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CMFASPrepStudyingRES5
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Financial advisory
RES5Financial Advisory Services✓A plain authorised retail bond fund with no leverage or derivatives is best classified as:
Under the Securities and Futures (Capital Markets Products) Regulations 2018 and MAS Notice SFA 04-N12, a fund is an Excluded Investment Product if it invests only in EIP-class assets such as bonds and deposits and uses derivatives, if at all, only for hedging or efficient portfolio management. A plain, unleveraged authorised bond fund meets that test, so no CKA is needed.
Adding leverage or extensive derivatives would make it a SIP.
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