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Updated 8 Oct 2026, 02:43

Laws
Securities Markets Regulations, 2015
s 188

In forceAs enactedCurrent version · As enacted

Contents

Securities Markets Regulations, 2015

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12thSecurities Markets Regulations, 2015
1These Regulations may be cited as the Securities Markets Regulations, 2015

2(1)
3
4(1)
5a prospectus summary described in regulation
12th2015 Prospectus summary.
5(1}
6
7
8(1)
12th2015
9
10
11
12th2015 (b} marked to indicate all changes made to the documents as a consequence of the comments by the Authority; {c} in duplicate hard copy...
12
13
14! 1)
12th12015 (bj an electronic message or advertisement received via a mobile telephone or pager;
15
16
17
12th2015 (aj such sale, transfer or assignment is funded by the issue of debentures or units of debentures, whether by that special purpose veh...

18
19
20
21
22
23
24(1)
25(1)
26Where a reporting entity has made a market announcement (such as a profit forecast), and the reporting entity becomes aware that there is l...
27

28
12th2015 14) The combination of regulated activities that a holder of a representative's licence is allowed to carry on depends on the nature o...
29
30
31
32
12th2015 {i) made any arrangements with his creditors;
33Ill The minimum financial requirements for a holder of a capital markets services licence pertain to the following types of regulated activ...
12th2015 {4) If the financial condition of a holder of a capital markets services licence falls below the minimum financial requirement, the re...
34
12th2015 Systems and procedures.
35{1)
36The holder of a capital markets services licence must ensure that the following requirements are met to enable the compliance function to p...
37
38(1)
12th2015 {c) to monitor - (i} the adequacy and effectiveness of its risk management policies and procedures;
39The holder of a capital markets services licence shall, where appropriate and proportionate in view of the nature, scale, complexity and ra...
40
12th2015 or the financial services industry, and the applicant was directly involved in the area in which exemption is applied for; or {c) held...
41(1)
12th2015 money market instruments and deposits in conventional and syariah-compliant deposit accounts; and {d) submit any advertisement or prom...
42The holder of a representative~ s licence must satisfy the following {a) remain fit and proper at all times as required by the Order and th...
43
44(ll As required under the Order, a holder of a capital markets services licence must have a reasonable basis to believe that a recommended...
12thJANUARY! 2015 Handling of client's complaints.
45
46(1)
12th2015 (bf for each transaction - (i} the account holder; (iil the amount purchased or sold;
47
48(1) A holder of a capital markets services licence must not 207 fa} enter into arrangements for securities financing transactions regarding...
49Each holder of a capital markets services licence must assure that its auditor makes a report to the Authority at least annually on the ade...
12th2015 Revocation of holder of capital markets services licence at its request.
50{1)
51
12th2015 {a} demonstrating how the applicant intends to satisfy the licensing requirements and all other continuing obligations under the Order...
52When applying to change the scope of its licence, recognition and designation, or to have a condition or restriction of a licence, or a rec...
53
54
12th2015
55Ill For the purposes of these Regulations, significant influence and control over the senior management of market operators is where any pe...
12th2015 Licence, recognition and designation requirements.
56{1)
57
12th2015 {2) A market operator must have and maintain at all times on an ongoing basis in addition to the minimum financial resources requireme...
58
59
12thJanuary1 2015
60(1)
61A market operator must have default rules which, in the event of a member being, or appearing to be, unable to meet his obligations in resp...
62
12th2015 {bj auditing standards; fc) an issuer's track record in terms of profit or operating history; fd) the amount of securities in the clas...
63(lj
64
65(1)
66
67
68
69(1)
12th2015 {3} Where, because of the occurrence of any event or circumstances, a market operator is unable to discharge any regulatory function...
70
71
72
12th2015 fa! on the website of the market operator; {b) to the public; and {c) to the Authority, of decisions in relation to the following even...
73

74

75
76
77A regulated person must not make an offer or undertake a transaction in relation to the units of a collective investment scheme that is a p...
78A regulated person may make an offer or undertake a transaction for or on behalf of a client in respect of a unit of a foreign collective i...
12th2015 Prospectus of foreign collective investment scheme.
79
80(1 J
12th2015 Information to be provided to Authority.
81
82A regulated person must keep records of the relevant prospectus and documentary evidence of the provision of a copy of the prospectus for a...

83!1)
84A collective investment scheme administrator must comply with any written laws relating to anti-money laundering as if each reference in an...
85A collective investment scheme administrator must not hold or control monies or assets belonging to clients in connection with such adminis...
86[1)
87

88This Chapter applies to an operator and a custodian in relation to a collective investment scheme. Written constitution requirement.
89
90

91Ill An operator of a collective investment scheme must operate the collective investment scheme in accordance with {a) the constitution; (b...
92(ll In the case of an investment company or an investment partnership, the operator of a collective investment scheme is responsible to the...
93(ll The operator of a collective investment scheme, or if it is a collective investment scheme structured as an investment trust, the trust...
94
95
96
97
98
99
12th2015 {c) the date on which the unit holder was registered in the register for the units standing in his name.
100(1) An operator of a collective investment scheme must hold at least two meetings of the board of directors of every collective investment...
101An operator of a private collective investment scheme must set out in the collective investment scheme's constitution the procedures for ho...
102(1)
12th2015 (4} In the case of a collective investment scheme structured as an investment trust, the trustee must nominate in writing a person to...
103An operator of a collective investment scheme must comply with the Order, these Regulations and any guidelines issued by the Authority in r...
12th2015 Maintenance of records.
104{1)
105(1) If, at any time after the amount of the collective investment scheme's capital has reached the minimum as provided in its constitution...

