make an annual report available to investors for each financial year;
provide the annual report to investors on request; and
[Note: article 22(1) first paragraph and article 24(3)(a) of AIFMD]
Where the AIF is required to make an annual financial report public under DTR 4.1.3 R (Publication of annual financial reports) or an equivalent provision in the country where the AIF is established5, only information referred to in FUND 3.3.5 R that is additional to the annual financial report needs to be provided to investors on request, either separately or as an additional part of the annual financial report.
Where additional information in (1) is provided as an addition to the annual financial report, that report must be made public no later than four months following the end of the financial year, under DTR 4.1.3 R (Publication of annual financial reports) or an equivalent provision in the country where the AIF is established5.
[Note: second paragraph, article 22(1) of AIFMD]
The annual report must contain:
a balance sheet or a statement of assets and liabilities;
an income and expenditure account for the financial year;
a report on the activities of the financial year;
any material changes in the information required to be made available to investors under FUND 3.2.2 R (Prior disclosure of information to investors) during the financial year covered by the report;
[Note: article 22(2) of AIFMD]
The accounting information given in the annual report must be:
prepared in accordance with the accounting standards of the UK5 (or, for a non-UK AIF5, the accounting standards of the third country where it is established) and with the accounting rules set out in the AIF's instrument constituting the fund; and
audited by one or more persons empowered by law to audit accounts under the Companies Act 2006 (or for a non-UK AIF5, under international auditing standards in force in the country where the non-UK AIF5 is established).
[Note: article 22(3) of AIFMD]
The auditor's report, including any qualifications, must be reproduced in full in the annual report.
[Note: second paragraph article 22(3) of AIFMD]
A full-scope UK AIFM of an AIF that has not used securities financing transactions or total return swaps during the relevant period is not required to include the information in COLL 4.5.8ACEU in the AIF’s annual report.
Articles 103 to 107 of the AIFMD level 2 regulation provide detailed rules supplementing this section.