The revised Code on Unit Trusts and Mutual Funds (UT Code) came into effect on 1 January 2019. According to the SFC’s implementation schedule for the revised UT Code, there is a transitional period of 12 months for existing authorized funds to comply with the enhanced reporting requirements. The 12-month transition period for the enhanced disclosures in a fund’s interim and annual reports as set out in Appendix E of the revised UT Code means that interim and annual reports covering a financial period or financial year starting on or after 1 January 2020 should comply in full with the new requirements. Please be reminded that annual reports of a non-UCITS fund with a financial year ended on or after 31 December 2020 should fully comply with Appendix E of the revised UT Code. Authorized UCITS funds are subject to streamlined requirements and their annual reports are required to comply with Notes to the Financial Reports (2) and (3)(a) of Appendix E only.