French Monetary and Financial Code
In forceThe annual management report of an undertaking for collective investment in transferable securities, referred to in the third paragraph of Article L. 214-50, includes the following information:
1° A summary of the management objective of the undertaking ;
2° A description of developments on the property and financial markets during the financial year;
3° An annotated description of significant events during the financial year;
4° Figures and comments on the main elements of the company's management;
5° A table of the last five financial years, including distributions made;
6° General information on the valuation of property assets;
7° The company's situation at the end of the financial year;
8° Changes in valuation methods and the reasons for them in the presentation of the annual accounts;
9° Information relating to the organisation and operation of the management, administrative and supervisory bodies of the undertaking;
10° Information relating to compliance with the rules of good conduct and professional ethics applicable to the management company of the undertaking;
11° The foreseeable development of the undertaking's business, at least for the coming financial year, in the light of developments on the property and financial markets;
12° The entity's debt and liquidity position;
13° An inventory showing the main characteristics of the undertaking's property portfolio and financial instruments, if not included in the annual accounts;
14° Significant events occurring after the end of the financial year.
The General Regulation of the Autorité des marchés financiers specifies the content of each of these disclosures.
