20.—(1) Every commodity pool operator shall periodically distribute to each participant in each pool that he operates, within 30 days after the last date of the reporting period specified in paragraph (7) (hereinafter referred to as the reporting period), a profit and loss statement and a statement of changes in net asset value for that period.
(2) The statements referred to in paragraph (1) shall be presented and computed in accordance with generally accepted accounting principles, and shall be signed by the pool operator or by 2 directors thereof.
(3) The profit and loss statement referred to in paragraph (1) shall set out as separate items —
(a)
the total amount of realised net gain or loss on commodity contract positions liquidated during the reporting period;
(b)
the change in unrealised net gain or loss on 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 relating to the pool during the reporting period;
(e)
the total amount of all brokerage commissions relating to the pool during the reporting period; and
(f)
the total amount of all other expenses incurred or accrued by the pool during the reporting period.
(4) The statement of changes in net asset value as referred to in paragraph (1) shall set out separately —
(a)
the net asset value of the pool as at 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 at the end of the reporting period; and
(f)
the net asset value of each outstanding participation unit in the pool as at the end of the reporting period or the total value of each participant’s interest or share in the pool as at the end of the reporting period, whichever is applicable.
(5) The statement of changes in net asset value shall also disclose any material dealings between the pool, the commodity pool operator, commodity trading adviser or commodity broker, or any director thereof that previously has not been disclosed in the pool’s disclosure document or any amendment thereto, or other statements or annual reports.
(6) The statement of changes in net asset value shall be distributed —
(a)
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
(b)
at least quarterly, in the case of pools with net assets of $500,000 or less.
(7) Every commodity pool operator shall distribute an annual report to each participant in each pool that he operates, and shall file a copy of the annual report with the Board within 3 months after the end of the pool’s financial year or such extension of time as permitted by the Board subject to such conditions as the Board thinks fit to impose.
(8) The annual report referred to in paragraph (7) shall contain the following:
(a)
the net asset value of the pool as at the end of each of the pool’s 2 preceding financial years;
(b)
the net asset value of each outstanding participation unit in the pool as at the end of each of the pool’s 2 preceding financial years, or the total value of each participant’s interest or share in the pool as at the end of each of the pool’s 2 preceding financial years, whichever is applicable; and
(c)
appropriate disclosure and such further material information as may be necessary to ensure the accuracy of the required statements.
(9) The financial statements in the annual report shall be presented and computed in accordance with generally accepted accounting principles and shall be certified by an auditor.
(10) The profit and loss statement required to be distributed under this regulation shall set out all brokerage commissions, management fees, advisory fees and incentive fees relating to the pool, interest income and expense, total realised net gain or loss from contracts and change in unrealised net gain or loss on contract positions during the pool’s financial year.