Extension of Isle of Man economic substance rules | Appleby Global | December 2020

The Isle of Man Government has 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.

Date: Wednesday 16 December 2020

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.

To read more please click here

Alternatively please contact Garry Manley via gmanley@applebyglobal.com