FUNDS 12.3.12

(1) A Fund Manager must disclose in its Prospectus:
(a) a description of how the Fund Manager ensures a fair treatment of investors; and
(b) a statement as to the Fund Manager's ability (if any) to enter into side-letter arrangements with investors.
(2) A Fund Manager of a Public Fund:
(a) must, in addition to the disclosures set out in 12.3.12(1) above, also disclose in the Prospectus a description of any material benefits or concessions provided to any investors with whom they have entered into side-letter arrangements, as well as a description of the type of investors to whom such benefits are provided; and
(b) must not, in connection with any side-letter arrangements entered into, grant more favourable liquidity terms to any investor than are enjoyed by all other investors.