Newsletter-21

242 NEWSLETTER 2016 to the investors, and shall be retained on the website at least for five years. Nonetheless, value report is not required to be disclosed to the public. According to the Communique, financial reports and the portfolio reports to be prepared from such periods are subject to independent auditing. On the other hand, as explained above, semi-annual internal financial tables of venture capital mutual funds that disclose participa- tion shares more than once in an accounting year, as well as real estate mutual funds, are subject to limited independent auditing 3 . Conclusion The Communique determines the principles and procedures with respect to financial reports prepared by mutual funds. The Commu- nique, along with comprising the principles of the financial reports, also comprises provisions regarding liability. 3 The Communique also sets forth regulations on capital-guaranteed funds and hedge funds.