Section 3Part 4 — Supervision and Enforcement
Application
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Subject to subsections
and
, t his Act applies to a private fund that is carrying on business or attempting to carry on business in or from the Islands but does not apply to a regulated mutual fund or a regulated EU Connected Fund . ( 2 ) Part 3 shall not apply to a private fund until its receipt of capital contributions from investors for the purposes of investmen ts . ( 3 ) Where International Financial Reporting Standards or the generally accepted accounting principles of the United States of America, Japan, Switzerland or a non - high risk jurisdiction permit consolidated or combined financial account reporting and a private fund chooses to report consolidated or combined financial statements with an alternative investment vehicle, sections 13 , 16 , 17 , 18 and 19 shall not apply to such alternative investment vehicle.