Singapore legislation
Regulation 13A
of Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005
Regulation 13A
Form and content requirements of product highlights sheet
Subregulation 1
For the purposes of section 296A(1)(a) of the Act, a product highlights sheet in respect of an offer of units in any of the following collective investment schemes that is made in or accompanied by a prospectus or profile statement lodged with the Authority on or after 10 December 2018 under section 296(1)(a)(ii) or (2)(b) of the Act, must comply with the requirements in paragraph (2):
a collective investment scheme (other than a real estate investment trust) that is an exchange traded fund listed on an approved exchange or overseas exchange; (b)a collective investment scheme that is not listed on an approved exchange or overseas exchange.
Subregulation 2
For the purposes of paragraph (1), the requirements are —
the product highlights sheet must —
in the case of a collective investment scheme (other than a real estate investment trust) that is an exchange traded fund listed on an approved exchange or overseas exchange —
be in the form set out in Part 1 of the Eighth Schedule; and
contain a rectangular side bar —
(BA)appearing at the rightmost side of each page;
(BB)of at least 18 millimetres in width and in the full length of each page;
(BC)in the colour Pantone 109C; and
(BD)containing the words “PRODUCT HIGHLIGHTS SHEET” that are oriented at 90 degrees clockwise, in typeface Arial, in font size 20-point, and in the colour black;
in the case of a collective investment scheme that is not listed on an approved exchange or overseas exchange, the product highlights sheet must —
be in the form set out in Part 2 of the Eighth Schedule; and
contain a rectangular side bar —
(BA)appearing at the rightmost side of each page;
(BB)of at least 18 millimetres in width and in the full length of each page;
(BC)in the colour Pantone 109C; and
(BD)containing the words “PRODUCT HIGHLIGHTS SHEET” that are oriented at 90 degrees clockwise, in typeface Arial, in font size 20-point, and in the colour black;
contain a description of the key features and risks of the units;
contain a glossary explaining technical terms, if technical terms are used in the product highlights sheet; (v)provide a fair and balanced view of the units;
comply with the following if the product highlights sheet does not contain any diagram or glossary:
the product highlights sheet must not be more than 4 pages;
each page of the product highlights sheet must not be larger than 297 millimetres in length and 210 millimetres in breadth (A4 paper size); and
comply with the following if the product highlights sheet contains one or more diagrams or a glossary:
the product highlights sheet must not be more than 8 pages;
the number of pages of the product highlights sheet containing information that is not contained in any diagram or glossary must not be more than 4 pages;
each page of the product highlights sheet must not be larger than 297 millimetres in length and 210 millimetres in breadth (A4 paper size);
the information in the product highlights sheet, including footnotes and references, must —
be clearly legible; and
be in a font size of at least 10-point Arial or any other standard font type that is visually equivalent to that font size; and
the product highlights sheet must not —
be false or misleading; or
contain any material information that differs in any material particular from the material information set out in the prospectus of the offer of the units.
Subregulation 3
Despite paragraph (2)(a)(i)(A) or (ii)(A), the following aspects of the form mentioned in that paragraph may be modified:
the font colour of the content of the product highlights sheet, including any heading or subheading;
the font type and font style of any word or number for the purpose of providing emphasis;
the cell colour of any heading or subheading;
the addition of one or more headings or subheadings.
Subregulation 4
For the purposes of paragraph (2)(a)(vi) and (vii), where a product highlights sheet is printed on both sides of a sheet of paper, each sheet counts as 2 pages.
Subregulation 5
Without limiting paragraph (2)(a)(v), examples of a product highlights sheet that does not provide a fair and balanced view of the units in a collective investment scheme are set out in paragraph 1 of Part 3 of the Eighth Schedule.
Subregulation 6
Without limiting paragraph (2)(c)(i), examples of a product highlights sheet that is false or misleading are set out in paragraph 2 of Part 3 of the Eighth Schedule.
Subregulation 7
Despite paragraphs (2)(c)(i) and (6) (read with paragraph 2 of Part 3 of the Eighth Schedule), a product highlights sheet is not to be treated as false or misleading if the false or misleading information, or omission concerned in the product highlights sheet is not materially adverse from the point of view of the investor.
Subregulation 8
In paragraph (2)(a)(vi) and (vii), “diagram” includes any graph, chart, flowchart, table or numerical explanation.