Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005

it is not completed or lodged in accordance with this regulation; or

it is not accompanied by the relevant fee referred to in regulation 4.

an offer of units in another collective investment scheme (other than a collective investment scheme that is a trust and that invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes); or

an offer of asset-backed securities or structured notes,if any person who makes or is a sponsor of the first-mentioned offer also —

makes or is a sponsor of the second-mentioned offer; or

is a related corporation or related entity of the person who makes or is a sponsor of the second-mentioned offer.

an offer of units in another collective investment scheme that is a trust and that invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes;

an offer of shares or units of shares of a corporation;

an offer of debentures or units of debentures (other than asset-backed securities and structured notes) of an entity; or

an offer of units or derivatives of units in a business trust,if —

both offers form part of a single plan of financing;

both offers are made for the primary benefit of the same person or persons; or

both offers are made in connection with the same business or in relation to a common business venture.

the intended usage of the net proceeds raised from each offer; and

the person or persons with the right to determine how the net proceeds raised from each offer are to be used.

where the person making the offer of units in a collective investment scheme is the responsible person for the scheme, by every director or equivalent person of the responsible person and every person who is named therein as a proposed director or an equivalent person of the responsible person; and

where the person making the offer of units in a collective investment scheme is not the responsible person for the scheme —

in the case where the responsible person is controlled by —

the person making the offer;

one or more of the related parties of the person making the offer; or

the person making the offer and one or more of his related parties,by the persons mentioned in paragraph (3A); or

in any other case —

if the person making the offer is an entity, by every director or equivalent person of that entity; or

if the person making the offer is an individual, by the individual or a person authorised by the individual in writing.

every director or equivalent person of the responsible person and every person who is named in the offer information statement to be lodged with the Authority as a proposed director or an equivalent person of the responsible person; and

if —

the person making the offer is an entity, by every director or equivalent person of that entity; or

the person making the offer is an individual, by the individual or a person authorised by the individual in writing.

by that director or equivalent person; or

by a person who is authorised in writing by that director or equivalent person to sign on his behalf.

by that proposed director or equivalent person; or

by a person who is authorised in writing by that proposed director or equivalent person to sign on his behalf.

the prospectus or profile statement relates to an offer of units in a collective investment scheme; and

the conditions referred to in paragraph (3) are satisfied.

the offer information statement relates to an offer of units in a collective investment scheme; and

the conditions referred to in paragraph (3) are satisfied.

the relevant statement —

is not made by the expert in connection with the offer concerned in the prospectus or profile statement or the offer information statement, as the case may be;

is not made by the expert for the sole benefit of the collective investment scheme concerned; and

does not relate specifically to the affairs of the collective investment scheme concerned;

the expert is a person whom the persons signing the prospectus or profile statement or the offer information statement, as the case may be, reasonably believe to be an expert who —

has no material interest in the success of the issue or sale of the units; and

is not acting at the instigation of, or by arrangement with, the collective investment scheme concerned, the manager for the scheme, the trustee for the scheme, a director or an equivalent person of the scheme, manager or trustee, a proposed director or an equivalent person of the scheme, manager or trustee, or a person who has a material interest in the success of the issue or sale of the units;

the relevant statement is a correct and fair copy or a representation of, or an extract from, a statement made or information published by a source which the persons signing the prospectus or profile statement or the offer information statement, as the case may be, reasonably believe to be reliable; and

wherever the relevant statement appears in the prospectus or profile statement or the offer information statement, there shall be included in the prospectus, profile statement or offer information statement, as the case may be —

a statement that the expert has not consented to the inclusion of the relevant statement for the purposes of section 249 of the Act (read with section 302(1) or 305B(4) of the Act, as the case may be), and is therefore not liable for the relevant statement under sections 253 and 254 of the Act (read with section 302(1) or 305B(4) of the Act, as the case may be);

any disclaimer made by the expert in relation to reliance on the contents of the relevant statement which the persons signing the prospectus, profile statement or offer information statement, as the case may be, are reasonably aware;

a statement as to whether the persons signing the prospectus, profile statement or offer information statement, as the case may be, have verified the accuracy of the contents of the relevant statement;

a statement as to whether the persons signing the prospectus, profile statement or offer information statement, as the case may be, have included the relevant statement in its proper form and context in the prospectus, profile statement or offer information statement, as the case may be; and

a proper citation identifying the source of, and the location within the source of, the relevant statement, including, where available, the following details of the source:

each author or editor;

the title;

the publication date and every revision date; and

where the source is published on an Internet website, the uniform resource locator (URL) and version date.

