PART III CORPORATE CODE

Reports

Reports: preparation66

1

The directors of an open-ended investment company must—

a

prepare a report (“annual report") for each annual accounting period of the company; and

b

subject to paragraph (2), prepare a report (“half-yearly report") for each half-yearly accounting period of the company.

2

Where a company’s first annual accounting period is a period of less than 12 months, a half-yearly report need not be prepared for any part of that period.

3

The directors of a company must lay copies of the annual report before the company in general meeting.

4

Nothing in this regulation or in regulation 67 prejudices the generality of regulation 6(1).

5

In this regulation any reference to annual and half-yearly accounting periods of a company is a reference to those periods as determined in relation to that company in accordance with FSA rules.

Reports: accounts67

1

The annual report of an open-ended investment company must, in respect of the annual accounting period to which it relates, contain accounts of the company.

2

The company’s auditors must make a report to the company’s shareholders in respect of the accounts of the company contained in its annual report.

3

A copy of the auditor’s report must form part of the company’s annual report.

Reports: voluntary revision68

1

If it appears to the directors of an open-ended investment company that any annual report of the company did not comply with the requirements of these Regulations or FSA rules, they may prepare a revised annual report.

2

Where copies of the previous report have been laid before the company in general meeting or delivered to the Authority, the revisions must be confined to—

a

the correction of anything in the previous report which did not comply with the requirements of these Regulations or FSA rules; and

b

the making of any necessary consequential alterations.

Auditors69

Schedule 5 to these Regulations makes provision with respect to the auditors of open-ended investment companies.