S.L. 370.53 Art. 26Accounting requirements. Cap. 13.      Cap. 386.

(1) Every Special Limited Partnership Fund shall maintain proper accounting records which shall be:

(a) sufficient to manifest and explain the Special Limited Partnership Fund’s transactions;

(b) such as to disclose with reasonable accuracy, at any time, the Special Limited Partnership Fund’s financial position at that time;

(c) such as to enable the general partner to ensure that the Special Limited Partnership Fund’s balance sheet and profit and loss account are prepared properly and in accordance with generally accepted accounting principles and practice, and in accordance with any relevant enactment or regulations for the time being in force in Malta, including regulations and Investment Services Rules;

(d) such as to contain day to day entries of all sums of money received and expended by the Special Limited Partnership Fund and the matters in respect of which the receipt and expenditure takes place;

(e) such as to contain a record of the assets and liabilities of the Special Limited Partnership Fund.

(2) The general partner of every Special Limited Partnership Fund shall prepare for each accounting period individual accounts comprising the balance sheet as at the last day of the accounting period to which they refer, the profit and loss account for that period, the notes to the accounts and any other financial statements which may be required by generally accepted accounting principles and practice. These documents shall constitute a composite whole.

(3) The individual accounts of a Special Limited Partnership Fund shall give a true and fair view of the Special Limited Partnership Fund’s assets, liabilities, financial position and profit or loss.

(4) The individual accounts of a Special Limited Partnership Fund shall be drawn up in accordance with, and shall be in compliance with, these regulations, the provisions of the Act, in so far as collective investment schemes are concerned, and, or Investment Services Rules.

(5) Where the application of the provisions of these regulations, the applicable provisions of the Act, in so far as collective investment schemes are concerned and, or Investment Services Rules referred to in sub-regulation (4), would not be sufficient to give a true and fair view within the meaning of sub-regulation (3), additional information shall be given.

(6) Where in exceptional cases the application of a provision of these regulations, or of an applicable provision of the Act, or Investment Services Rules referred to in sub-regulation (4), is PARTNERSHIP FUNDS)

incompatible with the obligation for the individual accounts to give a true and fair view, that provision shall be departed from in order to give a true and fair view. Any such departure shall be disclosed in the notes to the accounts together with an explanation of the reasons for it and a statement of its effect on the assets, liabilities, financial position and profit or loss.

(7) Articles 13 to 18 and 21 of the Commercial Code shall not apply to Special Limited Partnership Funds.

(8) At the end of each financial year of the Special Limited

Partnership Fund, it shall be sufficient for the general partner to submit to the competent authority the annual accounts, as defined in the

Companies Act, of the Special Limited Partnership Fund for the respective accounting period, together with any other financial statements and any other returns in terms of the Investment Services Rules.

(9) At the end of each financial year of the Special Limited Partnership Fund, the balance sheet and profit and loss account of the Special Limited Partnership Fund together with the report of the general partner and the report of the auditor shall be made available to each limited partner within one (1) week from the filing thereof to the competent authority.