Section 79
of Securities Markets Regulations, 2015
Section 79
(1)
A regulated person must not offer a unit of a foreign collective investment scheme for issue or sale to a client or undertake a transaction for or on behalf of a client in respect of such a unit unless -
(a)
the collective investment scheme meets the criteria for a recognised collective investment scheme;
(b)
in the case of a transaction in respect of such units, with or for, a retail client, the units satisfy the requirements that govern the sale of such units to retail investors in the collective investment scheme's domestic jurisdiction; and
(c)
the additional requirements in this Chapter are satisfied.
(2)
Where a regulated person offers a unit of a foreign collective investment scheme for issue or sale to a client or undertakes a transaction in such a unit for or on behalf of a client, it must make available to the client a copy of the most recent prospectus which complies with the requirements under these Regulations at the time of the offer or before effecting the transaction.
(3)
The requirement to provide a copy of the prospectus does not apply to a regulated person if it is -
{a)
undertaking an execution-only transaction;
(b)
undertaking a transaction solely for the purposes of a discretionary portfolio management agreement entered into with the client; or
(c)
undertaking a transaction with the operator of a foreign collective investment scheme for the purpose of redeeming a unit of the foreign collective investment scheme.
(4)
The prospectus of a foreign collective investment scheme made available by a regulated person must be in the English language and must contain in a prominent position or have attached to it a statement that clearly 233
(a)
describes the foreign jurisdiction and the legislation in that jurisdiction that applies to the foreign collective investment scheme;
{b)
states the name of the relevant financial services regulator in that jurisdiction and describes the regulatory status accorded to the foreign collective investment scheme by that regulator;
(c)
clearly states the name and address of the local representative of the foreign collective investment scheme in Brunei Darussalam;
(d} includes the following warning
"This prospectus relates to a foreign collective investment scheme which is not subject to any form of domestic regulation by the
Authority. The Authority is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus, and is not responsible for it.
The units to which this prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the units.
If you do not understand the contents of this document you should consult a licensed financial adviser."; and
{e}
if the offer is not directed to retail clients. it must include a prominent statement to that effect to be incorporated within the warning set out in paragraph {d}.
(5)
Where a regulated person makes an offer or undertakes a transaction in respect of a foreign collective investment scheme, it must maintain at its place of business in Brunei Darussalam copies of the relevant prospectus for inspection by clients and by the Authority during normal business hours.
Foreign property collective investment scheme.