S.L. 370.16 Art. 14Accounts of multi fund schemes.

(1) A contractual fund having its units denominated in different currencies shall draw up its annual accounts in any one of such currencies.

(2) The manager of a contractual fund shall maintain proper accounting records of the assets and liabilities of each sub-fund in the base currency of any group of units constituting that sub-fund.

(3) The provisions of subregulation (1) shall mutatis mutandis apply to the drawing up of any other reports or financial statements which may be required by the competent authority in terms of Investment Services Rules issued for this purpose.

(4) For the purposes of subregulations (1) and (3), the conversion from the base currency of a group of units into the currency in which the annual accounts of the umbrella fund are to be drawn up shall be in accordance with generally accepted accounting principles.