Annual report

(1) The capital management company must prepare, for every UCITS collective investment fund, an annual report under the second and third sentences as at the end of each financial year no later than four months after the end of the financial year, and, for every AIF collective investment fund, no later than six months after the end of the financial year. The annual report must contain a report on the activity of the capital management company in the past financial year, and all material information enabling investors to form a judgement on this activity and the results of the collective investment fund. The annual report must contain: 1. a statement of assets of the assets belonging to the collective investment fund, and of the liabilities arising from borrowings, repurchase transactions, securities lending transactions, and other liabilities. The assets must be listed by type, nominal amount or number, price, and market value. The securities holdings must be broken down into securities admitted to trading on an exchange, securities admitted to or included in trading on an organised market, securities from new issues that are to be admitted to trading on an exchange or admitted to or included in trading on an organised market, other securities under section 198(1), points 1 and 3, and certificated money market instruments, and promissory note loans, with a further breakdown by suitable criteria having regard to investment policy, expressed as percentage shares of the value of the collective investment fund. For every item of the statement of assets, its share of the value of the collective investment fund must be stated. For every item of securities, money market instruments, and investment units, the purchases and sales made during the reporting period must also be listed by nominal amount or number. The value of the collective investment fund must be stated. It must be stated to what extent assets belonging to the collective investment fund are the subject of third-party rights; 2. the transactions concluded during the reporting period having financial instruments as their subject matter, repurchase transactions, and securities loans, insofar as they no longer appear in the statement of assets. The short sales of securities carried out during the reporting period by special collective investment funds under section 283 must be stated, naming the type, nominal amount or number, time of the sales, and the proceeds obtained; 3. the number of units in circulation as at the reporting date, and the value of a unit under section 168(1); 4. an income and expenditure account broken down by type of income and expenditure. It must be structured so as to show the income from investments, other income, expenses for the management of the collective investment fund and for the depositary, other expenses and fees, and the net income, as well as increases and decreases of the collective investment fund through disposal transactions. In addition, an overview of the development of the collective investment fund during the reporting period must be prepared, which must also contain particulars of distributed and reinvested income, appreciation or depreciation in the assets reported, and particulars of cash inflows from unit sales and cash outflows through unit redemptions; 5. the use of the income of the collective investment fund resolved by the capital management company; 6. for retail collective investment funds, a comparative overview of the last three financial years, stating the value of the retail collective investment fund and the value of a unit as at the end of each financial year.
(2) The annual report of a retail collective investment fund must additionally state: 1. a total expense ratio, expressed as a percentage, within the meaning of section 166(5), first sentence; where the investment conditions provide for a performance-related management fee, or an additional management fee for the acquisition, disposal, or management of assets under section 231(1) and section 234, this must additionally be stated separately as a percentage of the average net asset value of the retail collective investment fund; 2. the remuneration paid to the capital management company, the depositary, or to third parties, where the investment conditions provide for a flat fee for remuneration and costs; the investor must be informed whether, and which, costs are charged separately to the retail collective investment fund; 3. a description of whether the capital management company receives rebates of the remuneration and reimbursement of expenses paid from the collective investment fund to the depositary and to third parties, and whether, depending on the distribution channel, a material part of the remuneration paid from the collective investment fund to the capital management company is used for remuneration to intermediaries of units of the collective investment fund based on the holdings of intermediated units; 4. the amount of the front-end loads and redemption discounts charged to the collective investment fund during the reporting period for the acquisition and redemption of units within the meaning of sections 196 and 230, and the remuneration charged to the collective investment fund by the capital management company itself, by another capital management company, or by a company with which the capital management company is connected through a material direct or indirect participation, or by an EU management company or a non-EU AIF management company, as management fee for the units held in the collective investment fund; 5. the particulars under section 134c(4) of the Stock Corporation Act, or a reference to the website on which these particulars are published.
(3) The annual report of an AIF must additionally contain the following particulars: 1. the total amount of remuneration paid during the past financial year, split into fixed and variable remuneration paid by the capital management company to its staff, the number of beneficiaries, and, where applicable, the carried interest paid by the domestic AIF; 2. the total amount of remuneration paid during the past financial year, broken down by senior management and staff of the capital management company whose professional activity has had a material impact on the risk profile of the domestic AIF; 3. for retail collective investment funds, any material change during the past financial year to the information listed in the sales prospectus, and for special collective investment funds, any material change during the past financial year with regard to the information to be made available under section 307(1) or (2), first sentence, and section 308(4). The further requirements as to the content and form of the annual report are determined, for AIF, by Articles 103 to 107 of Delegated Regulation (EU) No 231/2013.
(4) The annual report of a domestic UCITS collective investment fund must additionally contain the following particulars: 1. the total amount of remuneration paid during the past financial year, split into fixed and variable remuneration paid by the capital management company to its staff, and, where applicable, any amounts paid directly by the domestic UCITS collective investment fund itself, including performance fees, stating the number of beneficiaries; 2. the total amount of remuneration paid during the past financial year, broken down by managers, staff, or other employees whose activities have a material influence on the risk profile of the management company or the investment funds managed (risk takers), staff or other employees with control functions, and staff or other employees who receive total remuneration that puts them in the same income bracket as managers and risk takers; 3. a description of how the remuneration and other benefits were calculated; 4. the outcome of the reviews named in Article 14b(1), letters c and d, of Directive 2009/65/EC, including any irregularities identified; 5. material changes to the established remuneration policy.