(1) When an AIF acquires control of a non‑listed company, the AIFM managing the AIF must include in the AIF's annual report, prepared in accordance with rules 3.3.2 to 3.3.8 of the Investment Funds sourcebook, the information in paragraph (3) relating to the non-listed company.
(2) The duty in paragraph (1) does not arise if -
(a) the non-listed company has its registered office in the United Kingdom and is required to draw up an annual report under the law applicable in the United Kingdom; and
(i) the annual report of the non-listed company contains the information in paragraph (3); and
(ii) the report is made available by the board of directors of the company to the employees' representatives or, where there are none, to the employees themselves within the period in which the annual report must be drawn up.
(3) The information is -
(a) a fair review of the development of the company's business representing the situation at the end of the period covered b
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