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CIS 10.1 Introduction

Application

CIS 10.1.1R

This section applies to authorised fund managers, depositaries, directors of an ICVC and auditors.

Application : guidance

CIS 10.1.2G

The persons to whom each rule and guidance in this chapter applies are stated either at the beginning of the rule or guidance or at the beginning of the section that contains the rule or guidance.

Purpose

CIS 10.1.3G

In line with Principle 7 (Communication with clients), this chapter requires directors of ICVCs and managers of AUTs to prepare annual and half-yearly reports to holders and prospective holders, containing up-to-date and good quality information on the progress of the authorised fund's investments, their costs, expenses and other related financial information.

Contents of this chapter

CIS 10.1.4G
  1. (1)

    This chapter covers the contents of reports on authorised funds, including the annual reports of the depositary and of the auditor, and builds upon the requirements in CIS 9 (Income), which provides how the annual accounting periods and half-yearly accounting periods are to be determined.

  2. (2)

    This chapter requires the accounts contained in the annual and half-yearly reports to comply with the IMA SORP.2

  3. (3)

    Finally, this chapter permits, in specified circumstances, the accounts contained in an annual or half-yearly report to be in a short form. However, this does not discharge the directors of an ICVC or the manager from preparing reports with full accounts.