Regulation 25

include a prominent statement that the past performance of the scheme is not necessarily indicative of the future performance of the scheme;

state the return on the scheme, calculated on an offer-to-bid basis illustrated in the Fifth Schedule or on a single pricing basis (taking into account any subscription fee and realisation fee), and include a statement that the return is calculated on that basis;

where dividends have been declared or distributions have been made by the scheme, state the return on the scheme, calculated on the assumption that all dividends and distributions are reinvested, taking into account all charges which would have been payable upon such reinvestment, and include a statement that the return is calculated on that assumption;

present the return on the scheme in relation to a period —

which shall not be less than one year or, in the case of a scheme which has been constituted for less than 12 months, which shall commence from the inception of the scheme;

the last day of which shall not be earlier than 3 months prior to the day on which the advertisement or publication is advertised or published; and

the first day and last day of which shall be determined on either of the following bases:

the first business day or last business day of a month; or

the first dealing day or last dealing day of the scheme in a month.(e)where the total return on the scheme for a period exceeding one year is presented, state the average annual compounded return on the scheme over the same period calculated in the manner illustrated in the Fifth Schedule; and

indicate the period to which the return on the scheme relates.

include an appropriate warning regarding its limitations as a proxy for the past performance of the scheme; and

comply with paragraph (1) as though the information on the past performance of the underlying fund were information on the past performance of the scheme.

an investment in an initial public offer of securities, securities‑based derivatives contracts or units in a collective investment scheme which has a large impact on the return on the scheme but where such return is unlikely to be sustained; and

a high annual return for a particular year where the scheme has, or schemes with a similar investment focus have, yielded a much lower historical long term average annual compounded return.

is —

authorised under section 286 of the Act, or one for which an application for authorisation has been made and has not been refused by the Authority under that section; or

recognised under section 287 of the Act, or one for which an application for recognition has been made and has not been refused by the Authority under that section;

is a trust;

invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes; and

has applied to an approved exchange for all or any of its units to be listed for quotation.