Form 143 Explanatory Note re submission of un-audited accounts for a PIF with no auditor

Summary

This is guidance from the GFSC explaining how Designated Administrators of Private Investment Funds (PIFs) should use Form 143 to submit un-audited annual accounts, where the PIF has opted not to appoint an auditor under the Private Investment Fund Rules and Guidance, 2025. It clarifies that although PIFs need not appoint an auditor, un-audited accounts must still be filed within six months of the accounting period end.

• Form to use: Use Form 143, pre-populated on the fund's timeline in the Commission's online portal, which shows the submission deadline.
• Audited Financial Statements section: Upload the PIF's un-audited accounts in this section instead of audited statements.
• Audit-related questions: Answer no to questions on audit opinion, emphasis of matter, and auditor's management letter where accounts are unaudited.
• Rest of form: Complete remaining sections normally, with no special treatment for un-audited PIFs.
• Deadline: Submit the form no later than six months after the end of the fund's annual accounting period.
• If an auditor is appointed: Use Form 143 to submit audited accounts instead, completing the relevant sections with appropriate audit responses.
• Scope limitation: The option to forgo an auditor applies only to PIFs; all other Authorised or Registered schemes must appoint an auditor and submit audited accounts.

This note is explanatory and procedural rather than a new rule; the underlying filing obligation derives from the PIF Rules themselves, but it sets out the practical steps Designated Administrators must follow when completing Form 143 for un-audited PIF accounts.

Key obligations

• Designated Administrators of a PIF with no auditor must submit un-audited accounts to the Commission within six months of the accounting period end using Form 143.
• In the Audited Financial Statements section of Form 143, upload the PIF's un-audited accounts instead of audited statements.
• Answer no to the form's questions on audit opinion, emphasis of matter, and auditor's management letter when the PIF's accounts are unaudited.
• Where a PIF has appointed an auditor, submit its audited accounts via Form 143 within the same six-month timeframe.
• All Authorised or Registered schemes other than PIFs must appoint an auditor and submit audited accounts.

Applies to

Private Investment Funds (PIFs), Designated Administrators, Authorised schemes, Registered schemes

Deadlines

• within six months of the accounting period end: Deadline for submitting un-audited (or audited) annual accounts via Form 143 for a PIF or other scheme.