PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS

CHAPTER 2ENTRY INTO THE REPORTING FUND REGIME

Applications for this Part to apply

Contents of an application53

1

An application must include the following—

a

a statement of the first period of account for which it is proposed that this Part should apply to the fund;

b

an undertaking that no period of account will exceed 18 months;

c

a statement whether or not the fund intends to prepare its accounts in accordance with international accounting standards, and, if it does not, a statement of which generally accepted accounting practice it intends to use;

d

in a case in which the fund does not intend to prepare its accounts in accordance with international accounting standards, a statement specifying the entries in the fund's accounts that are considered to equate to “total comprehensive income for the period” as that expression is used in international accounting standards;

e

in a case in which the fund does not intend to prepare its accounts in accordance with international accounting standards, a statement specifying how the fund intends—

i

to comply with regulation 66(1)(b), or

ii

to calculate the adjustment required by regulation 66(2);

f

an undertaking to meet the requirements relating to reports to participants in the fund (see Chapter 7);

g

an undertaking to meet the requirements relating to the provision of information to HMRC (see Chapter 9).

2

An existing fund application must be accompanied by the prospectus.

3

A future fund application must be accompanied by the proposed prospectus.

4

The application must be in English.

5

If the prospectus or the proposed prospectus (as the case may be) is not in English, it must be accompanied by an English translation.

6

In the case of an offshore fund constituted in the manner described in regulation 5 or 6, the requirements of this regulation may be met by providing material which is—

a

applicable to an entity which includes the fund, and

b

relevant for the application for this Part to apply to the fund.