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CIS 10.5 Publication and availability of annual and half-yearly reports

Application

CIS 10.5.1R
  1. (1)

    CIS 10.5.2 R (1), (2), (4) - (6) and CIS 10.5.3 R - CIS 10.5.4 R apply to an authorised fund manager; and

  2. (2)

    CIS 10.5.2 R (3) applies to the directors of an ICVC (for an ICVC) or to the manager (for an AUT).

Publication of reports

CIS 10.5.2R
  1. (1)

    The authorised fund manager must, within four months after the end of each annual accounting period and within two months after the end of each half-yearly accounting period respectively, publish the annual report and half-yearly report in accordance with (2) and (4).

  2. (2)
    1. (a)

      The authorised fund manager must, subject to (2A) and (3) provide free of charge:2

      1. (i)

        a copy of each annual report and each half-yearly report to each holder (or to the first named of joint holders) entered in or entitled to be entered in the register at the close of business on the last day of the relevant accounting period or half-yearly accounting period; and

      2. (ii)

        a copy of the report to each holder of bearer units at his request.2

    2. (b)

      A report relating to an umbrella scheme to be provided under (a)(i) or (ii) need not contain an aggregation of the accounts relating to each sub-fund, but such information must be sent, free of charge, to any holder who requests it.

  3. (2)A
    1. (a)

      Notwithstanding (2), the authorised fund manager may comply with COLL 4.5.13 (Provision of short report) instead of (2), provided that any short report prepared by the authorised fund manager for this purpose;

      1. (i)

        meets the requirements of COLL 4.5.3 (1) and (2) (Preparation of long and short reports); and

      2. (ii)

        contains the information required by COLL 4.5.5 (Contents of a short report).

    2. (b)

      In preparing a short report for the purposes of (1), the authorised fund manager should construe references to a long report in COLL 4.5.5 (1)(f) and (5) and in COLL 4.5.13 (3) as the annual report referred to in CIS 10.3.3 R (Annual reports) or, as the case may be, the half-yearly report in CIS 10.3.4 R (Half-yearly reports).

  4. (3)

    For an umbrella scheme, if the directors of the ICVC or manager so determine for any accounting period, the reports provided to holders in accordance with (2) may be the reports complying with CIS 10.3.3 R (3) or CIS 10.3.4 R (3) (as the case may be) relating to the respective sub-fund to which their unitholdings relate. However, if requested to do so by any holder in respect of any particular accounting period, the authorised fund manager must provide to that holder (or, for joint holders, the first named), a report complying with CIS 10.3.3 R (2) or CIS 10.3.4 R (2) (as the case may be).

  5. (4)

    The authorised fund manager must make available the most recent annual report (and, if more recent, the most recent half-yearly report) on the authorised fund in English prepared under CIS 10.3.3 R (Annual reports) and CIS 10.3.4 R (Half-yearly reports) for inspection by the public free of charge during ordinary office hours at a place specified for the purpose in the most recently published prospectus.

  6. (5)

    The authorised fund manager must also make the reports referred to in (4) available for the same purpose at a place designated by it in each EEA State other than the United Kingdom in which it markets units in the authorised fund, in English and in at least one of that other EEA State's official languages.

  7. (6)

    The authorised fund manager must provide a copy of each annual report and half-yearly report, any report sent or supplied in accordance with (3) and any report containing short form accounts on publication to the FSA.

CIS 10.5.2AG

COLL 4.5.6 G which provides guidance on sufficient and significant information which should be contained in short reports, applies in relation to short reports prepared for the purposes of CIS 10.5.2 R(2A). References in that guidance to a fundamental change should be regarded as a change requiring Unitholder approval by meeting during the period. Similarly, references to a significant change should be regarded as a change in respect of which prior written notice of the change should be given to Unitholders by the authorised fund manager.2

Reports to be made available

CIS 10.5.3R

A copy of the most recent annual report of the authorised fund and (if more recent) the most recent half-yearly report on the authorised fund must be sent to any person, free of charge, on request.1

Publication of availability of reports and prospectus

CIS 10.5.4R
  1. (1)

    The authorised fund manager must, with every publication of prices in a UK newspaper under CIS 4.4.8 R (Publications of prices) or CIS 15.4.14 R (Publications of prices), publish a statement that a copy of the most recent annual report or half-yearly report and prospectus is available free of charge to anyone who requests the ICVC or the authorised fund manager for it.

  2. (2)

    It will be sufficient compliance with (1) if one of the pages in which the authorised fund manager publishes prices in the newspaper carries the statement there required in relation to all, or any relevant category of, the collective investment schemes referred to in those pages.