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An investment fund must comply with Chapter 8, Parts I to IV of this Chapter, and the following requirements:—
Periodic Reports
(1) An investment fund must announce via SGXNET its net tangible assets per share or per unit at the end of each week.
(2) The financial reports for the first half year of, and for, the financial year to be released pursuant to Rule 705 must give a breakdown of the income received between:—
(a) dividends and interest; and
(b) any other income.
Annual Report
(3) The annual report of an investment fund must also disclose the following information:—
(a) A list of all investments with a value greater than 5% of the investment fund's gross assets, and at least the 10 largest investments stating, with comparative figures where relevant:—
(i) a brief description of the business;
(ii) proportion of share capital owned;
(iii) cost;
(iv) directors' valuation and in the case of listed investments, market value;
(v) dividends received during the year (indicating any interim dividends);
(vi) dividend cover or underlying earnings; and
(vii) [Deleted]
(viii) net assets attributable to investments;
(b) An analysis of any provision for diminution in the value of investments, stating for each such investment:—
(i) cost;
(ii) provision made; and
(iii) book value;
(c) An analysis of realised and unrealised surpluses, stating separately profits and losses as between listed and unlisted investments; and
(d) The names of the investment manager and investment adviser, together with an indication of the terms and duration of their appointment and the basis for their remuneration.
(4) An investment fund must seek shareholders' approval for any change of the investment manager.
(5) The custodian, investment manager, any of their connected persons and any director of the investment fund and investment manager, is prohibited from voting their own shares at, or being part of a quorum for, any meeting to approve any matter in which they have a material interest.
(6) If an investment fund is also listed on another stock exchange, any information released to that stock exchange must also be released to the Exchange via SGXNET at the same time in English.
(7) An investment fund that is a unit trust must also comply with the following requirements:—
(a) The trustee must not have interests which, in the opinion of the Exchange, may materially conflict with the trustee's position as a trustee. The trustee must be independent of the investment manager and any person who holds 5% or more of the unit trust;
(b) The investment fund must notify the Exchange via SGXNET at the end of each distribution period as soon as the following are computed by the managers:—
(i) The gross and net earnings per unit before charging management participation;
(ii) The net amount per unit (after allowing for charges and adjustments) to be distributed, together with the gross equivalent, attributable to the distribution period;
(iii) The date of the striking of the unit holders register balances; and
(iv) The date on and from which purchases and sales of units by the investment manager will take place ex-dividend;
(c) An investment fund must notify the Exchange via SGXNET on request of the number of units outstanding;
(d) The price of units (where applicable, the bid and offer price) must be fixed in accordance with the trust deed and the investment manager must announce such prices;
(e) The investment manager must state clearly, in all circulars issued in respect of the sale of units of the trust, the terms upon which it undertakes to repurchase units. If there is no undertaking, it must state that fact; and
(f) an investment fund must notify the Exchange immediately via SGXNET of:—
(i) any changes in the control of the managers;
(ii) any proposed change in the general character or nature of the trust; and
(iii) any intention to renew, vary or terminate the trust.
Amended on 7 February 20207 February 2020.