For regulatory purposes, there are two essential scheme documents:

  1. the instrument of incorporation (if a company) or the trust deed (if a trust‘;
  2. the prospectus or offering document, also known in some jurisdictions as scheme particulars.

It is the instrument of incorporation that establishes the mutual fund, and a fund established as a company may well have a certificate of incorporation before it applies for authorisation. However, it cannot be offered to the public until it has an order of authorisation. Read the rest of this entry »