IFM12732 | Offshore Funds: Reporting Funds: breaches of reporting fund conditions: consequences of breaches: minor breaches

Regulation 109 of SI 2009/3001

A reporting fund that is in minor breach of the regulations will continue to be treated as a reporting fund, unless there are minor breaches on four separate occasions in a period of ten years beginning with the first day of the period of account in which the first breach occurs, in which event the fourth breach will be a serious breach (see IFM12734).

Note though that if a single event results in more than one minor breach within a single period of account then only one minor breach is treated as arising in that period of account.