Regulation 19B — Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005

Subregulation 1

For the purposes of regulation 19A(1)(g), the advertisement or publication must be approved by —

(a)

the senior management of the person which disseminates or publishes, or causes the dissemination or publication, of the advertisement or publication, as the case may be;

(b)

an agent of the person mentioned in sub-paragraph (a); or

(c)

a committee of the person mentioned in sub-paragraph (a).

Subregulation 2

For the purposes of paragraph (1)(a), the advertisement or publication is approved by the senior management of the person only if every member of the senior management —

(a)

is satisfied that the advertisement or publication (as the case may be) complies with the requirements mentioned in —

(i)

regulation 19A(1)(a) to (f); and

(ii)

if the advertisement or a publication (as the case may be) is one that is mentioned in section 300(3C) of the Act and is disseminated or published at the time the offer of units is made, regulation 19A(2);

(b)

records the member’s reasons for being so satisfied in writing; and

(c)

gives written approval to the person for the dissemination or publication of the advertisement or publication (as the case may be), together with that member’s reasons mentioned in sub-paragraph (b).

Subregulation 3

For the purposes of paragraph (1)(b), the advertisement or publication is approved by an agent of the person only if the agent —

(a)

is satisfied that the advertisement or publication (as the case may be) complies with the requirements mentioned in —

(i)

regulation 19A(1)(a) to (f); and

(ii)

if the advertisement or a publication (as the case may be) is one that is mentioned in section 300(3C) of the Act and is disseminated or published at the time the offer of units is made, regulation 19A(2);

(b)

records the agent’s reasons for being so satisfied in writing; and

(c)

gives written approval to the person for the dissemination or publication of the advertisement or publication (as the case may be), together with the agent’s reasons mentioned in sub-paragraph (b).

Subregulation 4

For the purposes of paragraph (1)(c), the advertisement or publication is approved by a committee of the person only if every member of the committee —

(a)

is satisfied that the advertisement or publication (as the case may be) complies with the requirements mentioned in —

(i)

regulation 19A(1)(a) to (f); and

(ii)

if the advertisement or a publication (as the case may be) is one that is mentioned in section 300(3C) of the Act and is disseminated or published at the time the offer of units is made, regulation 19A(2);

(b)

records the member’s reasons for being so satisfied in writing; and

(c)

gives written approval to the person for the dissemination or publication of the advertisement or publication (as the case may be), together with that member’s reasons mentioned in sub-paragraph (b).

Subregulation 5

Amended byS 384/2018 wef 09/07/2018

In this regulation —

Definition

“agent”, in relation to a person (A), means another person (B) who —

(a)

may or may not be a member of the senior management of A; and

(b)

is unanimously appointed (being an appointment that is recorded in writing) by all the members of the senior management of A to —

(i)

determine whether an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme complies with the requirements mentioned in —

(A)

regulation 19A(1)(a) to (f); and

(B)

if the advertisement or a publication (as the case may be) is one that is mentioned in section 300(3C) of the Act and is disseminated or published at the time the offer of units is made, regulation 19A(2); and

(ii)

approve the dissemination or publication of the advertisement or publication (as the case may be) by A;

Definition

“committee”, in relation to a person, means a group of persons that —

(a)

comprises at least 2 persons, each of whom may or may not be a member of the senior management of the person; and

(b)

is unanimously appointed (being an appointment that is recorded in writing) by all members of the senior management of the person to —

(i)

determine whether an advertisement or a publication in respect of an offer or intended offer of units in a collective investment scheme complies with the requirements mentioned in —

(A)

regulation 19A(1)(a) to (f); and

(B)

if the advertisement or a publication (as the case may be) is one that is mentioned in section 300(3C) of the Act and is disseminated or published at the time the offer of units is made, regulation 19A(2); and

(ii)

approve the dissemination or publication of the advertisement or publication (as the case may be) by the person;

Definition

“member of the senior management” —

(a)

in relation to a person which is an entity, means a person for the time being holding the office of —

(i)

chief executive officer or an equivalent person of the entity; or

(ii)

executive director or an equivalent person of the entity,and includes a person carrying out the duties of any such office if the office is vacant; and

(b)

in relation to a person which is a manager of a trust or a trustee-manager of a business trust, means a person for the time being holding the office of —

(i)

chief executive officer of the manager of the trust or the trustee-manager of the business trust (as the case may be), or an equivalent person of the manager of the trust or the trustee-manager of the business trust, as the case may be; or

(ii)

executive director or an equivalent person of the manager of the trust or the trustee-manager of the business trust (as the case may be),and includes a person carrying out the duties of any such office if the office is vacant.

Amended byS 384/2018 wef 09/07/2018