• Annual and interim reports

    • FUNDS 16.4.1

      (1) In order to provide the Unitholders with relevant and up-to-date information about the performance and management of a Fund, a Fund Manager must, subject to (2), produce one interim report and one annual report in respect of each Fund it operates in accordance with these Rules.
      (2) The Fund Manager of a Qualified Investor Fund is not required to comply with the requirements in (1) relating to the production of an interim report for that Fund unless there has been a material change relating to the Fund during the relevant period.
      (3) For the purposes of (2), the relevant period in relation to a Qualified Investor Fund is the 6 month period referred to in Rule 16.4.2.

    • FUNDS 16.4.2

      (1) A Fund Manager must produce the required annual report and interim report as follows:
      (a) an annual report within six months after the end of each annual accounting period; and
      (b) an interim report within three months after the end of each interim accounting period.
      (2) For the purposes of (1), the first annual accounting period of a Fund begins:
      (a) in the case of a Public Fund, on the date of registration by the Regulator; or
      (b) in the case of an Exempt Fund or a Qualified Investor Fund, on the date of notification to the Regulator; and
      ends on the date stipulated as the annual accounting period end date in the prospectus. Thereafter, annual accounting periods cover the period between each subsequent financial year end.
      (3) Notwithstanding the requirement in (2), should a Fund’s first accounting period end within less than 6 months, the Fund Manager may notify the Regulator that it has chosen to extend the first accounting period to end on the subsequent accounting period end date, provided that the extended first accounting period is no longer than 18 months in duration.
      (4) For the purposes of (1), an interim accounting period is the period covering:
      (a) from the date that the first accounting period begins to the date 6 months prior to the end of the first accounting period; and
      (b) 6 months after each annual accounting period end date.
      (5) If a Fund intends to change its annual or interim accounting period, the Fund Manager 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 Fund; and
      (b) obtain the Regulator's prior consent before implementing the change.
      (6) For a Fund which is an Umbrella Fund, the Fund Manager must prepare reports for each Sub-Fund, but need not prepare reports for the Umbrella Fund as a whole, and the remainder of this Chapter 16 should be read accordingly.
      (7) The Fund Manager must prepare the annual and interim reports of the Fund in accordance with Rule 16.4.2.
      (8) The reports must:
      (a) be available free of charge to Unitholders;
      (b) be available in English,
      (c) be sent to the Regulator; and
      (d) if the Fund is a Public Fund, be available for inspection free of charge during ordinary office hours at a place specified.
      Amended on (3 February, 2020).

    • FUNDS 16.4.3

      The Fund Manager must take reasonable steps to ensure that the interim and annual reports for a Fund or the Sub-Funds of an Umbrella Fund are clear, complete and true and contain information for the relevant period and:

      (a) the name of the Fund or Sub-Fund, its stated investment objectives, the policy of achieving those objectives and a brief assessment of its risk profile;
      (b) a review of the Fund's or Sub-Fund's investment activities and investment performance during the period;
      (c) sufficient information to enable Unitholders 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 Unitholders to make an informed judgment on the activities of the Fund or Sub-Fund during the period and the results of those activities at the end of the reporting period.