MAS《集合投资计划守则》精选条文（2026）
本页聚焦基金行政直接使用的受托与保管、半年度及年度报告、资产净值、估值频率、定价错误与赔偿要求。中文为待人工复核的编辑译文。
中文： 本页仅转载与基金行政直接相关的必要短引文，并配以编辑译文；未转载《守则》全文。章节上下文、例示和附录须在 MAS 官方 PDF 中核对。
English: This page reproduces only necessary short extracts directly relevant to fund administration, with editorial translations. It does not reproduce the Code in full. Check the chapter context, illustrations and appendices in the official MAS PDF.
Trustee and custody / 受托人与保管
SG-CIS-CODEThe trustee should conduct all transactions with or for a scheme at arm’s length.
受托人就计划进行或代表计划进行的所有交易，均应按公平交易原则办理。
SG-CIS-CODEThe trustee should send, or cause to be sent, to participants: (i) the semi-annual accounts and semi-annual report relating to the scheme within two months from the end of the period covered by the accounts and report; and (ii) the annual accounts, report of the auditors on the annual accounts and annual report relating to the scheme within three months from the end of each financial year of the scheme.
受托人应向参与人发送或促使发送：(i) 与计划有关的半年度账目及半年度报告，须在该等账目及报告所涵盖期间结束后两个月内发送；以及 (ii) 年度账目、就年度账目出具的审计师报告及年度报告，须在计划每个财政年度结束后三个月内发送。
SG-CIS-CODEA VCC Custodian should take reasonable care to ensure that the investment and borrowing guidelines set out in Part I of this Code are complied with. A VCC Custodian should not reuse the property of a VCC without prior consent from the VCC.
VCC保管人应采取合理谨慎措施，确保遵守本《守则》第一部分所列投资及借款指引。未经VCC事先同意，VCC保管人不得再使用VCC财产。
SG-CIS-CODEA VCC Custodian may delegate to third parties the functions referred to in Regulation 7A(1)(b) or Regulation 7B(1)(b) of the SFR, only where: (i) the VCC Custodian has exercised all due skill, care and diligence in the selection and the appointment of any third party to whom it intends to delegate its functions, and continues to exercise all due skill, care and diligence in the periodic review and ongoing monitoring of the third party delegate; (ii) the third party delegate to whom the VCC Custodian appoints is licensed, registered or authorised to act as a custodian in the country or territory where the account is maintained; and (iii) the third party delegate will hold the property of the scheme in the manner described in Regulations 7A(1)(d) and 7A(1)(e), or Regulations 7B(1)(d) and 7B(1)(e) of the SFR, as the case may be.
VCC保管人仅可在下列情况下，将SFR第7A(1)(b)或7B(1)(b)条所述职能委托第三方：(i) VCC保管人在选择及委任拟获委托职能的任何第三方时，已尽一切应有技能、谨慎及勤勉，并在对该第三方受托方进行定期复核及持续监督时继续尽一切应有技能、谨慎及勤勉；(ii) VCC保管人所委任的第三方受托方，在账户维持所在国家或地区获许可、注册或授权担任保管人；及 (iii) 第三方受托方将按SFR第7A(1)(d)及7A(1)(e)条，或第7B(1)(d)及7B(1)(e)条（视情况而定）所述方式持有计划财产。
SG-CIS-CODENotwithstanding that the VCC Custodian’s functions are delegated in accordance with chapter 2A.2(g), the VCC Custodian remains ultimately responsible and accountable for the safekeeping of the property entrusted to it by a VCC.
即使VCC保管人依第2A.2(g)章委托其职能，VCC保管人仍须对VCC交托予其的财产之安全保管承担最终责任及问责。
Accounts and reports / 账目与报告
SG-CIS-CODEThe manager (or the VCC, in the case of a scheme constituted as a VCC or is a sub-fund thereof) should prepare the half-yearly financial statements and the annual audited financial statements, for the semi-annual report and annual report respectively, in accordance with SFRS(I).
管理人（如计划组成形式为VCC或其子基金，则为该VCC）应按照SFRS(I)，分别为半年度报告及年度报告编制半年度财务报表及经审计年度财务报表。
SG-CIS-CODE(k) any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts;
半年度报告及年度报告应载列会对计划估值产生不利影响的任何重大资料，例如未平仓合约的或有负债。
SG-CIS-CODE(ii) a reconciliation of any material differences between the NAV per unit used for issuing and redeeming of units and the scheme’s NAV per unit per the financial statements as at the end of the reporting period and the comparative period; and
经审计年度财务报表应载列一项对账，说明报告期末及比较期末用于单位发行和赎回的每单位资产净值，与财务报表所列计划每单位资产净值之间的任何重大差异。
Valuation and pricing errors / 估值与定价错误
SG-CIS-CODEThe manager (or the VCC, in the case of a scheme constituted as a VCC or is a sub-fund thereof) should ensure that the scheme’s NAV is calculated on a consistent basis and based on the scheme’s accounting policies in accordance with SFRS(I).
