Requirements for units

A financial institution which intends to offer units to the public shall furnish the Central Bank with the following units. (a) the trust instrument or memorandum and articles of association (as applicable); 8 (b) the investment objectives and policies which shall include particulars regarding the establishment of any unit scheme; (c) the pricing of the units, such as to determine the manner in which the manager’s prices for units on a sale and a purchase and the yield from the units are to be respectively calculated, and, for entitling the holder of any units to require the manager to purchase them at a price calculated accordingly; (d) the basis for valuing the fund; (e) the policy on distributions, withdrawals and reinvestment; (f) particulars regarding the management of the fund; (g) particulars on the trustee of and custodian services for the fund; (h) expenses of the fund; and (i) financial resources of the financial institution and its parent organisation (if any).