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.

Please contact Garry Manley in our Isle of Man office with any questions.

Share
Twitter LinkedIn Email Save as PDF
More News
26 Oct 2021 | News

Recognition for Appleby Lawyers in the 2022 Chambers and Partners Guide

The Directory recognises 20 Appleby Lawyers from their Guernsey, Isle of Man and Jersey offices.

Contributors: Faye Moffett, James Gaudin
2 Sep 2021 | News

Three Appleby Lawyers shortlisted for Citywealth Lawyer of the Year awards

Appleby partners Garry Manley and Olwyn Barry have been shortlisted for the “IFC Lawyer of the yea...

Contributors: Olwyn Barry, Esmond Brown
19 Feb 2021 | News

Appleby partner Garry Manley named “Rising Star Lawyer” at IFLR Awards

Appleby partner Garry Manley has been named “Rising Star Lawyer for the Isle of Man” at the IFLR...

18 Feb 2021 | News

Appleby Trainees Called to Manx Bar

Jennifer Vernon-Browne and Kyle Mills have been formally called to the Manx Bar after completing the...

Contributors: Kyle Mills
13 Jan 2021 | News

Appleby opens applications for Isle of Man Legal Trainee Programme

Appleby Isle of Man is inviting applications for the firm’s legal trainee programme from individua...

10 Dec 2020 | News

Appleby Ranked Tier 1 in Chambers’ Inaugural Offshore FinTech Guide

Chambers and Partners has published its first-ever Offshore FinTech ranking, naming Appleby as a Tie...

7 Dec 2020 | News

Appleby instructed on Arcadia Group administrations, obtaining recognition of UK officeholders

Leading global offshore law firm Appleby have acted in Jersey, Guernsey and the Isle of Man for the ...

4 Dec 2020 | News

Partner Fiona Chan to speak at the Hong Kong virtual roadshow hosted by Finance Isle of Man

Fiona Chan, a partner in the corporate department of Appleby’s Hong Kong office will be speaking o...