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.