COB 12.4.2

The Operator of a Scheme must:
(a) prepare a financial report relating to the Scheme in respect of each
(i) financial year of the Scheme; and
(ii) half year of the Scheme;
(b) prepare and maintain all financial statements in accordance with IFRS or any other reporting standard approved by the DFSA;
(c) keep accounting records in sufficient detail to enable the financial statements of the Scheme to be prepared for the relevant financial year and half year that shows the financial position of the Scheme, including:
(i) records of contributions received in respect of Members of the Scheme;
(ii) investment earnings of the underlying investment options in which Member contributions are invested;
(iii) fees and charges of the Scheme, and any other outgoings, showing separately:
(A) the Operator’s overall fees and charges, with a breakdown of the amounts paid to the Administrator, Eligible Custodian and other Third Party Service Providers and, the fees and charges of the Professional Adviser; and
(B) the fees and charges of the investment managers whose products are offered on the Investment Platform;
(iv) an annual illustration of the overall impact of fees and charges of the Scheme on Member contributions;
(v) transactions in respect of Scheme property; and
(vi) any other matters as specified by the DFSA;
(d) retain the accounting records for at least six years from the date to which the record relates; and
(e) have the accounting records open for inspection by the Registered Auditor of the Scheme and the DFSA.
Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]