Open-ended fund companies (OFCs) with a financial year ending on 31 December should plan ahead for the annual report deadline in 2024. The key date is 30 April 2024.
By this date, unless otherwise exempted, the OFC must publish and file with the Securities and Futures Commission (SFC) its annual report, which contains financial statements and the auditor’s report. The annual report should also be made available to shareholders on request, free of charge.
According to the Securities and Futures (Open-Ended Fund Companies) Rules, an OFC’s directors must prepare an annual report for each financial year. The SFC further requires that annual reports are to be published and filed with the SFC within four months of the end of the OFC’s financial year.
Where an OFC, or sub-fund, has not been launched and does not have any investors, the SFC may, upon application, grant an exemption from the annual report requirements. If an OFC falls under this category, it may apply for an exemption from the SFC as soon as the financial year has ended. The SFC encourages OFCs to consult the relevant case officer in advance should they wish to apply to an exemption.