管理人（如计划组成形式为VCC或其子基金，则为该VCC）应确保计划资产净值按一致基础，并依据计划按照SFRS(I)制定的会计政策计算。
SG-CIS-CODEThe value of the scheme’s assets, in the case of unquoted investments and quoted investments where the transacted prices are not representative or not available to the market, should be based on the fair value. The fair value should be the price that the scheme would reasonably expect to receive upon the current sale of the investment. Fair value should be determined with due care and in good faith, and the manager (or the VCC, in the case of a scheme constituted as a VCC or is a sub-fund thereof) should ensure that the basis for determining the fair value of the investment is documented.
就非上市投资，以及成交价格不具代表性或市场无法取得成交价格的上市投资而言，计划资产价值应以公允价值为基础。公允价值应为计划在当前出售该投资时可合理预期收取的价格。公允价值须以应有谨慎及诚信确定；管理人（如计划以VCC或其子基金形式组成，则为该VCC）应确保确定该投资公允价值的依据形成书面记录。
SG-CIS-CODEExcept for quoted investments, all the investments of a scheme should be valued by a person approved by the trustee (or the VCC Directors, in the case of a scheme constituted as a VCC or is a sub-fund thereof) as qualified to value such assets.
除上市投资外，计划所有投资均应由受托人（如计划组成形式为VCC或其子基金，则由VCC董事）认可为具备该等资产估值资格的人士估值。
SG-CIS-CODEThe manager (or the VCC, in the case of a scheme constituted as a VCC or is a sub-fund thereof) should ensure that the units in a scheme are valued every business day. Where the scheme: (i) does not offer dealing every business day, it should be valued every regular dealing day, but in any event, at least once a month; and (ii) is a property fund which complies with Appendix 6: Property Funds, it should have a full valuation at least once a year.
管理人（如计划以VCC或其子基金形式组成，则为该VCC）应确保计划单位在每个营业日估值。如该计划：(i) 并非每个营业日均提供交易，则应在每个正常交易日估值，但无论如何至少每月一次；及 (ii) 属于遵守附录6《房地产基金》的房地产基金，则至少每年进行一次全面估值。
SG-CIS-CODEWhen a manager becomes aware of an error in the calculation of a scheme’s NAV per unit, the manager should notify both the Authority and the trustee by using the template set out in Illustration 4 of the error as soon as practicable. In the case of a scheme constituted as a VCC or is a sub-fund thereof, when the VCC becomes aware of an error in the calculation of a scheme’s NAV per unit, the VCC should notify the Authority, by using the template set out in Illustration 4 of the error, as soon as practicable. A revised valuation should be performed, by the person responsible for the valuation, for each valuation date during the period when the error occurred to ascertain the size of the error.
管理人知悉计划每单位资产净值计算错误时，应尽快使用图例4所列模板，将该错误通知监管局及受托人。如计划以VCC或其子基金形式组成，当VCC知悉计划每单位资产净值计算错误时，VCC应尽快使用图例4所列模板将该错误通知监管局。负责估值的人士应就错误发生期间的每个估值日重新进行估值，以确定错误幅度。
SG-CIS-CODEWhen a valuation error represents 0.5% or more of the scheme’s NAV per unit after adjustment for the error, the manager (or the VCC, in the case of a scheme constituted as a VCC or is a sub-fund thereof) should compensate: (i) affected participants and notify them of the compensation made; and (ii) the scheme for any losses incurred as a result of the valuation error. The requirement to compensate participants does not apply if the amount of compensation due to any single participant does not exceed $20. For the avoidance of doubt, the requirement to compensate the scheme for any losses incurred would apply in all circumstances where the valuation error represents 0.5% or more of the scheme’s NAV per unit.
经就错误作出调整后，如估值错误达到计划每单位资产净值的0.5%或以上，管理人（如计划以VCC或其子基金形式组成，则为该VCC）应赔偿：(i) 受影响参与人，并通知其已经作出的赔偿；及 (ii) 计划因估值错误而产生的任何损失。如应付任何单一参与人的赔偿金额不超过20新加坡元，则无须适用向参与人赔偿的要求。为免疑义，在估值错误达到计划每单位资产净值0.5%或以上的所有情况下，赔偿计划所受任何损失的要求均适用。