1.2.1. Annual reports

(a) A Recognised Non-AIFC Market Institution shall provide the AFSA with an annual report which must include:

1. (i.) a copy of its annual report and accounts, including any consolidated annual report and accounts of any Group of which the Recognised Non-AIFC Market Institution is a member;
2. (ii.) confirmation that the Recognised Non-AIFC Market Institution has satisfied the Recognition Requirements throughout the previous 12 months and is continuing to satisfy the Recognition Requirements; and
3. (iii.) a statement about whether the Recognised Non-AIFC Market Institution has not satisfied the Recognition Requirements in any respect, an explanation of why the Recognised Non-AIFC Market Institution failed to satisfy the Recognition Requirements and what actions it is taking, or has already taken, to satisfy them.

(b) The period covered by such a report:

1. (i) starts on the day after the period covered by its last report; or
2. (ii) if there is no such report, on the day of the making of the recognition order recognising the Recognised Non-AIFC Market Institution as such; and
3. (iii) ends on the date specified in the report, or, if no date is specified, on the date of the report.

(c) If a Recognised Non-AIFC Market Institution changes the period covered by its report, it must ensure that the first day of the period covered by a report is the day immediately following the last day of the period covered by the previous report.

(d) Copies of the report should be sent to the AFSA within two months after the end of the period to which it relates.