Article 22 — Annual Report

22.1 The Designated Representative of the Single Family Office must file an Annual Report with the QFC Authority. Subject to Article 22.2, such Annual Report must confirm that there have been no material changes in the operation of the Single Family Office since its establishment or since the last Annual Report filed and shall contain the following:
(a) confirmation that the Single Family Office continues to provide services solely to a Single Family;
(b) confirmation that there has been no material change in the legal and beneficial ownership of the Single Family Office or where there has been such a change full details of the legal and beneficial ownership of the Single Family Office and all those who control the Single Family Office;
(c) confirmation that the total number of Family Members to be served by the Single Family Office has not changed or, where it has, provide details of the change;
(d) confirmation that the SFO Activities and services being provided by the Single Family Office have not changed or, where they have, full details of the change;
(e) confirmation that the Single Family Office Clients are aware that the Single Family Office is not regulated by the Regulatory Authority and may not engage in Regulated Activities unless authorised to do so by the Regulatory Authority;
(f) confirmation that the Single Family Office is able to satisfy its liabilities as and when they fall due and that the Single Family continues to maintain investable/liquid assets in excess of US$ 5 million; and
(g) confirmation that the Single Family Office continues to have in place policies, procedures, systems and controls to ensure compliance with the AML/CFT Law and the AML/CFT Rules, and that it has complied with the AML/CFT Law and AML/CFT Rules.
22.2 Where there has been any material change as identified above, the Annual Report must be accompanied by a signed letter from an Eligible Firm confirming the following:
(a) that to the best of its knowledge and belief, the family in question still constitutes a Single Family and satisfies the requirements of Article 8;
(b) that to the best of its knowledge and belief, the Single Family Office is ultimately still beneficially owned by one or more members of the Single Family, one or more Family Fiduciary Structures or one or more Family Entities or a combination of any of them; and
(c) where appropriate, confirmation that it has carried out appropriate due diligence to identify the new legal and beneficial owner of the Single Family Office and the Persons who now control the Single Family Office.
22.3 The QFC Authority may provide a copy of the Annual Report filed by the Single Family Office to the Regulatory Authority for its information and review.