All accounting records of UCITS must be maintained in and updated in the country. Semiannual and annual financial statements must be prepared and published in the country. Dividends must be issued from the country.
Open-end funds are required to produce annual and semi-annual financial statements under Law 1969/91 and Law 3283/2004.
Company law requires all closed end funds to issue annual financial statements. Listed closed-end funds are required by the CMC to produce quarterly interim financial statements under IAS 34. The annual financial statements for listed closed end funds are produced under IFRS as adopted by the European Union (EU).
For corporate vehicles, the directors are responsible for the preparation of the financial statements. The president of the company, the chairman of the board, or another member of the board, if the chairman is also the president and the head of the financial department, are required to sign the annual statements. For unit trusts, the manager takes responsibility for the preparation of the statements. The directors of the manager and the custodian should sign the profit and loss account and balance sheet.
All open-ended funds have a calendar year-end. Closed-end funds may choose between 30 June or 31 December as their own year-end. Once chosen, they cannot alter the year-end without the prior approval of the Ministry of Finance.
The first annual report for closed-end funds must be for a period not exceeding 24 months from the date of establishment. An interim report must be produced quarterly if they are listed.
Comparatives are required for all financial statements except for open-end funds.
The reporting currency is always Euro (EUR).
Closed-end funds must publish financial statements in two newspapers and also in the Government Gazette. A full set of financial statements must be available on a website.
All open-end funds must comply with disclosure requirements contained within the CMC rules.
There are no provisions in legislation for short-form accounts.
Each fund publishes its own financial statements.
There is no requirement to produce financial statements for the umbrella as a whole.
The financial statements of collective investment funds require audits for annual and semi-annual financial statements. Audited financial statements must be completed within two months of period-end for open-ended funds and 20 days prior to the annual shareholder's meeting.
Funds are required to file their annual and semi-annual financial statements with the CMC.
UCITS in Greece are required to make available their financial statements to the public at the places specified in the prospectus within two months for annual and semi-annual financial statements. They must be supplied to unitholders free-of-charge on request. The latest annual and semi-annual financial statements must be offered to investors’ free-of-charge before the conclusion of a contract. The accounts may be distributed electronically.
Collective investment funds are required to submit their financial statements to the Ministry of Commerce within twenty days of prior to their shareholder's meeting.
All listed closed end funds must submit their annual and interim financial statements to the Athens Stock Exchange and the CMC.
Listed and non-listed closed funds apply International Financial Reporting Standards (IFRS) as adopted by the EU.
Requirements for inclusion in annual financial statements:
|Open-ended funds||Closed-end funds|
|A statement which includes all income less expenses plus realized and unrealized gains and losses||Yes||Yes|
|A statement which only includes income less expenses||Yes||Yes|
|A statement which only includes income less expenses plus realized gains and losses||Yes||Yes|
|Statements of net assets and liabilities||Yes||Yes|
|Statement of changes in net assets||No||Yes|
|Cash flow statement||No||Yes|
|Statement of accounting policies||Yes||Yes|
|Three-year net asset value table||Yes||No|
|Statement of portfolio changes||No||No|
|Listing of assets||Yes||No|
|Summary listing of assets||No||No|
|Related party transactions||No||Yes|
|Statement of financial preparer's responsibility||Yes||No|
|Investment manager's report||No||No|
|Details on the risks of financial instruments used||No||Yes|
The following items must be included in the annual financial statements:
|Open-ended funds||Closed-end funds|
|Futures are shown on balance sheet using the grossed up notional amount||No||No|
|Futures are shown on the balance sheet based on the margin outstanding||No||No|
|Futures are shown on the balance sheet based on the margin outstanding and the margin paid to date||No||No|
|Organization costs are written off immediately||Yes||Yes|
|Organization costs are amortized over one year||No||No|
|Organization costs are amortized over more than one year||No||No|
|Issue costs are charged to the statement of operations||Yes||No|
|Issue costs are netted off against creation proceeds||Yes||Yes|
|Contingent deferred sales charges are recorded as income||No||No|
|Contingent deferred sales charges are netted off against redemption proceeds||No||Yes|
|Holdings in other collective investment funds are consolidated if the fund holds > 50 percent of the underlying collective investment fund's shares||No||Yes|
|Methods used in financial statement presentation to measure listed investments are:|
|price at any time during the day||No||No|
|The financial statements distinguish between income and capital||No||No|
The following details relevant laws and regulations for collective investment funds and fund management companies and provides web addresses (in certain instances) for where this material can be located.
© 2016 KPMG Kyriacou Certified Auditors AE, a Greece corporation and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.