COLL 5.6.11 Contents of Annual Long Reports—QFC Retail Schemes

(1) An annual long report for a QFC retail scheme other than an umbrella scheme must contain the following:
(a) the full audited accounts for the annual accounting period;
(b) the operator's report for the period in accordance with rule 5.6.13 (Operator's reports—QFC retail schemes);
(c) the comparative table for the period in accordance with rule 5.6.14 (Comparative tables—QFC retail schemes);
(d) the independent entity's report for the period in accordance with rule 5.6.15 (Independent entity's reports—QFC retail schemes);
(e) the auditor's report for the period in accordance with rule 5.6.16 (Auditor's reports—QFC retail schemes).

Note See also r 5.1.5 (Transactions with affected persons—details required for QFC scheme's annual reports).
(2) An annual long report for a QFC retail scheme that is an umbrella scheme must be prepared for the scheme as a whole and must contain the following:
(a) for each subscheme—the following:
(i) the full audited accounts for the subscheme for the annual accounting period;
(ii) the operator's report for the subscheme for the period in accordance with rule 5.6.13;
(iii) the comparative table for the subscheme for the period in accordance with rule 5.6.14;
(b) the aggregation of all the accounts required by paragraph (a) (i);
(c) the independent entity's report for the scheme for the period in accordance with rule 5.6.15;
(d) the auditor's report for the scheme for the period in accordance with rule 5.6.16.
(3) If the scheme is an umbrella scheme, the operator may, in addition to complying with subrule (2), prepare a further annual long report for any 1 or more individual subschemes of the scheme.
(4) A report under subrule (3) for a subscheme must contain the following:
(a) the full accounts for the subscheme for the annual accounting period;
(b) the operator's report for the subscheme for the period in accordance with rule 5.6.13;
(c) the comparative table for the subscheme for the period in accordance with rule 5.6.14;
(d) the independent entity's report for the scheme for the period in accordance with rule 5.6.15;
(e) the auditor's report for the scheme for the period in accordance with rule 5.6.16.
(5) The operator of a QFC retail scheme must ensure that the accounts mentioned in subrule (1) (a), (2) (a) (i) and (4) (a) give a true and fair view of—
(a) the net income and the net gains and losses on the scheme property of the scheme (or subscheme) for the annual accounting period; and
(b) the financial position of the scheme (or subscheme) as at the end of the period.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)