Section 20: Annual reports

20. Annual reports (1) A person licensed under this Sub-Part shall file with the Commission, within 90 days of its balance sheet date, an annual report which shall include— (a) a report on the corporate governance policy of the licensee and any other information required by the Commission; (b) audited financial statements prepared in accordance with IFRS and such other standards issued under the Financial Reporting Act and such other requirements as may be specified in the FSC Rules; and (c) consolidated financial statements, where the person is a holding company or a subsidiary. (2) The financial statements to be included in an annual report under subsection (1), shall be audited in accordance with International Standards on Auditing and such other standards as may be issued under the Financial Reporting Act by an audit firm approved by the Commission. (3) — (4) The annual report of a clearing and settlement facility shall also include an audited report on risk management procedures and their application and any other information required by the Commission. [S. 20 amended by s. 14 of Act 15 of 2007 w.e.f. 28 September 2007.]