106(1) This Chapter applies to the operator and where appointed, the trustee, in relation to a collective investment scheme.
107(1) An operator of an investment company or investment partnership must delegate the activity of providing custody to a custodian in accord...
12th2015 fa} a real property collective investment scheme where the operator has made adequate alternative arrangements that are in accordance...
108A trustee may, with the prior written consent of the operator, delegate one or both of the investment activities or services of providing c...
109(1) An operator or trustee must carry out due diligence on a proposed person who is to provide the services of collective investment scheme...
110(1) When an operator or trustee, as the case may be, outsources any functions it must 251 fa} enter into an outsourcing agreement which com...
111If an operator or a trustee delegates any activities or services, or outsources any function under this Chapter, it must take reasonable st...
112(1) An operator or a trustee that has delegated any investment services or activities or outsourced any functions, must conduct a review of...

113(1) An operator of a collective investment scheme must prepare and maintain all financial accounts and statements in accordance with Intern...
12thJANUARY 1 2015 statements in accordance with the accounting standards of the Accounting and Auditing Organisation for Islamic Financial Ins...
114(1)

115This Chapter applies to {a} the operator; 253 {b) the trustee; {c) the auditor; {d) a person providing oversight functions; and {e) a perso...
116(1) In order to provide the unit holders with relevant and up-to-date information about the progress of a collective investment scheme, an...
12th2015 investment scheme, the date on which the collective investment scheme notified to the Authority; and {b) 6 months after the anniversar...
117
118The operator must produce an interim report which must include 257
119(1) The matters set out in paragraphs (a) to (g) must be included in any operator's report, except where otherwise indicated -
120The comparative table for the annual report for a public collective investment scheme must set out (aJ the performance record over the last...
121(1) The trustee, custodian or other persons providing oversight of a public collective investment scheme must make a report to unit holders...
122The operator must ensure that the report of the auditor to the unit holders for inclusion in the annual report includes a statement (a} whe...

123(1)
124(1) An operator of a collective investment scheme must take reasonable steps to ensure that no payment is to be made to a trustee, custodia...
125(l) No promotional payment, performance fee or benefit may be made out of or given at the expense of the collective investment scheme prope...
12th2015 Allocation of payments to capital or income.
126(1}
127Where the property of a body corporate or of another collective investment scheme is transferred to a collective investment scheme, or to t...

12811)
129(1) In the Order and these Regulations, the following persons are responsible for a prospectus {a} the operator; {b} where the collective i...
130(1) Any person except the operator of a collective investment scheme, is not liable under the Order for any loss in respect of units, cause...
12th2015 {b) the units were acquired before it was reasonably practicable to bring a correction to the attention of the persons likely to acqui...
131In these Regulations, an expert is deemed to accept responsibility for any statement or report reproduced [in whole or in part) in a prospe...

132This Chapter applies to an operator, a trustee and an auditor of a collective investment scheme. · Appointment and termination of auditors.
133(1) An operator of a collective investment scheme must (a} notify the Authority of the appointment of an auditor to the collective investme...
12th2015
134(1) An operator of a collective investment scheme or a trustee must take reasonable steps to ensure that it and the employees of the collec...
135An operator of a collective investment scheme, where applicable, must in writing, require the collective investment scheme's auditor to - {...

136Fund of Funds
137This Division applies to an operator of a collective investment scheme that is a feeder fund. Property of feeder fund..
138(1) An operator of a collective investment scheme must ensure that the property of a feeder fund, except where otherwise provided in the Re...
139(1)
140(1) An operator of a private equity collective investment scheme must ensure that {a} unless the purpose of the private equity collective i...
141This Division applies to an operator and, if appointed, a trustee, of a collective investment scheme which is a property. Permitted investm...
142(1)
143(1) An operator of a property collective investment scheme must call a meeting of unit holders to vote on the election of at least three ex...
14411)
145(1) An operator of a public property collective investment scheme may borrow either directly or through its special purpose vehicle for fin...
146(1) An operator of a property collective investment scheme must ensure that when a joint ownership arrangement is entered into, the propert...
147(1) An operator of a property collective investment scheme may hold real property for the collective investment scheme through a special pu...
148[1)
149(1) An operator of a property collective investment scheme must, subject to the approval of the trustee or other person providing oversight...
12th2015 Valuation report of independent valuer.
150An operator must ensure that any valuation report prepared by the independent valuer
151(1) An operator of the property collective investment scheme must ensure that if an independent valuer has conducted valuations of the real...
152(1)
153This Division applies to an operator of a collective investment scheme that is a hedge fund. Risk management, prime brokers and net asset v...
154(1}

