Annual report for EU AIF and non-EU AIF

(1) Every AIF capital management company is obliged to prepare, for each EU AIF managed by it and for each EU AIF or non-EU AIF distributed by it in the European Union or in another contracting state of the Agreement on the European Economic Area, for each financial year, an annual report under subsection (3) no later than six months after the end of the financial year. This annual report must be made available to investors on request.
(2) Where the EU AIF or non-EU AIF is obliged, under Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (OJ L 390, 31.12.2004, p. 38), to publish annual financial reports, only the particulars under subsection (3), points 4 to 6, must additionally be made available to investors on request. This may be made available separately no later than four months after the end of the financial year, or in the form of a supplement upon publication of the annual financial report.
(3) The annual report must contain at least the following: 1. a balance sheet or a statement of assets and liabilities; 2. a statement of income and expenditure for the financial year; 3. a report on the activities of the past financial year; 4. 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(1) to (4); 5. 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 AIF; 6. the total amount of remuneration paid during the past financial year, broken down by senior management and staff of the capital management company whose activities have a material impact on the risk profile of the AIF. The content and form of the annual report are otherwise determined by Articles 103 to 107 of Delegated Regulation (EU) No 231/2013.
(4) The figures contained in the annual report are prepared in accordance with the accounting standards of the AIF's home Member State, or in accordance with the accounting standards of the third country in which the non-EU AIF has its seat, or in accordance with the accounting standards laid down in the investment conditions, the articles of association, or the partnership agreement of the AIF. This does not apply in the case of subsection (2).
(5) The figures contained in the annual report are audited by one or more persons who are legally authorised to conduct statutory audits under Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (OJ L 157, 9.6.2006, p. 87). The auditor must summarise the result of the audit in an audit opinion. The auditor's audit opinion, including any qualifications, must be reproduced in full in every annual report. By way of derogation from the first and second sentences, AIF capital management companies that manage non-EU AIF may subject the annual reports of these AIF to an audit in accordance with the international auditing standards that are mandatory or permitted in the state in which the non-EU AIF has its registered seat.