Singapore legislation
Section 309B
Section 309B
Obligation of issuer to determine, and to notify approved exchange and relevant person of, classification of capital markets products
(1)
An issuer must not make an offer of any capital markets products unless —
the issuer has determined the classification of those capital markets products;
where those capital markets products are or will be listed for quotation or quoted on a market operated by an approved exchange, the issuer has notified the approved exchange in writing of the classification of those capital markets products; and
where those capital markets products are or will be offered through any relevant person, the issuer has notified that relevant person in writing of the classification of those capital markets products.
(2)
A relevant person must not make an offer of any capital markets products unless the relevant person has received a notification under subsection (1)(c) in respect of those capital markets products.
(3)
Where, after any notification has been given under subsection (1)(b) or (c) or this subsection in respect of any capital markets products, there is a change in the classification of those capital markets products, the issuer of those capital markets products must, within such time as the Authority may prescribe by regulations made under section 341 —
if those capital markets products are or will be listed for quotation or quoted on an approved exchange, notify the approved exchange in writing of the new classification of those capital markets products; and
if those capital markets products are or will be offered through any relevant person, notify that relevant person in writing of the new classification of those capital markets products.
(4)
Without affecting section 337(1), the Authority may, by regulations made under section 341, exempt any person or class of persons from any provision of this section, subject to such conditions or restrictions as the Authority may prescribe in those regulations.
(5)
Without affecting section 337(3) and (4), the Authority may, by written notice, exempt any person from any provision of this section, subject to such conditions or restrictions as the Authority may specify by written notice.
(6)
It is not necessary to publish any exemption granted under subsection (5) in the Gazette.
(7)
Every person who is granted an exemption under subsection (4) must satisfy every condition or restriction imposed on the person under that subsection.
(8)
Every person who is granted an exemption under subsection (5) must satisfy every condition or restriction imposed on the person under that subsection.
(9)
Any person who contravenes subsection (1), (2), (3), (7) or (8) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 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.
(10)
In this section —
Definition
“classification”, in relation to any capital markets products, means the classification of the capital markets products as either of the following:
prescribed capital markets products;
capital markets products other than prescribed capital markets products;
Definition
“prescribed capital markets products” means any capital markets products that belong to any class of capital markets products that is prescribed by the Authority, by regulations made under section 341, for the purposes of this definition.