Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2003

No. S 541

Securities and Futures Act

(Chapter 289)

Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2003

In exercise of the powers conferred by sections 286, 287, 289, 296, 300, 305 and 341 of the Securities and Futures Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2003 and shall come into operation on 22nd December 2003.

Amendment of regulation 2

2. Regulation 2(1) of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2002 (G.N. No. S 241/2002) (referred to in these Regulations as the principal Regulations) is amended by deleting the definition of “responsible person” and substituting the following definition:

“ “responsible person”, in relation to a restricted scheme, means —

(a)

in the case of a restricted scheme which is authorised under paragraph 2 of the Fifth Schedule or for which an application for authorisation has been made under that paragraph, the manager for the restricted scheme; or

(b)

in the case of a restricted scheme which is recognised under paragraph 3 of the Fifth Schedule or for which an application for recognition has been made under that paragraph —

(i)	where the restricted scheme is constituted as a corporation, the corporation; or
(ii)	where the restricted scheme is not constituted as a corporation, the manager for the restricted scheme;”.

Amendment of regulation 3

3. Regulation 3 of the principal Regulations is amended by deleting paragraph (2) and substituting the following paragraphs:

“(2) Where there is no relevant form specified in the First Schedule for the document, the document shall be lodged together with Form 7 in the First Schedule.

(3) A form prescribed by these Regulations shall be completed in the English language and in accordance with such directions as may be specified in the form or by the Authority.

(4) The Authority may refuse to accept any form if it is not completed in accordance with this regulation or accompanied by the relevant fee referred to in regulation 5.”.

Deletion of regulation 4

4. Regulation 4 of the principal Regulations is deleted.

Amendment of regulation 6

5. Regulation 6 (3) of the principal Regulations is amended by deleting sub-paragraphs (a) to (f) and substituting the following sub-paragraphs:

“(a)	any person who is or will be employed by or associated with the public company;
(b)	any person whom the Authority considers to be exercising influence over the public company; and
(c)	any person whom the Authority considers to be exercising influence over a related corporation of the public company.”.

Amendment of regulation 7

6. Regulation 7 (1) of the principal Regulations is amended —

(a)

by deleting the word “and” at the end of sub-paragraph (e); and

(b)

by deleting the full-stop at the end of sub-paragraph (f) and substituting the word “; and”, and by inserting immediately thereafter the following sub-paragraph:

“(g)

where that register is not in the language of the prospectus (within the meaning of section 287(13B) of the Act), make available for inspection an accurate translation of the register in that language, free of charge, to the manager for the scheme or any participant during the business hours of the approved trustee, unless the manager or the participant, as the case may be, has consented to the making available to him for inspection of the register in a language other than the language of the prospectus.”.

Amendment of regulation 8

7. Regulation 8 (1) of the principal Regulations is amended —

(a)

by deleting sub-paragraph (vii) of sub-paragraph (a) and substituting the following sub-paragraph:

“(vii)

to prepare or cause to be prepared —

(A)	semi-annual accounts and annual accounts relating to the scheme in the language of the prospectus (within the meaning of section 287(13B) of the Act); and
(B)	semi-annual reports and annual reports relating to the scheme in the language of the prospectus (within the meaning of section 287(13B) of the Act),

in accordance with the Code on Collective Investment Schemes;”; and

(b)

by deleting sub-paragraphs (ii) and (iii) of sub-paragraph (b) and substituting the following sub-paragraphs:

“(ii)

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 (within the meaning of section 287(13B) of the Act); and

(iii)

to send or cause to be sent to the participants —

(A)	the semi-annual accounts and annual accounts relating to the scheme;
(B)	the report of the auditor on the annual accounts; and
(C)	the semi-annual report and annual report relating to the scheme,

in accordance with the Code on Collective Investment Schemes;”.

Amendment of regulation 15

8. Regulation 15 (3) of the principal Regulations is amended by deleting the words “the person who lodged the document” in sub-paragraph (b) and substituting the words “the responsible person”.

