CIS offering regulations — selected provisions
This page covers approved trustees, VCC custodians, authorisation and recognition forms, prospectuses, and restricted-scheme notifications and information memoranda.
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Trustee and VCC custodian controls / 受托人与VCC保管控制
Regulation 7(1) / 第7(1)条
SG-CIS-REGULATIONS7.—(1) An approved trustee shall, in respect of a collective investment scheme for which it acts as trustee — (a) 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; (b) take into custody or control all the property of the scheme and hold the property on trust for the participants; (c) ensure that all the property of the scheme is properly accounted for; (d) ensure that the property of the scheme is kept distinct from its own property and the property of its other clients; (e) keep and maintain, or cause to be kept and maintained, a register of the participants in the scheme.
7.—(1) 获批准受托人就其担任受托人的集合投资计划须：(a) 如知悉管理人违反就该计划适用于管理人的法律或监管要求，须在知悉后不迟于3个营业日通知监管局；(b) 保管或控制计划全部财产，并为参与人以信托形式持有；(c) 确保计划全部财产得到适当核算；(d) 将计划财产与其自有财产及其他客户财产分开；及 (e) 保存及维持或促使保存及维持参与人登记册。
Regulation 7A(1) / 第7A(1)条
SG-CIS-REGULATIONS7A.—(1) An approved trustee that is a custodian of a collective investment scheme constituted as a non-umbrella VCC must — (a) 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: (i) 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; (ii) 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; (c) maintain proper and up-to-date records of all the property of the non-umbrella VCC, and perform regular reconciliation of the records; and (d) ensure that the property (including the documents of title in respect of the property) of the non-umbrella VCC is kept distinct from — (i) that of the approved trustee; (ii) that of the manager of the non-umbrella VCC; and (iii) that held by the approved trustee on behalf of any other person.
7A.—(1) 担任以非伞型VCC形式组成的集合投资计划之保管人的获批准受托人必须：(a) 如在履行保管人职能或职责过程中知悉该非伞型VCC或其管理人就该计划违反适用于该VCC或管理人的任何法律或监管要求，须在知悉后不迟于3个营业日将有关违反事项通知监管局；(b) 以下列方式确保非伞型VCC全部财产的安全保管：(i) 如任何财产能够由该获批准受托人以保管人身份持有，则持有该财产，包括接收该财产或其所有权文件；(ii) 在任何情况下，采取适当措施确信声称由非伞型VCC拥有的每项财产确为其财产，并记录所采取的措施；(c) 维持非伞型VCC全部财产的适当且最新记录，并定期对账；及 (d) 确保非伞型VCC的财产（包括所有权文件）与以下财产分开：(i) 获批准受托人的财产；(ii) 非伞型VCC管理人的财产；及 (iii) 获批准受托人代表任何其他人士持有的财产。
Authorisation, recognition and offering document / 授权、认可与发售文件
Regulation 10A(1)–(2) / 第10A(1)至(2)条
SG-CIS-REGULATIONS10A.—(1) An application to the Authority for authorisation of a collective investment scheme under section 286(1) of the Act shall be made in Form 1. (2) Where there is any change in any particular submitted to the Authority by way of Form 1 in relation to any collective investment scheme authorised under section 286 of the Act, the responsible person for the collective investment scheme shall notify the Authority of the matter using Form 1-A.
10A.—(1) 根据本法第286(1)条向监管局申请授权集合投资计划，须使用表格1。(2) 就根据本法第286条获授权的任何集合投资计划而言，如以表格1向监管局提交的任何资料发生变更，该集合投资计划的责任人须使用表格1-A将有关事项通知监管局。
Regulation 10A(5)–(6) / 第10A(5)至(6)条
SG-CIS-REGULATIONS(5) An application to the Authority for recognition of a collective investment scheme constituted outside Singapore under section 287(1) of the Act shall be made in Form 2. (6) Where there is any change in any particular submitted to the Authority by way of Form 2 in relation to any collective investment scheme recognised under section 287 of the Act, the responsible person for the collective investment scheme shall notify the Authority of the matter using Form 2-A.
(5) 根据本法第287(1)条向监管局申请认可在新加坡境外组成的集合投资计划，须使用表格2。(6) 就根据本法第287条获认可的任何集合投资计划而言，如以表格2向监管局提交的任何资料发生变更，该集合投资计划的责任人须使用表格2-A将有关事项通知监管局。
Regulation 11 / 第11条
SG-CIS-REGULATIONS11. For the purposes of section 296(1) of the Act, a prospectus in respect of units in a collective investment scheme shall be prepared in accordance with the requirements set out in the Third Schedule.
