Advertisement standards: collective investment scheme adverts must be truthful, not misleading and disclose risk factors. Advertisements for collective investment schemes must be truthful, fair and clear, avoid misleading statements and guarantees of rapid profits, and use concise language. They must include risk factors with equal prominence and identify the scheme, management company, trustee, registered office and registrar. Reproductions from offer documents must be complete. Performance disclosures must state computation basis, include a caution about future results, use per unit statistics and show past and latest NAV where applicable. Trustees must ensure compliance, obtain undertakings from management companies, and approve all advertisements.