Securities Commission Guidelines on Unit Trust Funds, Property Trust Funds and Closed End Funds

Abstract

The Securities Commission Act 1993 provides that the Securities Commission (SC) is responsible for regulating all maters relating to unit trust schemes which would include unit trust funds and property trust funds, and other collective investment schemes such as closed- end funds. While unit trusts and closed-end funds seek to mobilise retail funds for professionally managed investments in a portfolio of authorised investments, a property trust fund invests its fund in real estate. Guidelines have been issued by the SC for the establishment of unit trust and property trust funds and the public offering of securities of closed-end funds. The latest revised Guidelines ‘on Unit Trust Funds and Property Trust Funds were issued on 10th March 1994 and 26th June 1995 respectively. The Guidelines for Public Offerings of Securities of Closed-End Funds were issued on 30th October 1995.