Reports by commodity futures pool operator
21.—(1)  Each commodity futures pool operator shall periodically distribute to each participant in each pool that it operates, within 30 calendar days after the last date of the reporting period prescribed in paragraph (5), a profit and loss statement and a statement of changes in net asset value, for the prescribed period. These financial statements shall be presented and computed in accordance with generally accepted accounting principles. The statements must be signed by two directors of the commodity futures pool operator.
(2)  The profit and loss statement shall itemise —
(a)the total amount of realised net gain or loss on futures contract positions liquidated during the reporting period;
(b)the change in unrealised net gain or loss on commodity futures contract positions during the reporting period;
(c)the total amount of net gain or loss from all other transactions in which the pool engaged during the reporting period including interest and dividends earned;
(d)the total amount of all management fees and advisory fees during the reporting period;
(e)the total amount of all brokerage commissions during the reporting period; and
(f)the total amount of all other expenses incurred or accrued by the pool during the reporting period.
(3)  The statement of changes in net asset value shall separately itemise —
(a)the net asset value of the pool as of the beginning of the reporting period;
(b)the total amount of additions to the pool made during the reporting period;
(c)the total amount of withdrawals from and redemption of participation units in the pool for the reporting period;
(d)the total net income or loss of the pool during the reporting period;
(e)the net asset value of the pool as of the end of the reporting period; and
(f)
(i)the net asset value per outstanding participation unit in the pool as of the end of the reporting period; or
(ii)the total value of the participant’s interest or share in the pool as of the end of the reporting period.
(4)  The statement of changes in net asset value shall also disclose any material dealings between the pool, the pool operator, commodity futures trading adviser, commodity futures broker, or the director thereof that previously have not been disclosed in the pool’s disclosure document or any amendment thereto, other statements or annual reports.
(5)  The statement of changes in net asset value must be distributed at least monthly in the case of pools with net assets of more than $500,000 at the beginning of the pool’s financial year, and otherwise at least quarterly.
(6)  Each commodity futures pool operator shall distribute an annual report to each participant in each pool that it operates, and must file a copy of the report with the Board within 3 months after the end of the pool’s financial year or such extension thereof permitted by the Board subject to such conditions as the Board thinks fit to impose. The annual report shall contain the following:
(a)the net asset value of the pool as of the end of each of the pool’s two preceding financial years;
(b)
(i)the net asset value per outstanding participation unit in the pool as of the end of each of the pool’s two preceding financial years; and
(ii)the total value of the participant’s interest or share in the pool as of the end of each of the pool’s two preceding financial years; and
(c)appropriate footnote disclosure and such further material information as may be necessary to make the required statements not misleading.
(7)  The financial statements in the annual report shall be presented and computed in accordance with generally accepted accounting principles consistently applied and shall be certified by an auditor.
(8)  The profit and loss statement required by this regulation shall itemise brokerage commissions, management fees, advisory fees, incentive fees, interest income and expense, total realised net gain or loss from commodity futures contracts and change in unrealised net gain or loss on futures contract positions during the pool’s financial year.