Summary
FUND 3.3 of the FCA Handbook sets out requirements for the preparation, content, accounting basis and timing of annual reports for AIFs managed or marketed in the UK by a UK AIFM. It explains when an annual report must be produced, the types of information it is expected to contain, how the accounting information should be prepared and audited, how the timing of the first annual report is determined and what additional information is required where the AIF uses securities financing transactions or total return swaps. Core sections include:
Application
Sets out which UK AIFMs and AIFs fall within the scope of the annual report requirements in FUND 3.3.
Provision of an annual report
Describes the obligation on the AIFM to prepare and make an annual report available for each in-scope AIF within a specified period and to identified recipients, including investors and the FCA where relevant.
Contents of the annual report
Summarises the main categories of information to be included in the annual report, including financial statements, a report on activities during the year and other prescribed disclosures.
Accounting information in the annual report
Explains how the accounting information in the annual report should be prepared and audited, including reference to applicable accounting and auditing standards and the form in which that information is presented.
Timing of first annual report
Clarifies how the period covered by the first annual report is determined for newly established or newly in-scope AIFs.
Information to be included in annual reports on securities financing transactions and total return swaps
Highlights the additional disclosures that must be included in the annual report where the AIF engages in securities financing transactions or total return swaps, in line with the relevant transparency requirements.
Subordinate measures
Signposts AIFMD Level 2 provisions and other technical measures that provide further detail relevant to the annual report requirements in this section.