the offer is made to any existing participant of the scheme; and

the units being offered are uniform in all respects with units previously issued to and currently owned by the existing participant.

the public company has —

a paid-up capital of not less than $1 million;

shareholders’ funds of not less than $1 million;

a sound financial position; and

a sufficient number of qualified personnel with experience in performing the duties of an approved trustee or other relevant experience, having regard to the nature and extent of the activities which the public company carries on or will carry on;

the public company is a fit and proper person;

each officer of the public company is a fit and proper person; and

the public company has, if so required by the Authority —

obtained professional indemnity insurance for such amount and on such terms as may be specified by the Authority by notice in writing; or

provided the Authority with a performance bond, guarantee or any similar instrument (by whatever name called) from its holding company, if any, for such amount and on such terms as may be specified by the Authority by notice in writing.

any person who is or will be employed by or associated with the public company;

any person whom the Authority considers to be exercising influence over the public company; and

any person whom the Authority considers to be exercising influence over a related corporation of the public company.

where the approved trustee becomes aware that the manager for the scheme has contravened any legal or regulatory requirement applicable to the manager in relation to the scheme, inform the Authority of the contravention no later than 3 business days after the approved trustee becomes aware of the contravention;

take into custody or control all the property of the scheme and hold the property on trust for the participants;

ensure that all the property of the scheme is properly accounted for;

ensure that the property of the scheme is kept distinct from its own property and the property of its other clients;

keep and maintain, or cause to be kept and maintained, a register of the participants in the scheme;

make the register available for inspection during its business hours, free of charge, to the manager for the scheme or any participant in the scheme; and

where that register is not in the language of the prospectus, make available for inspection during its business hours an accurate translation of the register in the language of the prospectus, free of charge, to the manager for the scheme or any participant in the scheme, unless the manager or the participant, as the case may be, has consented to the register being made available to him for inspection in a language other than the language of the prospectus.

his name and address;

the extent of his holding;

the date on which his name was entered in the register as a participant; and

if applicable, the date on which he ceases or ceased to be a participant.

if, in the course of discharging the functions or duties of such custodian, it becomes aware that the non-umbrella VCC or its manager has contravened, in relation to the scheme, any legal or regulatory requirement applicable to the non-umbrella VCC or the manager, inform the Authority of the contravention no later than 3 business days after it becomes so aware; (b)ensure the safekeeping of all the property of the non-umbrella VCC in the following ways:

in a case where any property of the non-umbrella VCC is capable of being held in custody by the approved trustee as custodian — hold the property, including by means of taking delivery of the property or the documents of title in respect of the property;

in any case — take appropriate measures to satisfy itself that each property purportedly owned by the non-umbrella VCC is in fact the property of the non-umbrella VCC, and record the measures taken;

maintain proper and up-to-date records of all the property of the non-umbrella VCC, and perform regular reconciliation of the records; and

ensure that the property (including the documents of title in respect of the property) of the non-umbrella VCC is kept distinct from —

that of the approved trustee;

that of the manager of the non-umbrella VCC; and

that held by the approved trustee on behalf of any other person.

if, in the course of discharging the functions or duties of such custodian, it becomes aware that the umbrella VCC or its manager has contravened, in relation to the scheme, any legal or regulatory requirement applicable to the umbrella VCC or the manager, inform the Authority of the contravention no later than 3 business days after it becomes so aware;

ensure the safekeeping of all the property of the umbrella VCC held on account of the sub-fund (called in this regulation the sub-fund’s property) in the following ways:

in a case where any sub-fund’s property is capable of being held in custody by the approved trustee as custodian — hold the property, including by means of taking delivery of the property or the documents of title in respect of the property;

in any case — take appropriate measures to satisfy itself that each property purportedly a sub-fund’s property is in fact the sub-fund’s property, and record the measures taken;

maintain proper and up-to-date records of all the sub-fund’s property, and perform regular reconciliation of the records; and

ensure that the sub-fund’s property (including the documents of title in respect of the property) is kept distinct from —

that of the umbrella VCC that is not held on account of the sub-fund;

that of the approved trustee;

that of the manager of the umbrella VCC; and

that held by the approved trustee on behalf of any person.

any property that it holds on behalf of any person; or

any property of the umbrella VCC that is not held on account of the sub-fund,the sub-fund’s property may be deposited in the custody account together with such other property.

