), (3), (5), (6), (7), (8), (10), (11) and (12) in respect of collective investment schemes as defined in the Collective Investment Schemes Act 2008 and subsidiaries and associated entities of such schemes, including the establishment and winding-up of such entities.
Class 4 - corporate services - sub-classes (1), (3), (5), (6), (7), (8) , (9) and (10) in respect of closed ended investment companies and subsidiaries and associated entities of such companies, including the establishment and winding-up of such entities.
