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B5.715 Entry into reporting fund regime

The manager of an eligible offshore fund (ie one that is not a guaranteed return fund, see B5.702)¹ may apply for it to be treated as a reporting fund (an existing fund application)². For a list of current reporting funds, see Approved offshore reporting funds. An application can also be made in respect of a fund yet to be established (a future fund application)³ or a non-reporting fund which is an eligible fund and has never been a reporting fund, or which ceased to be a reporting fund after giving notice under regulation 116 (see B5.725)⁴. The application, which must be in English, must include the following⁵:

1. Ìý

   (1)ÌýÌýÌýÌý a statement of the first period of account for which it is proposed the regime should apply

2. Ìý

   (2)ÌýÌýÌýÌý an undertaking that no period of account will exceed 18 months

3. Ìý

   (3)ÌýÌýÌýÌý a statement of whether the accounts will be prepared in accordance with International Accounting Standards (IAS), or if not, which