Regulations for Offers of Collective Investment Schemes (CIS)

According to MAS (Pages)

Exempted Offers

Authorisation / recognition of a CIS and prospectus registration requirements do not apply to certain offers of units in a CIS (“exempted offers”). These offers include:

• Small Offers – Total amount raised is S$5 million or less in 12 months
• Private Placement – Offers made to no more than 50 persons in 12 months
• Offers targeted at accredited or institutional investors

Exempted Offers are subject to certain conditions, e.g., no advertising, and specific disclosures to investors. You may refer to Subdivision 4 of Division 2, Part XIII of the SFA for more information.