ACCOUNTING OBLIGATIONS OF UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) IN CAMEROON
The fiscal year of a UCITS shall be 12 (twelve) months and shall run from 1 January to 31 December. However, the first fiscal year may cover a period not exceeding 18 (eighteen) months.
The SICAV and the management company in respect of each of the funds managed by the latter, shall carry out an assets inventory under the control of the depositary within 45 (forty-five) days of the end of each half of the financial year.
The SICAV and/or management company shall be bound to publish the asset mix within 8 (eight) weeks of the end of each half of the financial year. The statutory auditor shall check the asset mix before publication. Upon expiry of this deadline any shareholder or unit holder who so requests, shall be entitled to disclosure of the document.
The SICAV shall be bound to publish its income statement and balance sheet in a legal notices newspaper and in the official bulletin of the Commission at least 30 (thirty) days prior to the General Assembly Meeting which must approve them. It shall be exempted from publishing them de novo after the General Assembly Meeting, save where they have been amended by the latter.
The net income of a UCITS shall be equal to the amount of interests, arrears, bonuses and lots, dividends, directors' fees and all other income from securities that make up the portfolio, plus earnings from amounts currently available and less the amounts of management expenses and borrowing costs.
The net income of a UCITS shall be equal to the amount of interests, arrears, bonuses and lots, dividends, directors' fees and all other income from securities that make up the portfolio, plus earnings from amounts currently available and less the amounts of management expenses and borrowing costs.
The amounts distributable by a UCITS shall be composed of:
- the net income plus carried forward, and plus or minus the income adjustment account balance;
- capital gains net of costs, less capital losses incurred net of costs, recorded during the financial year, plus net capital gains of the same nature recorded during previous financial years which were not distributed or capitalized and less or plus the capital gains adjustment account balance.
The amounts mentioned in Section 55(1) of the law may be wholly or partially distributed, independently of each other.
The distributable amounts shall be paid within no more than 5 (five) months of the end of the financial year.