Section 166 Investments and Securities Act

Section 166 of the Investments and Securities Act 2025 is about Audit of accounts of a scheme and annual general meeting. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) The manager of an authorised scheme shall cause proper books of account to be kept and annual accounts to be prepared which shall give a fair and true view of the affairs of the scheme during each year covered by the accounts and the accounts shall be audited by a person appointed as auditor by the manager of the scheme with the consent of the trustee for the scheme.

(2) A copy of the auditors’ report on the accounts and of such account certified by an auditor shall be sent by the manager to the Commission and published within three months after the end of the period to which the accounts relate as the Commission shall prescribe.

(3) The auditor shall certify that the scheme has been operated within the provisions of this Act and the regulations prescribed by the Commission.

(4) The manager of an open-ended investment company and real estate investment company shall call an annual general meeting of investors with the consent of the trustee not later than four months after the end of each year, to consider the accounts and other matters affecting the scheme.

(5) An extraordinary general meeting of unit holders of a scheme may be convened —
(a) at the request of the trustees;
(b) by a requisition of 25% of unit holders; or
(c) by the court on application by a member where the court is satisfied that it is just and equitable to do so.