Regulatory Alerts2020-01-09
Annual Report and Audited Financial Statements (“the Accounts”)
The Isle of Man Financial Services Authority issues this guidance to enforce the timely production and distribution of audited annual accounts for all regulated collective investment schemes. Licensed managers or administrators must notify the Authority within ten working days of any delay, providing reasons, a distribution timetable, auditor concurrence, and shareholder communications, with mandatory follow-up reports required every three months until issuance. Non-compliance triggers breach letters, potential regulatory directions to issue accounts immediately, and fitness and propriety assessments, while locally administered overseas funds must similarly maintain monitoring processes to meet legal and offering document requirements.
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