# The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989, Regulation 32: Reports and accounts


(1) The terms of a scheme must require the operator to prepare and make available to participants a report and accounts in relation to each annual accounting period of the scheme.
(2) Subject to paragraphs (3) and (4), the terms of a scheme must provide that each successive period of twelve months is an annual accounting period.
(3) The terms of a scheme must provide that the first annual accounting period shall–
(a) begin on the day on which the scheme is formally constituted; and
(b) end either–
(i) on such day in the calendar year in which the first annual accounting period begins as is specified in the terms of the scheme as the day on which each annual accounting period is to end; or
(ii) if that day is less than six months after the beginning of the first annual accounting period and the operator after consulting the auditor so determines, on the first anniversary of that day.
(4) The terms of a scheme must provide that, if the scheme is terminated, the final annual accounting period shall end on the day on which the final distribution is made to participants.
(5) The terms of a scheme may enable the operator to choose that any particular annual accounting period shall end on a day which is not more than seven days after and not more than seven days before the day on which that accounting period would otherwise have ended.

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Source: https://www.legislation.gov.uk/uksi/1989/28/regulation/32 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-single-property-schemes-exemption-regulations-1989/regulation-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.