PRIV 5.2.3 General Information Requirements for Prospectus

(1) The operator of a scheme must ensure that the scheme's prospectus at all times contains all the information that investors and their professional advisers would reasonably require, and reasonably expect to have drawn to their attention, in the prospectus for the purpose of making an informed judgment about—
(a) the merits and risks of participating in the scheme; and
(b) the extent and characteristics of the risks accepted by participating in the scheme.
(2) The operator must ensure that at all times the prospectus contains a clear and easily understandable explanation of any risks that investment in the scheme may reasonably be regarded as presenting to investors in the scheme.
(3) Without limiting subrules (1) and (2), the operator must ensure that at all times the prospectus includes the information, statements and provisions required for the scheme by schedule 2 (Prospectus content).
(4) If the scheme is a closed-ended scheme, this rule ceases to apply to the scheme on the final closing of the scheme in accordance with the constitutional document.

Note Closed-ended scheme is defined in r 1.2.7 (2).
Derived from QFCRA RM/2010-06 (as from 1st January 2011)