Mutual fund offer documents must disclose maximum group investments, prior exchange listing approvals, and prohibit false or misleading statements. Regulation 25 requires the offer document to disclose the maximum investments a scheme will make in listed securities of the sponsor's group companies and to state the prior in-principle approval from the recognised stock exchange(s) where units are proposed to be listed; the Board may require modifications to the offer document, the offer document must not contain false or misleading statements, and it must include any other disclosures the Board specifies.