A 12 (twelve) month period starting on 1 January and ending on 31 December of a calendar year. The first financial year shall be from the day on which the certificate for registration of establishment of a Fund is issued by the SSC to the end of 31 December of such year, unless the remaining period of the first financial year is under 3 (three) months, in which case the first financial year shall end on 31 December of the following calendar year.