CIR 14.5.1 Guidance
1. CIR Section 4.1 of this module contains the definitions of
Excluded Offers, such as Execution-only Transactions and Transactions with market Counterparties.
Fund Manager should note the requirements in Article 50(1) of the Law. Accordingly, a Prospectus drawn up pursuant to CIR Rule 14.1.3 should be made available to prospective Unitholders for as long as the Offer is open and once the Offer is closed, the Fund Manager's obligation to make the Prospectus available would cease.
3. Articles 16(4) and (5) of the Law set out the conditions that must be satisfied for
Exempt Funds and Qualified Investor Funds. In particular, these articles require that Units in an Exempt Fund or a Qualified Investor Fund may only be Offered for issue or sale by means of a Private Placement with Professional Clients.