Once accepted into the regime, a reporting fund must satisfy certain requirements (see ¶783-340 for a summary of these obligations). Where these requirements are not met, the result will be determined by the nature of the breach; broadly, where the breach is a minor breach the fund will continue to be a reporting fund; where the breach is a serious breach the fund will cease to be a reporting fund.

Minor breaches

A breach is a minor breach if it is not identified as being a serious breach by the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), Pt. 3, Ch. 10 (see under sub-heading Serious breaches below) and if its a breach (reg. 108):

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