11. 为施行本法第296(1)条，集合投资计划单位的招股说明书须按照第三附表所列要求编制。
Restricted-scheme notification / 受限计划通知
Regulation 32(a) / 第32(a)条
SG-CIS-REGULATIONS32. For the purposes of section 305(1) and (2) of the Act — (a) sections 285 to 288, 294, 295 and 296 of the Act do not apply to a restricted scheme except as modified and set out in — (i) in the case of a restricted scheme other than a restricted real estate investment trust — paragraphs 1 to 8 (other than paragraph 4A) of the Sixth Schedule; and (ii) in the case of a restricted real estate investment trust — paragraphs 4A, 7 and 8 of the Sixth Schedule.
32. 为施行本法第305(1)及(2)条：(a) 本法第285至288、294、295及296条不适用于受限计划，但经下列条文变通并列明者除外：(i) 就受限房地产投资信托以外的受限计划而言，为第六附表第1至8段（第4A段除外）；及 (ii) 就受限房地产投资信托而言，为第六附表第4A、7及8段。
Sixth Schedule, paragraph 1(1) / 第六附表第1(1)段
SG-CIS-REGULATIONS1.—(1) No person shall make an offer of units in a restricted scheme that is not a restricted real estate investment trust unless — (a) either of the following is satisfied: (i) the restricted scheme is a restricted Singapore scheme or a restricted foreign scheme; (ii) the offer of units in the restricted scheme is made under paragraph 6A; and (b) the offer is made in or accompanied by an information memorandum — (i) that complies with sub-paragraph (2); and (ii) a copy of which is submitted to the Authority for record purposes.
1.—(1) 任何人不得发售并非受限房地产投资信托的受限计划单位，除非：(a) 符合以下任一情形：(i) 该受限计划为受限新加坡计划或受限境外计划；(ii) 该受限计划单位的发售根据第6A段作出；及 (b) 该发售载于或附有一份信息备忘录，而该信息备忘录：(i) 符合第(2)分段；及 (ii) 其副本已提交监管局备案。
Sixth Schedule, paragraph 1(2)(a)–(b) / 第六附表第1(2)(a)至(b)段
SG-CIS-REGULATIONS(2) For the purposes of sub-paragraph (1)(b)(i), the information memorandum issued in connection with an offer of units in a restricted scheme shall — (a) except where the scheme is also authorised or recognised by the Authority under section 286 or 287 of the Act, as the case may be, contain the statement “the scheme is not authorised or recognised by the Authority and units in the scheme are not allowed to be offered to the retail public”; (b) contain the statement “the information memorandum is not a prospectus as defined in the Act and, accordingly, statutory liability under the Act in relation to the content of prospectuses does not apply, and the offeree should consider carefully whether the investment is suitable for him”.
(2) 为施行第(1)(b)(i)分段，就受限计划单位发售而发出的信息备忘录须：(a) 除非该计划亦已根据本法第286或287条（视情况而定）获监管局授权或认可，否则载有以下声明：“该计划未获监管局授权或认可，且计划单位不得向零售公众发售”；(b) 载有以下声明：“该信息备忘录并非本法所定义的招股说明书，因此，本法有关招股说明书内容的法定责任并不适用，受要约人应审慎考虑该项投资是否适合其本人”。
Sixth Schedule, paragraph 1(2)(c)(i)–(iii), (vi)–(xi) / 第六附表第1(2)(c)(i)至(iii)、(vi)至(xi)段
SG-CIS-REGULATIONS(c) state — (i) the investment objectives and focus of the restricted scheme, and the investment approach of the manager for the scheme; (ii) the risks of subscribing for or purchasing units in the restricted scheme; (iii) whether the restricted scheme is regulated by any financial supervisory authority and, if so, the title and jurisdiction of the legislation under which the restricted scheme is regulated and the name and contact details of the authority; (vi) whether the manager for the restricted scheme and, where applicable, the trustee or custodian for the restricted scheme, are regulated by any financial supervisory authority and, if so, the name and contact details of the authority; (vii) where applicable, the conditions, limits and gating structures for redemption of the units; (viii) where applicable, the policy of the restricted scheme regarding side letters that may further qualify the relationship between the restricted scheme and selected investors, and the nature and scope of such side letters; (ix) where applicable, the past performance of the restricted scheme, or where information on the past performance of the scheme may be obtained; (x) the details on where the accounts of the restricted scheme may be obtained; and (xi) the fees and charges payable by the investors and by the restricted scheme.
