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

  • Income Statement
  • Balance Sheet

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

 

 

 

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