REGULATORY RETURNS/FILINGS
Guides
The following guides summarise most of the filing, event-based reporting and notification obligations of various types of registrants and/or licensees pursuant to the Financial Services Commission Act, 2010-21, Securities laws and guidelines. These Guides have been provided for information purposes only.
Periodic Filing Guide (Jan 2011 version) |
|||||
Type of Entity |
Type of Record |
Submission Deadline |
Legislation |
Reference |
|
Financial Institutions |
Quarterly return** |
Within 30 days of the end of each quarter |
FSCA 2010 |
Section 10(1) and (2) |
|
Reporting Issuer |
Interim Financial Statement (first financial year not completed) |
Within 60 days of the date on which it is prepared |
Securities Regulations, 2002 |
Regulation 54 |
|
Reporting Issuer |
Comparative Interim Financial Statements (first financial year completed) |
Within 60 days of the date on which it is prepared |
Securities Regulations, 2002 |
Regulation 54 |
|
Reporting Issuer |
Comparative annual Financial Statements |
Within 60 days of the end of the last financial year |
Securities Regulations, 2002 |
Regulation 55 |
|
Reporting Issuer |
Annual Reports |
Within 3 months of the financial year |
Securities Act, Cap. 318A |
Section 60(1)(a) |
|
Registrants Other than Traders (Company) |
Audited Financial Statements |
Within 90 days after the end of each financial year |
Securities Regulations, 2002 |
Regulation 27 |
|
Registrants Other than Traders (Individuals) |
Audited Financial Statements |
Before the 1st of April in each year |
Securities Regulations, 2002 |
Regulation 27 |
|
Securities Company not a member of SRO |
Record of ledger accounts & calculation of free capital |
End of each quarter |
Securities Regulations, 2002 |
Regulation 25(1) |
|
Mutual Funds |
Statement of prescribed information & Audited Accounts |
Within 4 months after the end of the financial year |
Mutual Funds Act, Cap. 320B |
Section 32(1) |
|
Mutual Funds |
Register of holders |
Within 3 months of financial year |
Mutual Fund Regulations, 2002 |
Regulation 8(c) |
|
Mutual Funds |
Mutual Fund Activity Report |
Weekly / Monthly |
Mutual Funds Act, Cap. 320B |
Section 35 |
|
Mutual Fund Administrators |
Audited accounts |
Annually |
Mutual Funds Act, Cap. 320B |
Regulation 36(2) |
Event-based Filing / Notification Guide (Jan 2011 version) |
||||
Type of Entity |
Type of Record |
Submission Deadline |
Legislation |
Reference |
Financial Institution |
Written notice with reasons of its failure to appoint an auditor; or if it intends to terminate the appointment of its auditor |
Financial Services Commission Act, 2010-21 |
Section 11(3) |
|
Reporting Issuers |
Statement setting out Material Changes |
No Later than 7 days after such changes |
Securities Act, Cap. 318A |
Section 60(3) |
Reporting Issuers |
Copy of Material sent to the security holder of the reporting issuer in duplicate |
Within 24 hours after the reporting issuer sends the information to its security holder |
Securities Regulations, 2002 |
Regulation 57(3) |
Mutual Funds |
Change of its registered office or its principal office as the case may be |
Within 7 days of the occurrence of such change |
Mutual Funds Act, Cap. 320B |
Section 13(a) |
Mutual Funds |
Change of its operator |
Within 7 days of the occurrence of such change |
Mutual Funds Act, Cap. 320B |
Section 13(b) |
Mutual Funds |
Material Change to its structure, organisation or administration |
Within 7 days of the occurrence of such change |
Mutual Funds Act, Cap. 320B |
Section 13 (c) |
Mutual Fund Administrators |
Notice of intention to change of principal office or any agent |
Prior to change |
Mutual Funds Act, Cap. 320B |
Section 23(1)(d) |
Mutual Fund Administrators |
Notice that the minimum surplus referred to in section 23(1)(e) is not maintained and the extent of the deficiency |
Immediately |
Mutual Funds Act, Cap. 320B |
Section 23(1)(f) |
Mutual Fund Administrator |
Written notice with reasons of its knowledge and belief that a mutual fund to which it provides a principal office or a promoter or operator is or is likely to become unable to meet its obligations as they fall due; is carrying on business otherwise than in accordance with this or any other Act; or is carrying on business in a manner that is or is likely to be prejudicial to investors or creditors of the mutual fund |
Immediately |
Mutual Funds Act, Cap. 320B |
Section 29(1) |
Mutual Fund Administrator |
Notice of desire to cease or suspend dealing in shares |
Immediately |
Mutual Funds Regulations 2002 |
Regulation 12(4) |
Mutual Fund Administrator |
Written notice with reasons of failure to appoint an auditor; or intention to terminate the appointment of its auditor |
Mutual Funds Regulations 2002 |
Regulation 20(1) |
|
Auditor of Mutual Funds / Mutual Fund Administrator |
