The Prospectus Rules 2018 and the Registered Collective Investment Scheme Rules 2018

The Investment Supervision and Policy Division has concluded its consultation and has now issued the Prospectus Rules 2018 (here) and the Registered Collective Investment Scheme Rules 2018. (here) 

Both Rules will be effective from 6  October 2018.  Implementation may be achieved through the earlier of:

• a fund initiating an annual review at an appropriate time to identify the changes required to comply with the enhanced disclosures; or
• any change of circumstances requiring filing to the Commission of a notification to investors, supplement or revised prospectus. 

The Commission is grateful for the feedback received and, in particular, the Commercial Bar Association for working with us to achieve the appropriate outcome. 

 These Rules make clear that the Prospectus Rules do not apply to Private Investment Funds.  Further, the Commission has ensured that these Rules make clear that revisions to a prospectus in a closed-ended fund may be in the form of a notification to investors, thereby providing sufficient disclosures to investors and the Commission without incurring exceptional costs.

 Any questions may be directed to Mark Le Page or me.

Emma Bailey

Director of Investment Supervision and Policy Division