Code on Collective Investment Schemes

On May 23, 2023, the Monetary Authority of Singapore (MAS) issued a revised version of the Code on Collective Investment Schemes (CIS). The Code stipulates best practices as regards the management, operation, and marketing of collective investment schemes that shall be observed by managers, trustees, directors, and custodians of Variable Capital Companies (VCCs). It covers a wide range of issues, including the role, responsibilities, and obligations of a trustee (in case of a unit trust), the role, responsibilities, and obligations of a custodian or the directors (in case of a VCC or its sub-fund), the functions and responsibilities of a manager of a VCC (or sub-fund) in connection with securities dealing, reporting, redemption of shares (units), calculation and charge of performance fees and others, or the valuation of shares, including the frequency and timing of such valuation.
This latest revised version includes the addition of a guidance note to paragraph 4.2 of Appendix 6 as regards the holding of general meetings of real estate funds. It reads as follows – as quoted:
Guidance
For the avoidance of doubt, a property fund may hold electronic meetings provided it observes the relevant provisions in the Companies Act (Cap. 50), the listing requirements of its approved exchange and its trust deed relating to the convening and conduct of general meetings.