Amendment of regulation 16

9. Regulation 16 of the principal Regulations is amended —

(a)	by deleting the semi-colon at the end of paragraph (1)(d) and substituting a full-stop;
(b)	by deleting sub-paragraph (e) of paragraph (1); and
(c)	by deleting the words “the person who lodged the document” in paragraph (2)(b) and substituting the words “the responsible person or an advocate and solicitor acting on his behalf”.

Amendment of regulation 19

10. Regulation 19 of the principal Regulations is amended by deleting the word “lodged” in the regulation heading and substituting the word “annexed”.

Deletion and substitution of sub-heading in Part III

11. Part III of the principal Regulations is amended by deleting the sub-heading above regulation 20A and substituting the following sub-heading:

“Division 2 — Advertising Requirements for Purposes of section 300 (1) of Act”.

Deletion of regulation 20A

12. Regulation 20A of the principal Regulations is deleted.

Amendment of regulation 29

13. Regulation 29 of the principal Regulations is amended —

(a)

by deleting sub-paragraph (b) of paragraph (1) and substituting the following sub-paragraph:

“(b)	in the case of an advertisement or publication appearing in any document, including a newspaper, periodical, magazine or letter, electronic mail or website, shall be in a font size of at least 8-point Times New Roman.”;

(b)

by deleting sub-paragraph (b) of paragraph (2) and substituting the following sub-paragraph:

“(b)	in the case of an advertisement or publication appearing in any document, including a newspaper, periodical, magazine or letter, electronic mail or website, be in a font size which is at least 8-point Times New Roman but need not be larger than 14-point Times New Roman.”; and

(c)

by deleting the words “regulations 22 (a), 23 (a) and 24 (1)(a)” in paragraph (3) and substituting the words “regulations 22 (a)(iii) and 23 (a)(iv)”.

Amendment of regulation 32

14. Regulation 32 (1) of the principal Regulations is amended by deleting the words “during the application period” and substituting the words “at any time after the prospectus or profile statement is registered by the Authority but before the close of the offer or invitation”.

Amendment of regulation 33

15. Regulation 33 (2) of the principal Regulations is amended by inserting, immediately after the words “misleading statement” in paragraph (a), the words “or matter”.

Amendment of First Schedule

16. The First Schedule to the principal Regulations is amended —

(a)

by deleting the words “, 298 (1) and 305 (3) and regulation 3” under the heading “Provision of Act or Regulations” of the table in relation to corresponding Form 6 and substituting the words “and 298 (1)”;

(b)

by deleting the words “(5) information memorandum” under the heading “Description of Form” of the table in relation to corresponding Form 6;

(c)

by deleting the words “Section 296(10)(e) and regulation 3” under the heading “ Provision of Act or Regulations” of the table in relation to corresponding Form 7 and substituting the words “Regulation 3”;

(d)

by deleting paragraph 7 of Part I of Form 1 and substituting the following paragraph:

(e)

by deleting paragraphs (b), (c) and (d) of question 11 in Part IV of Form 1 and substituting the following paragraph:

(f)

by deleting the words “questions 11 (a) to (d)” in the paragraph below question 11 in Part IV of Form 1 and substituting the words “questions 11 (a) and (b)”;

(g)

by deleting Form 2 and substituting the following Form:

(h)

by deleting paragraph 8 of Part 1 of Form 3 and substituting the following paragraph:

(i)

by deleting question 11 in Part III of Form 3 and substituting the following question and paragraph:

(j)

by deleting paragraph 6 of Part I of Form 4 and substituting the following paragraph:

(k)

by deleting paragraphs (b), (c) and (d) of question 6 in Part IV of Form 4 and substituting the following paragraph:

(l)

by deleting the words “questions 6 (a) to (d)” in the paragraph below question 6 in Part IV of Form 4 and substituting the words “questions 6 (a) and (b)”; and

(m)

by deleting Forms 5, 6 and 7 and substituting the following Forms:

