Singapore legislation
Section 305B
Section 305B
Offer made using offer information statement
(1)
Subject to subsection (2), Subdivision (3) of this Division does not apply to an offer of units in a collective investment scheme whose units are listed for quotation on an approved exchange, whether by means of a rights issue or otherwise, if —
an offer information statement relating to the offer which complies with such form and content requirements as the Authority may prescribe is lodged with the Authority; and
either —
the offer is made in or accompanied by the offer information statement referred to in paragraph (a); or
all the conditions in subsection (2A) are satisfied.
(2)
Subsection (1) only applies to an offer of units referred to in that subsection made within a period of 6 months from the date the offer information statement relating to that offer is lodged with the Authority.
(2A)
The conditions referred to in subsection (1)(b)(ii) are —
the offer is made using any automated teller machine or such other electronic means as the Authority may prescribe;
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 offer information statement in respect of the offer; and
that the prospective subscriber or buyer should read the offer information statement before submitting an application,before enabling the prospective subscriber or buyer to submit any application to subscribe for or purchase units in the collective investment scheme; and
the person making the offer complies with such other requirements as the Authority may prescribe.
(3)
The Authority may, on the application of any person interested, modify the prescribed form and content of the offer information statement in such manner as is appropriate, subject to such conditions or restrictions as the Authority may prescribe.
(4)
Sections 249, 249A, 253, 254 and 255 (as applied to this Division by virtue of section 302) and such requirements as the Authority may prescribe apply in relation to an offer information statement referred to in subsection (1) as they apply in relation to a prospectus.
(5)
For the purposes of subsection (4) —
a reference in sections 249 and 249A to the registration of the prospectus is to be read as a reference to the lodgment of the offer information statement; and
a reference in section 253 or 254 to any information or new circumstance required to be included in a prospectus is to be read as a reference to any information prescribed under subsection (1)(a).
(6)
Where the written consent of an expert is required to be given under section 249 (as applied in relation to an offer information statement under subsection (4)), that written consent must be lodged with the Authority at the same time as the lodgment of the statement.
(7)
Where the written consent of an issue manager or underwriter is required to be given under section 249A (as applied in relation to an offer information statement under subsection (4)), that written consent must be lodged with the Authority at the same time as the lodgment of the statement.
(8)
A person must not advertise an offer or intended offer of any units in a collective investment scheme referred to in subsection (1), or publish a statement that directly or indirectly refers to the offer or intended offer, or that is reasonably likely to induce persons to subscribe for or purchase the units, unless the advertisement or publication complies with such requirements as the Authority may prescribe by regulations made under section 341.
(9)
Any person who contravenes subsection (8), or who knowingly authorises or permits the publication or dissemination of any advertisement or statement referred to in that subsection, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.