Section 197

(1)

Subject to any court order and subject to sub-regulations (2) and (3), while a collective investment scheme is being wound up, whether under regulation 196 or otherwise -

{a} the annual and half-yearly accounting periods continue to run;

(b} the provisions concerning annual and interim allocation of income continue to apply; and

·

(c}

annual and half-yearly reports continue to be required.

Where, for any annual or half-yearly accounting period, the operator, after consulting the auditor and the Authority has taken reasonable care to determine that timely production of an annual or half-yearly report is not required in the interests of the unit holders or the Authority, the operator or the trustee may direct that immediate production of the report by the auditor may be dispensed with.

The period mentioned in sub-regulation (2) must be reported on together with the following period in the next report prepared for the purposes of sub-regulation (1) or (4).

At the conclusion of the winding up, the accounting period then running is regarded as the final annual accounting period.