CIS 10.1 Introduction
Application
This section applies to authorised fund managers, depositaries, directors of an ICVC and auditors.
Application : guidance
Purpose
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
-
(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)
This chapter requires the accounts contained in the annual and half-yearly reports to comply with the IMA SORP.2
-
(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.