NOTICE OF 2002
FINANCIAL SERVICES BOARD
NOTICE UNDER THE COLLECTIVE INVESTMENT SCHEMES
CONTROL ACT, 2002
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Expense Category |
Treat as Fixed Cost Amounts |
Treat as Trading Costs and Anon-cash@ items |
Expenses per Income Statement |
Accounting and secretarial or other services, charges, etc. |
X |
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X |
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X |
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X |
X (b) |
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X |
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X |
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X |
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X |
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X |
X (c) |
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X |
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X |
X (d)+(g) |
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X |
X (e) |
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In determining fixed cost amounts, the following principles will apply:
Notes: (a) Depreciation and profits or losses on sales of fixed assets are non-cash items and must not be taken into account.
(b) Charges relating to active trading must be excluded. Fixed charges must be included.
(c) Non-contractual payments by way of profit shares or performance related bonuses must be excluded.
(d) Exceptional or extraordinary items may be excluded.
(e) Payments to directors must only be included to the extent that they are made irrespective of profitability.
(f) Interest paid to counter parties which is trade related may be excluded.
(g) Loss arising from the conversion of foreign currency balances may be excluded.
(2) The thirteen weeks= fixed expenditure shall be calculated as the previous financial year=s divided by four or if no financial year was completed, this amount shall be budgeted for to the satisfaction of the registrar.
(3) The registrar shall have the right, where he has reason to believe that the size of the operations of a manager has been or is likely to be expanded during any financial period, to call upon a manager to submit a budget based on the expanded operations. Where a manager has reason to believe that its operations in any financial period will decline from that of the previous year, it shall be entitled to submit a revised budget for approval by the registrar.
3. The calculation of the capital position by a manager must be submitted to the registrar as at the last business day of each calendar month, within 14 days after the end of such calendar month, in the form determined by the registrar.