subject to paragraph (4), contains the covenants referred to in paragraph (2); and

includes the provisions referred to in regulation 9.

binding the manager for the scheme —

to use its best endeavours —

to carry on and conduct its business in a proper and efficient manner; and (B)to ensure that the scheme is carried on and conducted in a proper and efficient manner;

to pay to the trustee for the scheme within 5 business days after the receipt by the manager of any money that, under the trust deed, is payable by the manager to the trustee;

to issue, redeem or repurchase units in the scheme at a price based on the net asset value of the scheme or otherwise, in accordance with the Code on Collective Investment Schemes;

at the request of a participant in the scheme, to purchase from the participant units which the participant has subscribed for or acquired, except in the circumstances specified in paragraph (4);

to keep or cause to be kept such books as will sufficiently explain the transactions and financial position of the scheme and enable true and fair accounts to be prepared from time to time;

to keep or cause to be kept the books referred to in sub-paragraph (v) in such manner as will enable them to be conveniently and properly audited; and

to prepare or cause to be prepared —

semi-annual accounts and annual accounts relating to the scheme in the language of the prospectus; and

semi-annual reports and annual reports relating to the scheme in the language of the prospectus,in accordance with the Code on Collective Investment Schemes;

binding the trustee for the scheme —

to exercise all due diligence and vigilance in carrying out its functions and duties and in safeguarding the rights and interests of the participants in the scheme;

to cause the annual accounts relating to the scheme to be audited at the end of each financial year by an auditor, other than in such cases as may be specified by the Authority in the Code on Collective Investment Schemes, and to ensure that the report of the auditor is prepared in the language of the prospectus; and

to send or cause to be sent to the participants —

the semi-annual accounts and annual accounts relating to the scheme;

the report of the auditor on the annual accounts; and

the semi-annual report and annual report relating to the scheme,in accordance with the Code on Collective Investment Schemes; and

binding the manager for the scheme, to the same extent as if the trustee for the scheme were a director of the manager —

to make available for inspection within a reasonable time to the trustee, or any auditor appointed by the trustee, the books of the manager relating to the scheme whether these books are kept at the registered office of the manager or elsewhere; and

to give within a reasonable time to the trustee, or any auditor appointed by the trustee, such oral or written information as the trustee or auditor requires with respect to the scheme.

the scheme is an arrangement —

under which units that are issued are exclusively or primarily non-redeemable at the election of the holder of the units; and

that is mentioned in paragraph (a), (aa) or (b) of the definition of “closed-end fund” in section 2(1) of the Act;

in the case of a scheme where the offer of units is an offer for which a prospectus is required, the units in the scheme are listed for quotation on an approved exchange within 30 days after the prospectus in respect of the offer is registered by the Authority;

the advertising and marketing materials (including the prospectus referred to in sub-paragraph (b)) in relation to the scheme contain —

a statement to the effect that, for so long as the units in the scheme are listed for quotation on an approved exchange, the participants in the scheme shall have no right to request the manager for the scheme to redeem or purchase their units in the scheme; and

a warning to prospective investors that the listing for quotation of the units in the scheme on an approved exchange does not guarantee a liquid market for those units; and

the trust deed contains a covenant binding on the responsible person for the scheme that if at any time the units in the scheme —

are suspended from trading for at least 60 calendar days on all approved exchanges on which the units have been listed for quotation; or

cease to be listed for quotation on all approved exchanges on which the units have been listed for quotation,the responsible person shall offer to purchase from the participants in the scheme the units in the scheme in accordance with the provisions of the trust deed and the requirements set out in the Second Schedule.

subject to paragraph (3), contain the provisions set out in paragraph (2); and

contain the additional provisions set out in paragraph (4).

to issue, redeem or repurchase units in the scheme at a price equal to the proportion of the net asset value of the non-umbrella VCC represented by each unit, in accordance with the Code on Collective Investment Schemes, after adding or subtracting (as the case may be) any fees and charges in accordance with the constitution;

at the request of a participant of the scheme, to purchase from the participant units in the scheme that the participant has subscribed for or acquired;

to prepare or cause to be prepared —

semi-annual accounts and annual accounts relating to the scheme in the language of the prospectus; and

semi-annual reports and annual reports relating to the scheme in the language of the prospectus,in accordance with the Code on Collective Investment Schemes; and

to entrust all the property of the scheme to an approved trustee that is the custodian of the scheme for safekeeping in accordance with the requirements mentioned in regulation 7A(1).

