Regulatory Alerts2018-01-01
Mutual Fund and Hedge Fund (Substantial Activity Requirements) Regulations 2018
The Seychelles Minister of Finance, Trade, Investment and Economic Planning issued the 2018 Substantial Activity Requirements Regulations to mandate that licensed fund administrators conduct core income-generating administration and management activities within Seychelles. Compliance requires maintaining a reasonably adequate number of suitably qualified personnel and incurring sufficient operating expenditures, while permitting front-office functions to operate abroad provided middle- and back-office support remains local. Existing licensees must achieve compliance by July 2021, and failure to meet these substantial activity requirements triggers the loss of Business Tax Act concessions and exposes administrators to regulatory enforcement actions.