155(1)
156(lJ
157Under Part IX of the Order, the Authority may revoke or suspend the licence or recognition of a public collective investment scheme in spec...
158This Division applies to an operator and the board of directors of a licensed collective investment scheme that is a public collective inve...
159(ll An operator of a public collective investment scheme must ensure a prospectus of the collective investment scheme is drawn up in accord...
160An operator of a public collective investment scheme must state in the collective investment scheme's prospectus the following statement to...
161An operator of a feeder fund must ensure that the collective investment scheme prospectus discloses - (a} a prominent risk warning to alert...
162(1) An operator of a property collective investment scheme must ensure that the following information is disclosed in the collective invest...
12th2015 (b} unless the constitution and the prospectus state that the collective investment scheme invests in a single property, the maximum p...
163This Division applies to an operator of a collective investment scheme that is a public collective investment scheme, a custodian and, if a...
164An operator of a public collective investment scheme must - 293 (aJ take reasonable steps to ensure that the property of a public collectiv...
165(1) A public collective investment scheme may invest in units of another collective investment scheme if the operator, except in relation t...
12th2015 Transactions in derivatives.
166(1) The total exposure of a public collective investment scheme to derivatives may not exceed the net asset value of the public collective...
167(1) Subject to the constitution and the prospectus, an operator of a public collective investment scheme, or the custodian, or the trustee...
168(1) Subject to th€ constitution and the prospectus, an operator of a public collective investment scheme or the custodian on the instructio...
169(1) An operator of a public collective investment scheme other than a property collective investment scheme must, before investing in real...
170This Division applies to a person in accordance with the application provisions under Chapter 1 but only in relation to a collective invest...
171(1) An operator of a public collective investment scheme that is an investment company must implement and maintain one of the following ove...
172(1)
173(1)
174(1)
175(1) The persons providing oversight functions must take reasonable care to ensure, on a continuing basis, the proper carrying out by the op...
12th2015 (aJ the collective investment scheme property is being used or invested by the operator in accordance with these Regulations covering...
176{1)
12th2015
177(1)
178(1) The persons appointed to perform oversight functions must report to the operator on the appropriateness and effectiveness of the system...
179(1) An operator of a public collective investment scheme must establish and maintain arrangements to provide the persons appointed to perfo...
1801)
181(1) An operator of a public collective investment scheme must ensure that there is a written agreement appointing any custodian or any pers...
182! 1)

183Ill This Chapter applies to an operator of a collective investment scheme that is a private collective investment scheme.
184When notifying the Authority, an operator of a private collective investment scheme must include - (a} a general description of the collect...
185(1) A collective investment scheme may be classified as a private collective investment scheme if it fulfils the conditions specified in su...
186(1) An operator of a private collective investment scheme must ensure that a short form prospectus of the collective investment scheme is d...
188accordance with regulation 189 and contains the mandatory statement required under regulation
187(11
12th2015 {6} When a supplementary prospectus has been made available in accordance with this regulation, the operator must -
188An operator of a private collective investment scheme must state in the prospectus the following statement displayed prominently on its fro...
189A short form prospectus must contain the following information 309
190An operator of a private feeder fund must ensure that the collective investment scheme's prospectus discloses - (a} a prominent risk warnin...
191(1) An operator of a private property collective investment scheme must ensure that the following information is disclosed in the collectiv...
192An operator of a collective investment scheme that is a private equity collective investment scheme must provide the following in the colle...
193An operator of a private collective investment scheme that is a hedge fund must prominently disclose to the unit holders in the prospectus...

194This Chapter applies to an operator and, if appointed, a trustee of a collective investment scheme, ·a.member of the collective investment...
195(1) An operator of a collective investment scheme may suspend the issue, sale and redemption of units in a collective investment scheme if...
196(1) Upon the occurrence of any of the events specified in sub-regulation (2), the operator of the collective investment scheme or the trust...
197(1) Subject to any court order and subject to sub-regulations (2) and (3), while a collective investment scheme is being wound up, whether...
198(1) If the operator of a collective investment scheme believes on reasonable grounds that the collective investment scheme is not commercia...
199(1) A collective investment scheme may be transferred in whole or in part to another body in accordance with this regulation.
12th2015 to the interests of the unit holders in any other sub-collective investment scheme of that umbrella collective investment scheme.

Securities Markets Regulations, 2015 · As enacted

Section 188

No plain-English summary for s 188 yet. See the rest of this law

Official textFrom Attorney General's Chambers, unchanged

accordance with regulation 189 and contains the mandatory statement required under regulation

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Chapter XV

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Securities Markets Regulations, 2015 · s 188

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Where this comes from

Attorney General's Chambers · Securities Markets Regulations, 2015, As enacted. Reader record updated on 24 Sep 2026.

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Updated 8 Oct 2026, 02:43