PRIV 6.7.1 Accounting Periods

(1) A scheme must have—
(a) an annual accounting period; and
(b) a half-yearly accounting period.
(2) A half-yearly accounting period starts on the first day of an annual accounting period and ends—
(a) on the day 6 months before the last day of the annual accounting period; or
(b) on another reasonable date stated in the latest filed prospectus.

Note Latest filed prospectus is defined in the glossary.
(3) The first annual accounting period starts—
(a) on the first day of the initial offer period; or
(b) if there is not an initial offer period for the scheme — on the date the scheme is registered;
and, in either case, ends on the next accounting reference date unless subrule (4) applies.

Note Initial offer and accounting reference date are defined in the glossary.
(4) If the accounting reference date falls less than 6 months after the start of the first annual accounting period, the operator may extend the period to the next accounting reference date.
(5) Each annual accounting period after the first period is for 12 months, starting on the next day after the accounting reference date and ending on the next accounting reference date, unless subrule (7) applies.
(6) Each annual accounting period or half yearly accounting period ends at the end of the day worked out under this rule or, if the operator so decides, at the last valuation point on that day.

Note Day and valuation point are defined in the glossary.
(7) If the accounting reference date stated in the scheme's latest filed prospectus is changed, the operator may extend or shorten the annual accounting period by up to 6 months to end on the next accounting reference date.
(8) Before extending or shortening an annual accounting period under subrule (4) or (7), the operator must—
(a) consult the scheme's auditor; and
(b) give the Regulatory Authority reasonable notice.
(9) If the annual accounting period is extended under subrule (4) or (7) and this results in a longer than usual period before the publication of reports to unitholders, the operator must make summary information about the scheme's investment activities available to unitholders during the period.
Amended by QFCRA RM/2014-3 (as from 1st January 2015)