A Licensed Person shall provide the Authority with periodic reports concerning all Securities Investment Portfolios for which he is responsible, whether managed by the Client or by the Licensed Person or for is held for custody purposes pursuant to the attached forms in Appendix 2 of this Module. Below are the reports to be prepared: 1. Report identifying the Securities Investment Portfolios established or closed by the Licensed Person during the month, no later than five Business Days as of the end of each month. 2. Report identifying the Securities Investment Portfolios managed by the Licensed Person whether managed by him or by the Clients or for custody, and value of each. This in addition to identifying whether each portfolio is owned by a natural or corporate person with the authorizations issued by Clients to other persons on these portfolios, no later than ten Business Days as of the end of each quarter. 3. Report identifying any trading by Members of the Board of Directors and employees of the Licensed Person on Securities Investment Portfolios with the Licensed Person, no later than ten Business Days as of the end of each month. 4. Report identifying any trading by Investment Portfolios of Clients on Securities issued by the Licensed Person or the Parent Company or Subsidiary or Associate companies, no later than five Business Days as of the end of each month. 5. Report identifying any trading by Investment Portfolios of foreign Clients (non-Kuwaiti) on listed Securities, no later than five Business Days as of the end of each month. This is in addition to informing the Authority immediately of the following: a. Upon any change or development which genuinely affect the Licensed Person’s performance of his duties in managing Investment Portfolios activity. b. Upon refraining from executing transactions for a Client pursuant to paragraph 8 of Article 5-1-8 of this Module. c. Upon any problem or default in the internal control system of the Licensed Person. d. Report indicating name of the entity authorized to manage Investment Portfolios. This report shall define in detail the managerial entity which manages each Clients’ Investment Portfolio and any company portfolios. This is in addition to immediately informing the Authority of any change in the identity of the entity authorized to manage any Investment Portfolio. e. A copy of the Investment Portfolios management manual and its policies for managing Investment Portfolios as approved by the Licensed Person’s Board Members. This is in addition to notifying the Authority of any amendment of such manual.