Section 55: Annual reports

55. Annual reports (1) An investment dealer and a corporation licensed as an investment adviser 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 as may be issued under the Financial Reporting Act; (c) such other requirements as may be specified in FSC Rules; and (d) consolidated financial statements where the investment dealer or investment adviser is a holding company or a subsidiary. (2) Any financial statement 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. S7 – 21 [Issue 1] Securities Act (3) The Commission shall not approve an audit firm under subsection (2) unless it is satisfied that the audit firm has adequate experience, expertise and resources to carry out such an audit. (4) Where an investment adviser is an individual, he shall file with the Commission such returns at such intervals as may be specified in the FSC Rules. (5) Any person who contravenes any of the provision of this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 500,000 rupees.