Singapore legislation
Regulation 26
of Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005
Regulation 26
Comparison of past performance of collective investment scheme with that of another collective investment scheme or an index
Subregulation 1
Where an advertisement or publication in relation to a collective investment scheme includes a comparison of the past performance of the scheme with that of another collective investment scheme —
such other collective investment scheme must have investment objectives and an investment focus which are similar to those of the first-mentioned scheme; and
the comparison must be made on an offer-to-bid basis and that basis shall be stated in the advertisement or publication.
Subregulation 2
Where an advertisement or publication in relation to a collective investment scheme includes a comparison of the past performance of the scheme with that of an index —
such index must be the benchmark for the scheme or an index which reflects the investment focus of the scheme; and
the comparison must be made on an offer-to-bid basis or a bid-to-bid basis and the basis on which the comparison is made shall be stated in the advertisement or publication.
Subregulation 3
Any comparison of the past performance of a collective investment scheme with that of another collective investment scheme or with an index must be made using a common currency and, where the currency of the first-mentioned scheme is different from the currency of the second-mentioned scheme or index, conversion to the common currency must be based on prevailing exchange rates at the relevant time.
Subregulation 4
The requirements set out in regulation 25 shall apply to any collective investment scheme in respect of which any comparison of past performance is made under this regulation.