the scheme is an arrangement —

under which units that are issued are exclusively or primarily non-redeemable at the election of the holders of the units; and

that is mentioned in paragraph (aa) or (b) of the definition of “closed-end fund” in section 2(1) of the Act;

the units of the scheme the offer of which requires a prospectus are listed for quotation on an approved exchange within 30 days after the prospectus is registered by the Authority;

the advertising and marketing materials (including the prospectus mentioned in sub-paragraph (b)) in relation to the scheme contain the following:

a statement to the effect that a participant in the scheme has no right to request the non-umbrella VCC to redeem or purchase any of the participant’s units in the scheme for the period in which the units in the scheme are listed for quotation on an approved exchange;

a warning to any prospective investor that the listing for quotation of the units in the scheme on an approved exchange does not guarantee a liquid market for the units; and

the constitution contains provisions that bind the responsible person for the scheme to offer to purchase the participants’ units in the scheme, in accordance with the provisions of the constitution and the requirements set out in the Second Schedule, if the units in the scheme —

are suspended from trading for at least 60 calendar days on all approved exchanges on which the units have been listed for quotation; or

cease to be listed for quotation on all approved exchanges on which the units have been listed for quotation.

provisions setting out the following particulars:

the structure of the scheme;

the nature of the units in the scheme;

the investment objectives of the scheme;

the types of authorised investments and investment restrictions applicable to the scheme, including those that are applicable by virtue of the Code on Collective Investment Schemes;

provisions setting out the precise information as to the circumstances in which the money, securities, securities-based derivatives, units in a collective investment scheme, investments and other property attributable to the scheme are or are to be vested in the custodian;

provisions for and specifying full particulars with respect to —

the retirement, removal and replacement of a director of the non-umbrella VCC;

the retirement, removal and replacement of the manager of the non-umbrella VCC;

the retirement, removal and replacement of the custodian of the non-umbrella VCC; and (iv)the duration (if ascertainable) of the scheme or, if the duration is not ascertainable, a statement of that fact;

where the scheme invests in property that tends to depreciate in value through use or effluxion of time and —

if provision is made or to be made for the replacement of the property — provisions regarding particulars of such provision and each source from which the replacement is to be made or the cost of the replacement is to be met; or

if no provision is made or is to be made — a statement of that fact;

provisions specifying full particulars of —

the method of determining the price at which a unit in the scheme issued by the non-umbrella VCC may be sold by its manager;

the circumstances in which the non-umbrella VCC or any other person may be required to purchase from a participant of the scheme any unit subscribed for or acquired by the participant;

the method of valuation of any investment comprised in the scheme and the time of day when valuation is to be made;

the circumstances in which, and the methods by which, all or any of the investments or other property comprising or forming part of the scheme may be varied;

the conditions governing the transfer of units in the scheme;

the conditions governing the distribution of income to the participants of the scheme; and

any fees or charges payable by the scheme or participants of the scheme;

provisions requiring the prior approval of the directors of the non-umbrella VCC for any change to the particulars to which sub-paragraph (e)(i), (ii) and (iii) relates, and requiring the directors to determine if the participants of the scheme should be informed of such changes;

provisions relating to the convening of meetings of the participants of the scheme;

provisions incorporating, whether by way of annex or otherwise, the terms and form of any agreement which the non-umbrella VCC requires, or confers a right on, the participants of the scheme to enter into in connection with the scheme;

provisions relating to details of the scheme’s borrowing limits and borrowing powers, including stock borrowings;

provisions specifying the party to whom interest on monies held by the manager or custodian of the scheme pending payment to the non-umbrella VCC should accrue;

where applicable, provisions regarding a regular savings plan incorporated into the scheme or enabling such a plan to be incorporated; and

where the constitution is capable of modification, provisions relating to the modification of the constitution.

subject to paragraph (3), contain the provisions set out in paragraph (2); and

contain the provisions set out in regulation 10AA(4), subject to the following modifications:

a reference in a provision to the collective investment scheme constituted as a non-umbrella VCC is to the scheme;

a reference in a provision to the non-umbrella VCC is to an umbrella VCC;

a reference in a provision to a unit is to a unit of the scheme;

a reference in a provision to an investment by a scheme is to an investment by the umbrella VCC on account of the scheme;

a reference in a provision to the borrowing limits and borrowing powers of a scheme is to the borrowing limits and borrowing powers of the umbrella VCC on account of the scheme.

