3.4.1. Obligation to make market disclosure

(1)    Where a Reporting Entity is required by to prepare any of the following reports:

1. (a)      its annual report;
2. (b)      its semi-annual report. 

it must do so in the time periods specified in MAR 3.4.2.

(2)    Reporting Entities that are Issuers of Exempt Securities (except where such Exempt Securities have been subsequently offered to the public) are required to prepare and disclose in the time periods specified in MAR 3.4.2:

1. (a)       audited annual financial statements pursuant to MAR 3.1.1(a) and MAR 3.1.2; and
2. (b)      interim financial statements or management account statements for the first six months of the financial year.

3.4.2. Time period for making market disclosure

(1)   A Reporting Entity must disclose its required annual and semi-annual reports within the following time periods:

1. (a)       in relation to its annual report: as soon as possible after the financial statements have been approved, but no later than 150 days after the end of the financial period; and
2. (b)      in relation to its semi-annual report: as soon as possible and in any event no later than 75 days after the end of the period to which the report relates.

(2)   A Reporting Entity which is an Issuer of REMS Shares pursuant to MAR 1.3.1(c) for the first time may postpone disclosure of the first annual report and the first semi-annual report by two (2) months from the due dates specified above.