• Approval of a Prospectus

    • MKT 3.3.2 MKT 3.3.2

      (1) The Regulator will approve a Fund Prospectus which has been filed with the Regulator in accordance with Rule 3.3.1 as soon as reasonably practicable where it is satisfied that the Prospectus complies with all the requirements applicable to that Prospectus.
      (2) A Fund Prospectus is not an Approved Prospectus for the purposes of section 61(2) of the FSMR unless the Regulator has issued to the Applicant a notice stating its approval:
      (a) of the Prospectus or Supplementary Prospectus, as the case may be; and
      (b) in the case of a Prospectus in (a) comprising multiple documents, of all the multiple documents.

      • Guidance

        1. A Person intending to apply to the Regulator for approval of a Fund Prospectus pursuant to Rule 3.3.1 should consider submitting a draft Prospectus for preliminary review by the Regulator prior to formally submitting the Prospectus for the Regulator's approval. See the GPM for procedures for applying for the Regulator's approval.
        2. The approval of a Fund Prospectus by the Regulator will not prevent the use by the Regulator of its powers, such as the stop order power in section 53 of the FSMR, in circumstances where the need for such action is subsequently identified. For example, if the Regulator becomes aware, after the approval of the Fund Prospectus, that it contains any false, misleading, or deceptive information, or if it breaches the Prospectus provisions in other respects, the Regulator may use its powers or take any other action as appropriate in the circumstances.

    • MKT 3.3.3

      (1) For the purposes of Rule 3.3.1(1)(b)(ii), the Offer document relating to the Foreign Fund must comply with the requirements:
      (a) relating to a Designated Fund in a Recognised Jurisdiction; or
      (b) in a jurisdiction which provides a level of regulation relating to the Offer which is acceptable to the Regulator.
      (2) The Regulator may accept an Offer document referred to in (1)(b) subject to such conditions or restrictions imposed by the Regulator as it sees fit.
      (3) Where the Offer document referred to in (1) is not in the English language, it must be accompanied by an English translation acceptable to the Regulator.