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  • 11. Disclosure Requirements

    • 11.1 Financial Statements

      A bank must ensure that its financial statements contain at minimum the following disclosures with regards to PSIA: 
       
       a.an analysis of its income according to types of investments and their financing;
       
       b.the basis for calculating and allocating profits between the bank and the IAHs;
       
       c.the equity of the IAHs at the end of the reporting period;
       
       d.the basis for determining any PER or IRR;
       
       e.the changes that have occurred in any of those reserves during the reporting period;
       
       f.to whom any remaining balances of any of those reserves is attributable in the event of liquidation of the bank
       

    • 11.2 IAH Disclosures

      A bank must provide each IAH of a PSIA a periodic statement (through SMS, e-mail or website) about the PSIA at intervals stated in the contract or terms of business. The interval must not be longer than 6 months 
       
      The bank must ensure that the periodic statement contains the following information as at the end of the period covered by the statement: 
       
       a.the number, description and value of investments held by the IAH;
       
       b.the amount of cash held by the IAH;
       
       c.details of applicable charges (including any deductions of fees that the bank is allowed to deduct from the profits of the PSIA) and the basis on which the charges are calculated;
       
       d.the total of any dividends and other benefits received by the bank for the PSIA;
       
       e.the total amount, and particulars, of all investments transferred into or out of the PSIA;
       
       f.details of the performance of the IAH’s investment and the historical performance on PSIA investment returns;
       
       g.the allocation of profit between the bank and the IAH;
       
       h.any changes to the investment strategies that could affect the IAH's investment.