Amendment of Second Schedule

17. The Second Schedule to the principal Regulations is amended —

(a)

by deleting the following paragraph of item 5 under the heading “Matter”:

“For the avoidance of doubt, the lodgment fee will be charged on a per prospectus basis, regardless of the number of sub-funds in each prospectus.”,

and substituting the following paragraph:

“For the avoidance of doubt, the lodgment fee will be charged on a per prospectus basis, regardless of the number of schemes or sub-funds in each prospectus.”;

(b)

by deleting the following paragraph of item 6 under the heading “Matter”:

“For the avoidance of doubt, the lodgment fee will be charged on a per profile statement basis, regardless of the number of sub-funds in each profile statement.”,

and substituting the following paragraph:

“For the avoidance of doubt, the lodgment fee will be charged on a per profile statement basis, regardless of the number of schemes or sub-funds in each profile statement.”;

(c)

by inserting, immediately below the existing paragraph of item 7 under the heading “Matter”, the following paragraph:

“For the avoidance of doubt, the lodgment fee will be charged on a per prospectus or profile statement basis, regardless of the number of schemes or sub-funds in each prospectus or profile statement, as the case may be.”;

(d)

by inserting, immediately below the existing paragraph of item 8 under the heading “Matter”, the following paragraph:

“For the avoidance of doubt, the lodgment fee will be charged on a per supplementary or replacement prospectus basis, regardless of the number of schemes or sub-funds in each supplementary or replacement prospectus, as the case may be.”;

(e)

by inserting, immediately below the existing paragraph of item 9 under the heading “Matter”, the following paragraph:

“For the avoidance of doubt, the lodgment fee will be charged on a per supplementary or replacement profile statement basis, regardless of the number of schemes or sub-funds in each supplementary or replacement profile statement, as the case may be.”;

(f)

by deleting item 12 and substituting the following item:

For lodgment of any other document with the Authority, where the fee is not specified in this Schedule.

$10

(g)

by inserting, immediately after item 14, the following item:

14A

Section 304 (j)

For every application to the Authority for a declaration as an exempt purchaser under section 304 (j) of the Act.

$100

Amendment of Fifth Schedule

18. The Fifth Schedule to the principal Regulations is amended —

(a)

by deleting sub-paragraphs (i) to (vi) of paragraph 2(3) and substituting the following sub-paragraphs:

“(i)	any person who is or will be employed by or associated with the manager;
(ii)	any person exercising influence over the manager; or
(iii)	any person exercising influence over a related corporation of the manager.”;

(b)

by deleting sub-paragraph (b) of paragraph 2(6);

(c)

by deleting the words “, a judicial manager” in paragraph 2(6);

(d)

by deleting the semi-colon at the end of paragraph 2(6) and substituting a full-stop;

(e)

by deleting sub-paragraph (d) of paragraph 2(6);

(f)

by deleting sub-paragraphs (i) to (vi) of paragraph 3(2) and substituting the following sub-paragraphs:

“(i)	any person who is or will be employed by or associated with the manager;
(ii)	any person exercising influence over the manager; or
(iii)	any person exercising influence over a related corporation of the manager.”;

(g)

by deleting sub-paragraph (b) of paragraph 3(4);

(h)

by deleting the words “, a judicial manager” in paragraph 3(4);

(i)

by deleting the semi-colon at the end of paragraph 3(4) and substituting a full-stop; and

(j)

by deleting sub-paragraph (d) of paragraph 3(4).

Savings and transitional provisions

19. For a period of 6 months from 22nd December 2003, regulation 7(1)(g) of the principal Regulations inserted by these Regulations shall not apply to an approved trustee in respect of a collective investment scheme which was authorised by the Authority before that date under section 286 of the Act in force immediately before that date.

[G.N. Nos. S 543/2002; S614/2002]

Made this 20th day of November 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of
Singapore.

[SFD-CFD-028/2003; AG/LEG/SL/289/2002/1 Vol. 3]

Search within Legislation