‘Approved’
Financial Markets Supervisory Authority
of the Republic of Azerbaijan
Resolution № 1851100007
‘08’ October 2018

Acting Chairman of the Management Board
______________________
Ibrahim Alyshov

Regulations on requirements on reports of investment funds and the manager, as well as on their submission and disclosure

1. General provisions

1.1. These Regulations have been developed in accordance with Article 48.1.5 of the Law of the Republic of Azerbaijan on Investment Funds.
1.2. These Regulations determine the requirements on reports submitted to the Financial Markets Supervisory Authority of the Republic of Azerbaijan (hereinafter – the FIMSA), as well as the regulations on their submission to the FIMSA and disclosure by joint-stock investment funds and those that manage investment funds (hereinafter – the manager).

2. Reports submitted by joint-stock investment funds

2.1. A joint-stock investment fund delivers semi-annual and annual reports to the FIMSA with respect to its activities.
2.2. The semi-annual report submitted to the FIMSA by the joint-stock investment fund consists of the following:
2.2.1. a report on financial conditions, income statement and a report on other aggregate income, report on changes in capital, report on flow of funds, significant accounting policies and explanatory notes;
2.2.2. report on assets and liabilities of the investment fund (Annex № 1);
2.2.3. report on changes in investment fund property (Annex № 2);
2.2.4. report on the number and shares of individual and legal entity shareholders of the joint-stock investment fund separately (Annex № 3);
2.2.5. information on the persons holding voting shares amounting to ten percent and more of the authorized capital of a joint-stock investment fund (individual’s 1st, middle, last names; legal entity’s name, location and TIN), the number of shares owned by each of them and share in the authorized capital of a joint-stock investment fund;
2.2.6. information on changes to the organizational and management structure.
2.3. The annual report submitted to the FIMSA by the joint-stock investment fund includes the following in addition to those specified in sub-items 2.2.1 – 2.2.6 herein:
2.3.1. report on expenses of the investment fund (Annex № 4);
2.3.2. information on investment companies, auditors, appraisers and depository whose services it uses (name, location, TIN, license number and date of issue when operating on the basis of a license).

3. Reports submitted by the manager with respect to own activities

3.1. The manager delivers semi-annual and annual reports to the FIMSA on its activities.
3.2. The semi-annual report submitted to the FIMSA by the manager includes:
3.2.1. organizational-legal form of the manager, full and abbreviated name, date and number of state registration;
3.2.2. manager’s legal address and location;
3.2.3. in case of changes in the name and organizational-legal form of the manager, all previous names and organizational-legal forms of the manager, as well as dates of their state registration; when the manager is reorganized in the form of a merger of legal entities the type of reorganization, names and organizational-legal forms of those legal entities;
3.2.4. separate number of individual and legal entity shareholders of the manager;
3.2.5. information on the persons holding voting shares amounting to ten percent and more of the authorized capital of the manager (individual’s 1st, middle, last names; legal entity’s name, location and TIN-), the number of shares owned by each of them and share in the authorized capital of the manager;
3.2.6. information on investment funds or other persons under its management;
3.2.7. information on changes in the organizational and management structure;
3.2.8. a report on financial condition, income statement and a report on other aggregate income, report on changes in capital, report on flow of funds, significant accounting policies and explanatory notes.
3.3. The annual report submitted to the FIMSA by the manager includes the following in addition to those specified in sub-items 3.2.1 – 3.2.8 herein:
3.3.1. opinion of the external auditor on the audit of the manager's activities;
3.3.2. information on investment companies, auditors, appraisers and depository whose services it uses (name, location, TIN, license number and date of issue when operating on the basis of the license).

4. Reports on activities of mutual investment funds managed by the manager

4.1. The manager submits monthly, quarterly, semi-annual and annual reports to the FIMSA on the activities of mutual investment funds under its management.
4.2. The semi-annual report submitted by the Manager to the FIMSA in connection with the activities of mutual investment funds under its management includes the following:
4.2.1. report on assets and liabilities of the investment fund (Annex №1);
4.2.2. report on changes in investment fund property (Annex №2);
4.2.3. report on the number and shares of mutual investment fund's shareholders separately (Annex № 3);
4.2.4. information on the persons holding shares amounting to ten percent and more of the shares of mutual investment funds (individual’s 1st, middle, last names; legal entity’s name, location and TIN), the number of shares owned by each of them and percentage ratio to mutual investment fund shares.
4.3. The annual report submitted by the manager to the FIMSA on activities of mutual investment funds under its management includes the following in addition to those specified in sub-items 4.2.1–4.2.4 herein:
4.3.1. report on expenses of the investment fund (Annex №4);
4.3.2. information on investment companies, auditors, appraisers and depository whose services it uses (name, location, TIN, license number and date of issue when operating on the basis of the license).
4.4. The manager submits to the FIMSA the reports provided for in sub-items 4.2.1-4.2.4 herein on a monthly basis in connection with the activity of open mutual investment funds under its management, and on a quarterly basis in connection with the activity of interval mutual investment funds.

5. Order of submission of reports to the FIMSA

5.1. The annual report should be prepared based on results of each completed calendar year and submitted to the FIMSA by the joint-stock investment fund and the manager within the first 4 (four) months of the following year.
5.2. The semi-annual report should be prepared based on results of 6 (six) months of each calendar year and submitted to the FIMSA within 2 (two) months after the end of half year.
5.3. Quarterly reports should be prepared based on results of each calendar quarter and submitted to the FIMSA no later than 10 (ten) work days from the end of the reported period.
5.4. Monthly reports should be prepared based on results of each calendar month and submitted to the FIMSA no later than 5 (five) work days from the end of the reported period.
5.5. If defects are found in submitted annual and semi-annual reports, the FIMSA requests the joint-stock investment fund and the manager in writing to eliminate these shortcomings and suspend disclosure of these reports within 15 work days from the date of submission of reports.
5.6. If the FIMSA does not require to suspend publication of annual and semi-annual reports within the period specified in Item 5.5 herein, the joint-stock investment fund or the manager should ensure publication of the information in semiannual and annual reports (the information specified in sub-items 2.2.5, 3.2.5 and 4.2.4 herein only for issuers whose securities are placed by public offering) within 30 days from the date of submission to the FIMSA.
5.7. Pages of reports should be numbered, filed, signed by the head and chief accountant of the executive body of the joint-stock investment fund or the manager and confirmed with the stamp of the executive body of the joint-stock investment fund or the manager.