3.2.1. Contents of annual financial report

(1)   The annual report which is required to be produced by a Reporting Entity pursuant to section 84 of the Framework Regulations must include the information specified in (2).

(2)   In respect of the financial year to which the annual report relates, it must contain:

1. (a)financial statements audited in accordance with MAR 3.1.2;
2. (b)a review of the operations during the year and the results of those operations;
3. (c)details of any significant changes in the Reporting Entity’s state of affairs during the financial year;
4. (d)details relating to the Reporting Entity’s principal activities during the year and any significant changes in the nature of those activities during the year;
5. (e)details of any matter or circumstance that has arisen since the end of the year that has significantly affected or may significantly affect the Reporting Entity’s operations in future financial years and the results of those operations; or the Reporting Entity’s state of affairs in future financial years;
6. (f)likely developments in the Reporting Entity’s operations in future financial years and the expected results of those operations;
7. (g)a statement by the Auditor of the Reporting Entity as to whether in the Auditor’s opinion the financial statements represent a true and fair view of the financial position of the Reporting Entity;
8. (h)a statement by Directors whether or not, in their opinion, the business of the Reporting Entity is a going concern, with supporting assumptions or qualifications if necessary;
9. (i)details relating to the identity and holdings of any Connected Person of the Reporting Entity; and
10. (j)annual reporting on compliance with the Corporate Governance Principles pursuant to MAR 2.2.9 by the Reporting Entity, if it is a Reporting Entity to which section MAR 2.2.9 applies.

Guidance

With regard to the opinion required under the obligation in MAR 3.2.1(2)(h), the AFSA recognises that while the financial statements will be prepared by Persons other than the Directors, the Board has overall responsibilities to ensure the integrity and independence of the financial reporting process.

3.2.2 Signing of the annual report

The annual report must be signed by at least two Directors of the Reporting Entity or approved by a body competent to decide on such matters under the Reporting Entity’s constitutive documents and/or applicable law.

3.2.3. Signing of the annual financial report

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