Financial Markets Conduct Regulations 2014

Subpart 4—Schedule 3 schemes

113 Reporting obligations for Schedule 3 schemes

(1)

The trustees of a Schedule 3 scheme must,—

(a)

within 5 months after the balance date of the scheme, prepare an annual report on the affairs of the scheme during the accounting period ending on that date; and

(b)

within 28 days after the completion of that report, send a copy of the completed report to the FMA.

(2)

The annual report must, in respect of the accounting period to which it relates, include the following matters:

(a)

the financial statements of the scheme:

(b)

a copy of the auditor’s report (if any) on those financial statements:

(c)

a statement by the trustees as to whether all the contributions required to be made to the scheme in accordance with the terms of the trust deed have been made:

(d)

a statement by the trustees as to whether all the benefits required to be paid from the scheme in accordance with the terms of the trust deed have been paid:

(e)

a statement by the trustees as to whether the scheme has been operated in accordance with the terms of the trust deed and the Act:

(f)

a notification by the trustees if the assets of the scheme at any time during the accounting period were invested directly or indirectly (in a way in which it was reasonable for the trustees to be aware) in the scheme participant or in any associated person of the scheme participant and if so, details of all such investments held during the accounting period.

(3)

In this regulation and in the provisions implied into a trust deed under regulation 114, the balance date of a scheme is the close of 31 March or any other date that the trustees adopt as the scheme’s balance date (and, for that purpose, section 42 of the Financial Reporting Act 2013 (other than subsection (3)(b) of that section) applies with any necessary modifications).