Section 90
of Securities Markets Regulations, 2015
Section 90
(1)
The operator of a collective investment scheme must ensure that the name of the collective investment scheme or, if applicable, the name of a sub-collective investment scheme is not undesirable, misleading or does not conflict with the name of another collective investment scheme.
(2)
The operator of a collective investment scheme must ensure that the name of any class of units is not undesirable, misleading or does not conflict with the name of another collective investment scheme.
(3)
If the collective investment scheme is structured as an investment trust, the trustee of the collective investment scheme must ensure compliance with the requirements under sub-regulations (1) and (2).
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{4}
In relation to sub-regulations {1) and {2), the Authority, when deciding whether to make a direction under the Order and these Regulations 1 must take into account whether the name of the collective investment scheme
(a}
implies that the collective investment scheme has merits which are not, or might not be, justified;
{b)
is inconsistent with the collective investment scheme's investment objectives or policy;
{c)
might mislead unit holders or prospective unit holders into thinking that a person other than the operator is responsible for the collective investment scheme or a part of the collective investment scheme;
{d)
is substantially similar to the name of another collective investment scheme in Brunei Darussalam or elsewhere; or
(e)
is in the opinion of the Authority, offensive.
(5)
If tht:; name of a collective investment scheme includes the words
"guaranteed", "protected" or any other words with a similar meaning implying a degree of security in relation to capital or income, the operator of that collective investment scheme must demonstrate to the Authority's satisfaction that the matters set out in sub-regulations (6) and (7) are met.
(6)
The operator of a collective investment scheme, for the purposes of sub-regulation (5), must demonstrate that -
(a} the guarantor has the authority and resources to honour the terms of the guarantee; and
(b)
the terms of the guarantee and the credentials of the guarantor are clearly set out in detail in the prospectus and that any exclusion such as force majeure are highlighted.
{7)
The Authority will take into account whether the degree of security implied by the name fairly reflects the nature of the arrangements for providing that security.
(8)
An operator of a collective investment scheme must not include the term real estate investment trust to refer to a public property collective investment scheme unless the requirements in regulations in respect of real estate investment trust are met in respect of the collective investment scheme. If at any time during the operation of the collective investment scheme the requirements are not met, the operator of the collective investment scheme and, where relevant the trustee, must immediately notify the Authority and the market operator of the 239
BRUNEI DARUSSALAM GOVERNMENT GAZETTE failure to meet the requirements under these Regulations and the measures that have been or will be taken to remedy the breach.