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.
here for a copy of the Exemption Notice and click
here for a copy of the Disclosure Requirements.
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
the series or class of assets that the investor is invested
the net asset value and participatory interest price multiplied
by the number of notional participatory interests held in the
return for the six month period;
subscriptions (new investments) and number of participatory
management fees; and
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.
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In the milieu of global financial markets, securities of various types are often classified as either ‘listed’, ‘unlisted’ or ‘quoted’.
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