Home / CY AIFM Law of 2013 / PART IV – TRANSPARENCY REQUIREMENTS / Section 29 - Annual Report.

Annual Report.

29.-(1) An AIFM shall, for each of the EU AIFs it manages and for each of the AIFs it markets in the Union, make available an annual report for each financial year no later than six months following the end of the financial year. The annual report shall be provided to investors on request. An AIFM of the Republic shall make available the annual report to the Commission, and where applicable to the competent authorities of the home Member State of the AIF.

(2) Where the AIF is required to make public an annual financial report in accordance with the Transparency Requirements (Securities admitted to Trading on a Regulated Market) Law or in accordance with the national legislation of another Member State which harmonises the Directive 2004/109/EC, only such additional information referred to in subsection (3) of this section needs to be provided to investors on request, either separately, or as an additional part of the annual financial report. In the latter case the annual financial report shall be made public no later than four months following the end of the financial year.

(3) The annual report shall, at least, contain the following:

(a) a balance sheet or a statement of assets and liabilities of the AIF;

(b) and income and expenditure account of the AIF for the financial year;

(c) a report on the activities of the AIF of the financial year;

(d) any material changes in the information listed in section 30 during the financial year covered by the report;

(e) the total amount of remuneration for the financial year, split into fixed and variable remuneration, paid by the AIFM to its staff, and number of beneficiaries, and where relevant, carried interest paid by the AIF;

(f) the aggregate amount of remuneration broken down by senior management and members of staff of the AIFM whose actions have a material impact on the risk profile of the AIF.

(4) The accounting information given in the annual report -

(a) shall be prepared in accordance with the accounting standards of the home Member State of the AIF, or in accordance with the accounting standards of the third country where the AIF is established and with the accounting rules laid down in the AIF rules or instruments of incorporation; and

(b) shall be audited by an auditor and the auditor’s report, shall be reproduced in full in the annual report.

(5) By way of derogation of paragraph (b) of subsection (4), the AIFM marketing non-EU AIFs to subject the annual reports of those AIFs to an audit meeting international auditing standards in force in the country where the AIF has its registered office.