Written notice with reasons of its knowledge and belief that a mutual fund or the mutual fund administrator is carrying on business without keeping sufficient or accurate records to allow its accounts to be properly audited; or is carrying on business or is winding up its business in a manner that is prejudicial to investors or creditors |
Immediately |
Mutual Funds Act, Cap. 320B |
Section 53 |
Agent of Mutual Fund |
Cessation or suspension in redemption of shares and reason for such cessation of suspension |
Immediately |
Mutual Funds Act, Cap. 320B |
Section 30(3)(f) |
Operator of Mutual Fund |
Notification of any decision to remove the administrator |
Within 7 days of the decision |
Mutual Funds Regulations 2002 |
Regulation 18(2) |
Auditor of a Financial Institution |
Written notice of his resignation before the expiration of his term of office; or determination not to seek re-appointment |
Forthwith |
Financial Services Commission Act, 2010-21 |
Section 11(5) |
Auditor of a Financial Institution |
Report instance where the operations of a financial institution might not in his opinion by in compliance with the requirements of the Financial Services Commission Act, the regulations, the guidelines or the specified enactments |
Financial Services Commission Act, 2010-21 |
Section 11(7) |
|
Auditor of a Financial Institution |
Report matter where in the course of an audit an auditor has reason to believe that a crime involving fraud, theft or any other offence involving dishonesty or money laundering or the financing of terrorism has been, or is being or is likely to be committed. |
Without delay |
Financial Services Commission Act, 2010-21 |
Section 11(8) |
Quarterly Returns/Filings
Section 10(1) of the FSC Act requires each financial institution to submit a financial statement at the end of each quarter as well as such other information that is deemed necessary for the understanding of the financial statement. Section 10(2) enables the FSC to obtain on request, additional information including information relating to financial statements or returns of a financial institution, information about holding companies, subsidiaries or affiliates of a financial institution; as well as any other information, books, records or documents that the Commission considers necessary for the purpose of supervising and regulating the operation of financial institutions. The Commission in accordance with section 10(1) and 10(2) of the FSC Act requires the submission of quarterly financial statements and additional information on the terms outlined below.
Filing deadline |
Within 30 days of the end of the quarter |
Submission to |
All filings should be addressed to the attention of the Securities Division, Manager, Securities & Credit Unions |
Method of filing |
Where possible soft copies should be submitted in PDF by email to This email address is being protected from spambots. You need JavaScript enabled to view it.. Hard copies may also be submitted by post, hand delivery or facsimile. |
Type of Financial Statements required |
Initially only unaudited Income Statements and Balance Sheets will be required |
Other required information |
Other information may be required from your organisation – Please see the schedule of requirements below in order to determine whether your organisation has additional requirements. |
Schedule of Requirements for Quarterly filings
Licencee / Registrant Type |
Contents of Quarterly Returns |
All Licensees / Registrants |
|
Reporting Issuer (Shares – Listed) |
· All trades executed by connected parties · Shares repurchased and cancelled |
Reporting Issuer (Shares – Unlisted) |
· All trades executed · All trades executed by connected parties · Shares repurchased and cancelled |
Reporting Issuer (Bonds) |
No further requirements |
Self-regulatory Organisation (Stock Exchange) |
No further requirements |
Self-regulatory Organisation (Depository) |
No further requirements |
Securities Companies / Brokers / Dealers |
· Securities Activity Report (not including equities) – Information on business undertaken relative to Repurchase Agreements, Principal Protected Notes , Derivatives, other Debt securities stating the value of transaction(s), underlying securities, tenure of the transaction(s) |
Investment Advisers |
No further requirements |
Underwriters |
· Underwriting Activity Report stating securities underwritten, amount underwritten, and the amount of unsold securities. |
Mutual Fund (General) / Limited Investors |
· Activity Report detailing Total Assets, Total Liabilities, Net Assets, Number of Outstanding Shares, Net Asset Value Number of Subscriptions and Value, Number of Redemptions and Value · Trades by connected persons |
Mutual Fund (Exempt) |
No further requirements |
General Mutual Fund Administration |
No further requirements |
Restricted Mutual Fund Administration |
No further requirements |