Singapore legislation
Regulation 28
of Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005
Regulation 28
Performance of manager or submanager
Subregulation 1
Where an advertisement or publication in relation to a collective investment scheme includes any information on the past or present performance, skills or techniques of the manager for the scheme or a person managing the property of the scheme on behalf of the manager (referred to in this regulation as a submanager), the advertisement or publication shall —
state the source of such information, if the source is not the manager for the scheme;
indicate the period to which such information relates; and
include a prominent statement that the past performance of the manager or submanager is not necessarily indicative of its future performance.
Subregulation 2
An advertisement or publication in relation to a collective investment scheme must not present information on the past or present performance, skills or techniques of the manager or submanager for the collective investment scheme, or the past or present performance of any other collective investment scheme under the management of the manager or submanager, in a selective or biased way, such that any particular success is exaggerated or any lack of success is disguised.