Disclosure
The Code sets out various disclosure requirements, some of which are minimum standards, and some of which are best practice.Those disclosures which are minimum standards should be supplied to existing and prospective investors on request.
Minimum compliance data is collected by means of a mandatory questionnaire (see Section 1.6) and published in the MSCI/AREF Property Fund Vision Handbook; the handbook is publically available in pdf form on the MSCI website (click here to go to the MSCI web-site) and the questionnaire should be supplied to existing investors and to prospective investors on request.
A key sub-set of the minimum compliance data is automatically downloaded to the fund page of the AREF web-site on a quarterly basis (click here to view our Member Directory which has links to the AREF Fund Member pages).
In general, the Code is not prescriptive about where the disclosures' should be made, because the type of documentation and its contents will vary for different fund types. All members will have documents relevant to the constitution and marketing of the fund e.g. unit trust instrument and Limited Partnership Agreement, Prospectus, Information Memorandum etc; most (but not all) will produce annual reports, periodic statements and fact sheets, the contents of which will be governed by legal/regulatory requirements; most will maintain a web-site.
It is left to members’ discretion as to where the information is disclosed.