Dear Sir

I refer to 'MAS should make managers explain fund losses publicly' (Today, 24 September).

2   Under MAS' current framework, fund managers have to prepare semi-annual and annual reports of their funds for distribution to investors.  The reports must state the performance of the fund since inception as well as over 3-month, 6-month, 1-year, 3-year, 5-year and 10-year periods.  They should also contain an investment report, in which the manager typically comments on the fund's performance, outlook and plans going forward.

Yours sincerely,

Angelina Fernandez
Director (Communications)