• MKT 3.6 MKT 3.6 Disclosure of interests by Connected Persons of Listed Funds

    • Guidance

      Section 76 of the FSMR requires certain persons connected to a Reporting Entity to make certain disclosures to the Regulator and the Reporting Entity in accordance with the requirements prescribed in these Rules.

    • Definitions

      • MKT 3.6.1

        (1) For the purposes of section 76 of the FSMR, a Person is hereby prescribed as a Connected Person of a Listed Fund if that Person:
        (a) becomes a member of the Governing Body of the Listed Fund or an individual involved in the Senior Management of either the Reporting Entity of the Fund or a Controller of the Reporting Entity of the Fund or the Trustee of the Fund; or
        (b) owns or beneficially owns voting rights carrying more than 5% of the voting rights attaching to the Units of the Fund or of the Trustee of the Fund.
        (2) In (1), a Person is a Controller of a Reporting Entity if that Person (the first person), either alone or with the Associates of that Person, controls the majority of the voting rights in, or the right to appoint or remove the majority of the Board of, the Reporting Entity or any Person who has similar control over the first person, including an ultimate Controller of the first person.
        (3) For the purposes of determining whether a Person has control for the purposes of (1), any Securities held by that Person and his Associates, including those in which that Person or Associate of the Person has a beneficial interest, are deemed as his Securities except where;
        (a) any such Securities are held by that Person on behalf of another Person who is not an Associate of that Person; or
        (b) the Person does not have control over the voting rights attaching to the Securities because some other Person manages those Securities on a discretionary basis.

    • Events that trigger a disclosure

      • MKT 3.6.2

        A Person who is a Connected Person of a Listed Fund pursuant to Rule 3.6.1 must make the disclosure within five Business Days of:

        (1) becoming or ceasing to be a Director or a Person involved in the Senior Management of a Controller of the Reporting Entity of the Fund or of the Trustee of the Fund;
        (2) acquiring or ceasing to hold either alone or with an Associate of the Person 5% of the voting rights attaching to the Units of the Fund or of the Trustee of the Fund or a Controller of the Reporting Entity of the Fund or the Trustee of the Fund; or
        (3) an increase or decrease of at least 1% of the level of interest previously reported pursuant to paragraph (2) of this Rule 3.6.2.

    • Content of the disclosure

      • MKT 3.6.3

        A disclosure made by a Connected Person must contain the following information:

        (1) the name and address of the Connected Person;
        (2) the name and address of the Reporting Entity and its registered address;
        (3) the name and registered address of the Listed Fund;
        (4) the date on which the event giving rise to the obligation to file a report occurred;
        (5) the date on which the filing was made; and
        (6) the price, amount and class of Securities or other investments as is relevant in relation to the transaction or other event and the previous and new level of interest held.

    • Market disclosure

      • MKT 3.6.4

        Upon a Connected Person making a disclosure to the Reporting Entity, the Reporting Entity must, as soon as possible, make a disclosure of that information to the market.