Holding Restrictions - Investment Funds - Isle of Man
There is no statutory nominee concept under the laws of Isle of Man for investment funds. In the absence of any provisions of the constitutional documents of the Investment Fund, CBL as the nominee will be recognised as the legal and beneficial owner of the relevant interests in the investment fund. Beneficial interest of CBL’s customers may be recognised in practice depending on provisions of the constitutional documents governing the investment fund or AML requirements.
Customers are advised to consult with appropriate counsel before holding fund units/shares through CBL in Isle of Man. By holding such securities, CBL customers are deemed to be aware of any law, regulation, rules and policies applicable thereto.
Restrictions on customers
No general restrictions on customer residency for holdings held through CBL. However, certain funds may impose specific restrictions on investor domicile. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Restrictions on settlement
There is no general restriction on settlement on Isle of Man investment funds through CBL. However, certain funds may impose specific settlement/transfer restrictions. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
The information contained in the Holding Restrictions is based on the legal opinion obtained by CBL that was issued on 26 February 2021. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Holding Restrictions do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the holding restrictions and agree to indemnify and hold harmless, CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.