Singapore legislation
Section 280
Section 280
Making offer using automated teller machine or electronic means
(1)
Subject to subsection (3) and such requirements as the Authority may prescribe, a person making an offer of securities or securities‑based derivatives contracts using —
any automated teller machine; or
such other electronic means as the Authority may prescribe,is exempted from the requirement under section 240(1)(a) that the offer be made in or accompanied by a prospectus in respect of the offer or, where applicable, the requirement under section 240(4) that the offer be made in or accompanied by a profile statement in respect of the offer.
(2)
To avoid doubt, a prospectus which complies with all other requirements of section 240(1)(a) or, where applicable, a profile statement which complies with all other requirements of section 240(4) must still be prepared and issued in respect of any offer referred to in subsection (1).
(3)
Subsection (1) does not apply unless the automated teller machine or prescribed electronic means indicates to a prospective subscriber or buyer —
how the prospective subscriber or buyer can obtain, or arrange to receive, a copy of the prospectus or, where applicable, profile statement in respect of the offer; and
that the prospective subscriber or buyer should read the prospectus or, where applicable, profile statement before submitting an application,before enabling the prospective subscriber or buyer to submit any application to subscribe for or purchase securities or securities‑based derivatives contracts.