Singapore legislation
Regulation 19A
of Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005
Regulation 19A
Requirements of advertisement or publication
Subregulation 1
For the purposes of sections 300(3C), 303(3) and 305B(8) of the Act, the requirements of an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme that is disseminated or published on or after 10 December 2018 are as follows:
the advertisement or publication (as the case may be) is not false or misleading; (b)the advertisement or publication (as the case may be) provides a fair and balanced view of the units;
the advertisement or publication (as the case may be) presents information in a clear manner, regardless of whether such information is in text or otherwise;
where the advertisement or publication (as the case may be) appears in any medium of communication in visual form, the advertisement or publication (as the case may be) is clearly legible;
where the advertisement or publication (as the case may be) appears in any electronic mail or website —
the advertisement or publication (as the case may be) is in a font size of at least 10-point Times New Roman or any other standard font type that is visually equivalent to that font size; and
any footnote in the advertisement or publication (as the case may be) is not smaller than —
where the font size of the word or statement to which the footnote relates is or is smaller than 20-point Times New Roman or any other standard font type that is visually equivalent to that font size — 10-point Times New Roman or any other standard font type that is visually equivalent to that font size;
where the font size of the word or statement to which the footnote relates is larger than 20-point Times New Roman or any other standard font type that is visually equivalent to that font size but smaller than 29-point Times New Roman or any other standard font type that is visually equivalent to that font size — half the font size of that word or statement; or
where the font size of the word or statement to which the footnote relates is or is larger than 29-point Times New Roman or any other standard font type that is visually equivalent to that font size — 14-point Times New Roman or any other standard font type that is visually equivalent to that font size;
the advertisement or publication (as the case may be) contains the following statement: “This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.”;
where the person disseminating or publishing, or causing the dissemination or publication of the advertisement or publication (as the case may be) is an entity, a manager of a trust or a trustee-manager of a business trust, the advertisement or publication (as the case may be) has been approved by the person specified in regulation 19B in the manner set out in that regulation prior to its dissemination or publication.
Subregulation 2
In the case of an advertisement or a publication mentioned in section 300(3C) of the Act that is disseminated or published at the time an offer in respect of units in a collective investment scheme is made, and is broadcast by means of any radio, television or audiovisual broadcasting service, or shown in any cinema, the statements mentioned in regulation 23(a)(iii) and (iv) must be —
read audibly if the advertisement or publication (as the case may be) is in audio or audiovisual form; or
displayed for at least 5 seconds if the advertisement or publication (as the case may be) is only in visual form.
Subregulation 3
Without limiting paragraph (1)(a), examples of an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme, that is false or misleading are set out in paragraph 1 of the Ninth Schedule.
Subregulation 4
Without limiting paragraph (1)(b), examples of an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme, that does not provide a fair and balanced view of the units are set out in paragraph 2 of the Ninth Schedule.
Subregulation 5
Without limiting paragraph (1)(c), examples of an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme, that does not present information in a clear manner are set out in paragraph 3 of the Ninth Schedule.
Subregulation 6
Without limiting paragraph (1)(d), examples of an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme, that is not clearly legible are set out in paragraph 4 of the Ninth Schedule.