When acting as an issuer, promoter or manager of a private placement of securities (excluding CIUs), Investment firm licensees must provide on a semi-annual basis to investors and the CBB a progress report on the private placement. The semi-annual reports are to be provided as of 30th June and 31st December and must be submitted to the investors and the CBB within three months of the reporting period. This requirement is applicable to Category 1 investment firm licensees and Category 2 investment firm licensees only.