(c) 载明：(i) 受限计划的投资目标及重点，以及计划管理人的投资方法；(ii) 申购或购买受限计划单位的风险；(iii) 受限计划是否受任何金融监管机关监管；如是，则载明监管该受限计划之法例的名称及辖区，以及该机关的名称和联络资料；(vi) 受限计划管理人及（如适用）受托人或保管人是否受任何金融监管机关监管；如是，则载明该机关的名称和联络资料；(vii) 如适用，单位赎回的条件、限额及门控安排；(viii) 如适用，受限计划有关附函的政策，以及该等附函的性质及范围；附函可进一步界定受限计划与选定投资者之间的关系；(ix) 如适用，受限计划的过往表现，或可取得该计划过往表现资料的地点；(x) 可取得受限计划账目的地点详情；及 (xi) 投资者及受限计划应付的费用和收费。
Sixth Schedule, paragraph 2(1)–(3) / 第六附表第2(1)至(3)段
SG-CIS-REGULATIONS2.—(1) Subject to paragraph 6A, a person who wishes to make an offer of units in a restricted scheme (not being a restricted real estate investment trust) that has not been entered into the list of restricted schemes maintained by the Authority shall submit a notification of the offer to the Authority in such form and manner as may be specified in the Authority’s Internet website at http://www.mas.gov.sg (under “CISNet”), or at https://masnetsvc2.mas.gov.sg/cisnet. (2) Every notification referred to in sub-paragraph (1) shall be accompanied by such information or record as the Authority may require. (3) The Authority may, upon receipt of the notification referred to in sub-paragraph (1) and in accordance with paragraph 3 or 4 (as the case may be), enter the restricted scheme into the list of restricted schemes maintained by the Authority.
2.—(1) 在第6A段规限下，拟发售尚未列入监管局所维持受限计划名单、且并非受限房地产投资信托之受限计划单位的人士，须按监管局网站 http://www.mas.gov.sg（“CISNet”栏目）或 https://masnetsvc2.mas.gov.sg/cisnet 所指定的形式及方式，向监管局提交有关发售的通知。(2) 第(1)分段所述每项通知，须附有监管局可能要求的资料或记录。(3) 监管局收到第(1)分段所述通知后，可按照第3或4段（视情况而定）将该受限计划列入监管局维持的受限计划名单。
Sixth Schedule, paragraph 3(1) / 第六附表第3(1)段
SG-CIS-REGULATIONS3.—(1) The Authority shall not enter a restricted scheme which is constituted in Singapore into the list of restricted schemes maintained by the Authority unless the Authority is of the opinion that the following requirements are satisfied: (a) there is a manager for the scheme which is licensed or regulated to manage the assets of the restricted scheme in the jurisdiction of its principal place of business; (b) the manager for the scheme is a fit and proper person, and in considering if a person satisfies this requirement, the Authority may take into account any matter relating to — (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; (c) in the case of a scheme constituted as a unit trust — there is a trustee for the scheme approved under section 289 of the Act; (d) in the case of a scheme constituted as a non-umbrella VCC or a sub-fund of an umbrella VCC — there is a custodian for the scheme that is a specified custodian mentioned in regulation 26(6) of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), except in the circumstances specified in sub-paragraph (1A).
3.—(1) 除非监管局认为以下要求已获满足，否则监管局不得将于新加坡组成的受限计划列入其维持的受限计划名单：(a) 该计划设有管理人，且该管理人在其主要营业地所在辖区获许可或受监管管理受限计划的资产；(b) 该计划管理人为适当人选；监管局在考虑某人是否符合此项要求时，可考虑与下列人士有关的任何事项：(i) 受雇于管理人、将受雇于管理人或与管理人有关联的任何人士；(ii) 对管理人施加影响的任何人士；或 (iii) 对管理人的关联法团施加影响的任何人士；(c) 如计划以单位信托形式组成，须设有根据本法第289条获批准的计划受托人；(d) 如计划以非伞型VCC或伞型VCC子基金形式组成，须设有《证券及期货（发牌及业务行为）规例》(Rg 10)第26(6)条所述指定保管人，但第(1A)分段所列情形除外。