On 1 April 2015 the Registrar of Collective Investment Schemes (Registrar) published an exemption notice (Exemption Notice) exempting foreign collective investment schemes from complying with certain disclosure requirements under the Advertising, Marketing and Information Disclosure Requirements for Collective Investment Schemes (Disclosure Requirements). The Disclosure Requirements were published by the Registrar on 8 August 2014 and will take effect on 1 May 2015.
Under the Exemption Notice, foreign collective investment schemes are exempted from:
- complying with paragraph 12(1) of the Disclosure Requirements, which provides that a manager must, in respect of all its portfolios, publish the daily prices of its most expensive class offered for investment to members of the public, other than financial institutions, as well as the latest total expense ratio applicable to that portfolio; and
- disclosing the information required under paragraph 15(4) of the Disclosure Requirements quarterly and are instead required to disclosure this information on a half yearly basis (ie, every 6 months). The information to be disclosed includes as a minimum
- the series or class of assets that the investor is invested in;
- the net asset value and participatory interest price multiplied by the number of notional participatory interests held in the portfolio;
- equalisation credit;
- return for the six month period;
- transactions processed;
- subscriptions (new investments) and number of participatory interests;
- management fees; and
- performance/incentive fee
The exemptions will take effect on 1 May 2015.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.