Singapore legislation
Clause 5
Clause 5
Amendment of section 46
Section 46 of the Companies Act is amended by inserting, immediately after subsection (2), the following subsections:“(2A) Notwithstanding subsection (2), in a case where a prospectus states or implies that an application has been or will be made for permission for international securities offered thereby to be listed or quoted on a stock exchange in Singapore approved by the Minister under section 16 of the Securities Industry Act [Cap. 289], the Registrar may, by order, exempt a person from complying with any particular requirement as regards the form and content of a prospectus, as shall be specified in the order, if he considers that disclosure of that particular requirement is unnecessary for the protection of persons who may normally be expected to buy or deal in those securities, being persons who are sufficiently expert to understand the risks involved.(2B) In subsection (2A), “international securities” means shares or debentures connected with a country outside Singapore by virtue of those shares or debentures being issued —
by a body incorporated in that country; or
by a foreign government or an international organisation,and those shares or debentures are denominated in a currency other than the Singapore dollar.(2C) Regulations may provide for the class or classes of international securities to which an order made under subsection (2A) applies and for such other matters as the Minister considers are expedient in connection with the issue of such securities.”.