Regulations Governing Offshore Funds Article 51

The master agent and the sub-distributor shall both be held liable under applicable laws and regulations for any violation of the preceding article by a master agent’s mandated sub-distributor when engaging in advertising, public informational meetings, or promotional activities in connection with offshore funds.The master agent shall report to the SITCA within 10 days from the occurrence of any advertising, public informational meeting, or promotional activities in connection with offshore funds engaged in by the master agent or its mandated distributors. Upon discovery of a matter listed in any subparagraph of paragraph 1 of the preceding article, the SITCA shall compile relevant information and submit a written report to the FSC at the end of each month; where it involves a matter in subparagraph 9 thereof, it shall also notify the CBC by letter.