Regulatory Alerts2018-06-08
Added
Guidelines on Maintaining Records of Approval for Advertisements or Publications
The Monetary Authority of Singapore issues these guidelines to specify record-keeping requirements for the approval of advertisements or publications related to securities and collective investment schemes. Entities must ensure such materials are approved by senior management or an appointed committee and retain written approvals and reasons for at least five years. The documentation must include evidence of senior management consent for any delegated agents or committees used in the approval process.
Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) GUIDELINES ON MAINTAINING RECORDS OF APPROVAL FOR ADVERTISEMENTS OR PUBLICATIONS
Guidelines on Maintaining Records of Approval for Advertisements or Publications Guideline No. : SFA 13 - G16 Issue Date : 8 June 2018 [last revised on 8 October 2018] GUIDELINES ON MAINTAINING RECORDS OF APPROVAL FOR ADVERTISEMENTS OR PUBLICATIONS 1 Purpose 1.1 These Guidelines are issued by the Monetary Authority of Singapore (the “Authority”) pursuant to section 321 of the Securities and Futures Act (Cap. 289) (“SFA”) to provide guidance on maintaining records of approval for advertisements or publications in respect of offers or intended offers of securities, units or derivatives of units in a business trust, or units in a collective investment scheme. 1.2 These Guidelines are to be read in conjunction with the provisions relating to the approval of the advertisement or publication in the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018, and Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (collectively, the “Regulations”). 2 Maintaining Records of Approval for Advertisements or Publications 2.1 Under the Regulations, a person which publishes or disseminates, or causes the publication or dissemination of, an advertisement or a publication in respect of an offer or intended offer of securities, securities-based derivatives contracts, or units in a collective investment scheme must ensure that the advertisement or publication has been approved by: (a) every member of the senior management of the person; or (b) an agent or every member of the committee appointed by the senior management of the person (the “Approval Requirement”). 2.2 In order to demonstrate compliance with the Approval Requirement, the person mentioned in paragraph 2.1 should keep the following records for a period of at least 5 years after the date on which, the last member of the senior management, the agent, or the last member of the committee (as the case may be), gave his written reasons and written approvals: (a) where the approval is by the senior management of the person, the written reasons and written approvals of every member of the senior management as required under the Regulations.
Guidelines on Maintaining Records of Approval for Advertisements or Publications (b) where the approval is by an agent or committee appointed by the senior management of the person: (i) the written consent of every member of the senior management to the appointment of the agent or committee (as the case may be) as required under the Regulations; and (ii) the written reasons and written approvals of the agent or every member of the committee (as the case may be) as required under the Regulations.