SEO Letter - DFSA Collective Investment Rules Reporting Requirements

The Riffle

Fund Managers have to submit their Annual and Interim Reports, and Periodic Fund Returns on time, or face penalties as specified in the Fixed Penalty Notices.

Fund Managers are required to produce two types of reports for each Fund they manage as per CIR 9.4.2 (1):

Annual Report - Within four months after the end of each annual accounting period.

Interim Report - Within two months after the end of the interim accounting period.

These reports are essential in providing stakeholders with a clear view of the Fund’s performance and management.

Fund Managers of Domestic Funds, which include External Funds, must submit Periodic Fund Returns (PFRs) twice a year as per CIR 9.6.2:

For the period from January 1 to June 30, the PFR is due by July 31 of the same year.

For the period from July 1 to December 31, the PFR must be submitted by January 31 of the following year.

Reporting Requirements detailed above are applicable whether or not the fund has any investors or underlying investments/assets.

Consequences of Non-Compliance

If a Fund Manager fails to submit the required reports by the specified due dates, they may face the issuance of a Fixed Penalty Notice. This not only impacts the Fund Manager but also undermines investor confidence.

Read the full SEO Letter here.