to issue, redeem or repurchase units in the scheme at a price equal to the proportion of the net asset value of the sub-fund represented by each unit, in accordance with the Code on Collective Investment Schemes, after adding or subtracting (as the case may be) any fees and charges in accordance with the constitution;

at the request of a participant of the scheme, to purchase from the participant units in the scheme that the participant has subscribed for or acquired;

to prepare or cause to be prepared —

semi-annual accounts and annual accounts relating to the scheme in the language of the prospectus; and

semi-annual reports and annual reports relating to the scheme in the language of the prospectus,in accordance with the Code on Collective Investment Schemes; and

to entrust all the property of the scheme to an approved trustee that is the custodian of the scheme for safekeeping in accordance with the requirements mentioned in regulation 7B(1).

the scheme is an arrangement —

under which units that are issued are exclusively or primarily non-redeemable at the election of the holders of the units; and

that is mentioned in paragraph (aa) or (b) of the definition of “closed-end fund” in section 2(1) of the Act;

the units of the scheme the offer of which requires a prospectus are listed for quotation on an approved exchange within 30 days after the prospectus is registered by the Authority;

the advertising and marketing materials (including the prospectus mentioned in sub-paragraph (b)) in relation to the scheme contain the following:

a statement to the effect that a participant in the scheme has no right to request the umbrella VCC to redeem or purchase, on account of the scheme, any of the participant’s units in the scheme for the period in which the units in the scheme are listed for quotation on an approved exchange;

a warning to any prospective investor that the listing for quotation of the units in the scheme on an approved exchange does not guarantee a liquid market for the units; and

the constitution contains provisions that bind the responsible person for the scheme to offer to purchase the participants’ units in the scheme, in accordance with the provisions of the constitution and the requirements set out in the Second Schedule, if the units in the scheme —

are suspended from trading for at least 60 calendar days on all approved exchanges on which the units are listed for quotation; or

cease to be listed for quotation on all approved exchanges.

a statement that copies of the prospectus are available for collection at the times and places specified in the profile statement; and

a statement that the persons referred to in section 296(2A) of the Act who have signed the profile statement are satisfied that the profile statement contains a fair summary of the key information in the prospectus.

any statement or matter that is false or misleading in the form and context in which it is included;

any material information that is not contained in the prospectus; and

any material information that differs in any material particular from that set out in the prospectus.

a collective investment scheme (other than a real estate investment trust) that is an exchange traded fund listed on an approved exchange or overseas exchange; (b)a collective investment scheme that is not listed on an approved exchange or overseas exchange.

the product highlights sheet must —

in the case of a collective investment scheme (other than a real estate investment trust) that is an exchange traded fund listed on an approved exchange or overseas exchange —

be in the form set out in Part 1 of the Eighth Schedule; and

contain a rectangular side bar —

in the case of a collective investment scheme that is not listed on an approved exchange or overseas exchange, the product highlights sheet must —

be in the form set out in Part 2 of the Eighth Schedule; and

contain a rectangular side bar —

contain a description of the key features and risks of the units;

contain a glossary explaining technical terms, if technical terms are used in the product highlights sheet; (v)provide a fair and balanced view of the units;

comply with the following if the product highlights sheet does not contain any diagram or glossary:

the product highlights sheet must not be more than 4 pages;

each page of the product highlights sheet must not be larger than 297 millimetres in length and 210 millimetres in breadth (A4 paper size); and

comply with the following if the product highlights sheet contains one or more diagrams or a glossary:

the product highlights sheet must not be more than 8 pages;

the number of pages of the product highlights sheet containing information that is not contained in any diagram or glossary must not be more than 4 pages;

each page of the product highlights sheet must not be larger than 297 millimetres in length and 210 millimetres in breadth (A4 paper size);

the information in the product highlights sheet, including footnotes and references, must —

be clearly legible; and

be in a font size of at least 10-point Arial or any other standard font type that is visually equivalent to that font size; and

the product highlights sheet must not —

be false or misleading; or

contain any material information that differs in any material particular from the material information set out in the prospectus of the offer of the units.

the font colour of the content of the product highlights sheet, including any heading or subheading;

the font type and font style of any word or number for the purpose of providing emphasis;

the cell colour of any heading or subheading;

the addition of one or more headings or subheadings.

if the person making the offer of units in a collective investment scheme is the responsible person for the scheme, by every director or equivalent person of the responsible person and every person who is named therein as a proposed director or an equivalent person of the responsible person; and

if the person making the offer of units in a collective investment scheme is not the responsible person for the scheme —

in the case where the responsible person is controlled by —

the person making the offer;

one or more of the related parties of the person making the offer; or

the person making the offer and one or more of his related parties,by the persons mentioned in paragraph (1A); or

in any other case —

if the person making the offer is an entity, by every director or equivalent person of that entity; or

if the person making the offer is an individual, by the individual or a person authorised by the individual in writing.

