FAQ on Effective Date of the Guidelines on Sales Practices of Unlisted Capital Market Product (Sales Practices Guidelines) and Compliance with the Sales Practices Guidelines for Unlisted Capital Market Products approved prior to the Effective Date
The Sales Practices Guidelines has been issued on 28 December 2012. However, to facilitate compliance with the new Guidelines by the industry, the full compliance with the requirements of the Sales Practices Guidelines will only commence on 29 March 2013.To provide clarity, set out below is an explanation on the compliance with the requirement on Product Highlights Sheet (PHS) under Part 3 of the Sales Practices Guidelines for existing unlisted capital market products that has been approved prior to 29 March 2013.
1. With the exception of unlisted capital market products provided in paragraphs 2 and 3 below, an unlisted capital market product that was approved, marketed or sold prior to 29 March 2013 need not comply with the requirements under Part 3 of the Guidelines on PHS.
2. An unlisted capital market product that was approved to be issued under a programme prior to 29 March 2013, is required to comply with the PHS requirement for each new issuance under the programme on or after 29 March 2013.
3. (i) A unit trust fund that was approved prior to 29 March 2013, and having a valid prospectus on 29 March 2013, is required to comply with the PHS requirement upon renewal of the prospectus; and
(ii) A wholesale fund that was approved prior to 29 March 2013 is required to comply with the PHS requirement on 29 March 2013.
4. For the avoidance of doubt, a close-ended fund that was approved and launched prior to 29 March 2013 need not comply with the PHS requirement.
If you have any queries about or comments on the Sales Practices Guidelines or on the Capital Markets and Services (Amendment) Act 2012, you may send your queries and/or comments to: [email protected] facilitate efficient response to your queries and/or comments, please provide the following details in your correspondence to us:

  • Full Name
  • Organisation & position held in organisation
  • Telephone number (direct line or please provide the extension number)