Isle of Man:
Extension Of Isle Of Man Economic Substance Rules
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The Isle of Man Government has today (15 December) approved an
extension of the economic substance rules to include
"self-managed schemes".
Among other things, this will include all corporate collective
investment schemes that are structured as "exempt
schemes" and that have not appointed an external fund
manager.
Affected funds do not have long to prepare: They will be
required to comply with the substance rules for all accounting
periods commencing after 16 December 2020, so those with
a 31 December year-end will have to be substance-compliant by 1
January 2021.
With as little as two weeks to prepare, CSPs and fund
administrators should urgently consider whether this change will
affect any of their client entities.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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