Regulation 93 | Lengthy periods of account where full information not available

(1)This regulation applies if a reporting fund—

(a)has a period of account which is longer than twelve months, and

(b)has difficulty in computing its reportable income for the reporting period constituting the first twelve months of that period of account (the “relevant reporting period”).

(2)For the purpose of preparing its report to participants for the relevant reporting period, the fund may elect—

(a)to compute its reportable income based on such information as is reasonably available, or

(b)to make a just and reasonable apportionment of the income of the period of account.

(3)The computation of reportable income for the reporting period following the relevant reporting period must include all amounts not accounted for in the relevant reporting period.