every director or equivalent person of the responsible person and every person who is named in the supplementary document or replacement document to be lodged with the Authority as a proposed director or an equivalent person of the responsible person; and

if —

the person making the offer is an entity, by every director or equivalent person of that entity; or

the person making the offer is an individual, by the individual or a person authorised by the individual in writing.

by that director or equivalent person; or

by a person who is authorised in writing by that director or equivalent person to sign on his behalf.

by that proposed director or equivalent person; or

by a person who is authorised in writing by that proposed director or equivalent person to sign on his behalf.

the document shall be in portable document format (PDF) or such other format as the Authority may from time to time allow; and (b)the document shall be lodged using the Authority’s Internet website at http://www.mas.gov.sg (under “OPERA”), or at https://eservices.mas.gov.sg/opera, or by submitting to the Authority such medium which contains the document, as the Authority may from time to time allow.(c)[Deleted by S 494/2014 wef 29/07/2014]

every signature on or accompanying the document;

any duly signed form which is part of or which accompanies the document;

any duly signed statement or letter required under the Act or these Regulations to be lodged or submitted together with the document.

the electronic image shall be in portable document format (PDF) or such other format as the Authority may from time to time allow; and (b)the electronic image shall be lodged or submitted using the Authority’s Internet website at http://www.mas.gov.sg (under “OPERA”), or at https://eservices.mas.gov.sg/opera, or by submitting to the Authority such medium which contains the electronic image, as the Authority may from time to time allow.(c)[Deleted by S 494/2014 wef 29/07/2014]

a prospectus;

a profile statement;

a supplementary document;

a replacement document;

an offer information statement under section 305B of the Act.

shall comply with the following requirements:

the copy of the document shall be on paper that is 297 millimetres in length and 210 millimetres in breadth (A4 paper size); and

the contents of the copy of the document shall be legible; and

shall be accompanied by a true and complete electronic image of a signed statement of —

in a case where the person making the offer is an individual —

the person making the offer;

a person authorised in writing by him; or

an advocate and solicitor acting on his behalf; or

in a case where the person making the offer is an entity —

a director or an equivalent person of the entity;

a person authorised in writing by a director or an equivalent person of the entity; or

an advocate and solicitor on behalf of the entity,verifying that the copy of the document in paper form is a true copy of the document lodged with the Authority under regulation 16(1).

in a case where the person making the offer is an individual, by a person authorised in writing by the individual; or

in a case where the person making the offer is an entity, by a person authorised in writing by a director or an equivalent person, or a proposed director or an equivalent person, of the entity,a true and complete electronic image of the authorisation shall be submitted to the Authority, together with the document lodged with the Authority or statement, as the case may be.

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.

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.

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;

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

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

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

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

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);

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

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).

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

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

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);

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

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).

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

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

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);

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

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).

the advertisement or publication (as the case may be) is prepared by any of the following persons (each called in this regulation the preparer) for the person who disseminates or publishes, or causes the dissemination or publication, of the advertisement or publication, as the case may be:

a specified financial adviser mentioned in paragraph (b) of the definition of “specified financial adviser” in regulation 2(1) of the Financial Advisers Regulations (Rg 2);

a holder of a capital markets services licence; and

prior to the person disseminating or publishing, or causing the dissemination or publication of, the advertisement or publication, as the case may be —

the preparer complies with the conditions in paragraph (2); and (ii)the preparer notifies the person in writing that the conditions in paragraph (2) are satisfied.

where the preparer is a specified financial adviser mentioned in paragraph (1)(a)(i) —

the advertisement or publication (as the case may be) is a product advertisement within the meaning of regulation 2(1) of the Financial Advisers Regulations; and

the preparer has complied with regulation 22(1) of those Regulations as if the preparer were the specified financial adviser who will disseminate or publish, or cause the dissemination or publication of, the advertisement or publication, as the case may be; or

where the preparer is a holder of a capital markets services licence —

the advertisement or publication (as the case may be) is a product advertisement within the meaning of regulation 2 of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10); and

the preparer has complied with regulation 46(1) of those Regulations as if the preparer were the holder who will disseminate or publish, or cause the dissemination or publication of, the advertisement or publication, as the case may be.

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.