Article 101(a): Private Placement Requirements of a Foreign Fund

a. No securities issued by a foreign fund may be offered unless the distributor meets the following requirements:

1) notify the Authority in writing in accordance with the format set out in Annex

(6) of these Regulations at least (15) days prior to the proposed date of the offer;

2) submit to the Authority a declaration in accordance with the terms set out in Annex )8) of these Regulations;

3) submit to the Authority copies of any offering documents to be used in advertising the offer; and

4) conduct a due diligence check of the foreign fund and its manager before the distribution of securities issued by such fund, and provide the Authority with it upon request within (5) days from the date of request.

5) pay such registration fees as the Authority may prescribe.

6) submit any another information that the Authority requires.