(1) An investment company and, for each of the unit trusts and common contractual funds it manages, a management company must publish:
(i) a simplified prospectus and
(ii) a full prospectus,
both of which must be dated and their essential elements kept up to date.
(2) Both the simplified and the full prospectuses must include the information necessary for investors to be able to make an informed judgement of the investment proposed to them, and in particular of the risks attached thereto. The latter shall include, independent of the instruments invested in, a clear and easily understandable explanation of the fund's risk profile.
(3) The simplified prospectus shall contain in summary form the key information provided for in Schedule 4. It shall be structured and written in such a way that it can be easily understood by the average investor.
(4) The Bank may permit that the simplified prospectus be attached to the full prospectus as a removable part of it.
(5) The simplified prospe