Normal Submission Requirements reinstated for financial year ends ending on, or after, 30 June 2021

On 26 March 2021 the Authority issued a Press Release which set out extensions to certain requirements for submission of Audited Financial Statements, Audit Confirmations and Annual Regulatory (or Compliance) Returns for regulated entities and certain changes to quarterly financial resource returns.

These extensions were put in place in light of the COVID-19 restrictions in place in the Isle of Man at that time, and in recognition of practical issues that could cause delay in completion of audits for regulated entities whose normal deadline for submission is four months after the financial year end.  This was particularly relevant for regulated entities with financial year ends ending between 31 December 2020 and 31 March 2021.

Taking into account the current situation on the Isle of Man,  the Authority is reverting to the standard requirements for financial year ends ending on, or after, 30 June 2021. It is expected that the majority of regulated entities will be able meet these standard deadlines.

Where there are anticipated problems in meeting the standard submission deadlines regulated entities should approach their normal contacts at the Authority at an early stage to discuss the issue.