Section 116
of Securities Markets Regulations, 2015
Section 116
(2)
The operator must file with the Authority -
{a} an annual report within 3 months after the .end of each annual accounting period; and
{b) an interim report within 2 months after the end of each interim accounting period.
(3)
For the purposes of sub-regulation (2), the first annual accounting period of a collective investment scheme begins -
{a}
in the case of a public collective investment scheme,· on the date of registration by the Authority; or
{b)
in the case of a private collective investment scheme, on the date of notification to the Authority, and ends 12 months later. Thereafter, the annual accounting period covers the period between each subsequent financial year-end.
(4)
Notwithstanding the requirement in sub-regulation (2), an operator may, subject to the prior approval o.f the Authority, produce the collective investment scheme's reports and accounts in accordance with the operator's accounting periods.
(5)
For the purposes of sub-regulation (2). an interim accounting period is the period covering
{a}
6 months after the date on which the collective investment scheme was licensed by the Authority or in the case of a private collective 254
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2015
investment scheme, the date on which the collective investment scheme notified to the Authority; and
{b)
6 months after the anniversary of each annual accounting period.
(6)
If a collective investment scheme intends to change its annual or interim accounting period, the operator must -
{a}
obtain written confirmation from its auditor that the change of its annual accounting period would not result in any significant distortion of the financial position of the collective investment scheme; and
(b)
obtain prior approval of the Authority before implementing the change.
(7)
For a collective investment scheme that is an umbrella collective investment scheme, the operator must prepare an interim report for each sub-collective investment scheme, but this is not necessary for the umbrella collective investment scheme as a whole.
(8)
The operator must prepare the annual report and the interim report of the collective investment scheme in accordance with the accounting standards in these Regulations.
(9!
The reports must
{a}
be supplied free of charge to unit holders;
{b)
be available in the English language;
(c)
be sent to the Authority; and
{d)
if the collective investment scheme is a public collective investment scheme, be available for inspection free of charge during normal office hours at a specified place.
(10)
The operator must take reasonable steps to ensure that the annual report and the interim report for a collective investment scheme or the sub-collective investment scheme of an umbrella collective investment scheme are clear, complete and true, and contain for the relevant period -
255
(a)
the name of the collective investment scheme or sub-collective investment scheme, its stated investment objectives, the policy of achieving those objectives and a brief assessment of its risk profile;
(b}
a review of the collective investment scheme's or sub-collective investment scheme's investment activities and investment performance during the period;
(c}
sufficient information to enable unit holders to form a view on where the portfolio is invested at the end of the period and the extent to which that has changed over the period; and
(d}
any other significant information which would reasonably enable unit holders to make an informed judgment on the activities of the collective investment scheme or sub-collective investment scheme during the period and the results of those activities at the end of the accounting period.
Annual report requirement.