| (1) |
A manager must ensure that an advertisement for a collective investment scheme or portfolio clearly explains the nature of the collective investment scheme or portfolio being advertised. |
| (2) |
When a manager publishes an advertisement which contains a statement of fact, the manager must, at the time the advertisement is published, have reasonable grounds to believe that fact to be true and that it will remain true for the period of time that the advertisement continues. |
(3) A manager must ensure that an advertisement—
| (a) |
reflects the charges of the most expensive class, offered by the manager in a portfolio and available for direct investment by members of the public, other than financial institutions; |
| (b) |
specifies where a schedule of fees can be obtained if it is not included in the advertisement; |
| (c) |
identifies the manager who published or caused the advertisement to be published; |
| (d) |
discloses the fact that the manager is registered or approved under the Act; |
| (e) |
only specifies the terms and conditions applicable to an investment if those terms and conditions give a fair indication of the nature and risks of the investment; |
| (f) |
is capable of being understood by any investor or potential investor that might reasonably be expected to see the advertisements; |
| (g) |
does not state or imply that the collective investment scheme or portfolio is suitable for a particular type of investor unless the manager has assessed that that collective investment scheme or portfolio is suitable for that specific type of investor; |
| (h) |
discloses any special areas of risk relating to the investment; |
| (i) |
does not specify a rate of return without specifying how the rate is calculated, and any element which may involve a reduction of the investor's capital must be specified; |
| (j) |
is not designed in a manner which is likely to give rise to misunderstandings; |
| (k) |
is not designed in a manner which is likely to disguise the significance of any warning statement or information which is required to be included in accordance with this notice; |
| (I) |
is not presented in a manner that prevents the advertisement from being clearly identifiable as an advertisement; and |
| (m) |
does not signify, in any way, that the advertisement has been approved by the registrar. |
| (4) |
A manager must consider the appropriateness of a specific medium for advertising if content limitation may result in there being insufficient space or time to provide balanced information on the investment. |
| (5) |
A manager must ensure that an internet advertisement is such that investors are able to reproduce a copy of the advertisement, including any disclaimers or warnings. |
| (6) |
A manager may not publish an advertisement which contains a statement relating to taxation benefits unless the statement contains appropriate qualifications to show what the benefits mean in practice and to whom they apply. |
| (7) |
A manager must keep a record, whether electronically or otherwise, of all advertisements that the manager has published, including, the date of publication, the publications in which the advertisements have been included, and evidence to support any statement made in an advertisement which purports to be a statement of fact or opinion, or details of how to access the evidence supporting a statement made in an advertisement. |
| (8) |
A manager must keep all material referred to in subparagraph (7) for a period of at least five years. |
Statistics Act, 1999
