Guidelines for the Offering, Marketing and Distribution of Foreign Funds
|1.||What are the key amendments to the Guidelines for the Offering, Marketing and Distribution of Foreign Funds (OMD Guidelines)?|
|2.||To ensure compliance with Clause 3.03(c) of the OMD Guidelines, what are the applicable guidelines and laws that a foreign fund must adhere to?|
|A foreign fund would need to comply in substance with the provisions of-
|3.||To ensure compliance with Clause 3.03(d) of the OMD Guidelines, what areas should be covered?|
|The areas of investor protection include corporate governance, unitholders/shareholders rights and interests, and takeover matters. The legal and regulatory framework governing the foreign fund should contain provisions on the above areas which are similar to the provisions in the CMSA or the Companies Act 1965 as the case may be, as well as the relevant SC product guidelines. To that end the applicant should appoint appropriate legal counsel to conduct the jurisdictional comparison and submit the same to the SC.
Please note that as and when the relevant laws and guidelines are amended, the SC may seek further confirmation on compliance with specific provisions. Additionally, there may be legal, regulatory or other developments and/or a change in the level of regulatory oversight, supervision, cooperation and assistance of the regulator of the foreign fund and reciprocity accorded to the SC with respect to the foreign fund in question which may result in the SC requiring further assurance of the required level of investor protection.
|4.||If a foreign fund has been approved under Clause 3.03, can another foreign fund of similar type from the same jurisdiction be deemed approved?|
|No. Every application for approval of a foreign fund under Clause 3.03 will be considered based on its merit.|