Singapore legislation

Clause 252

Persons liable on prospectus or profile statement to inform person making offer or invitation about certain deficiencies

(1)

A person referred to in section 254(3) (other than paragraph (a)) shall notify in writing the person making the offer of shares, debentures, or units of shares or debentures, for subscription or purchase, or the invitation to subscribe for or purchase shares, debentures, or units of shares or debentures, as soon as practicable, if he becomes aware during the application period that —

(a)

a statement or matter in the prospectus or the profile statement is false or misleading;

(b)

there is an omission from the prospectus of information required to be included therein under section 243 or 244, where applicable, or from the profile statement of information required to be included therein under section 246; or

(c)

a new circumstance —

(i)

has arisen since the prospectus or the profile statement was lodged with the Authority; and

(ii)

would have been required to be included in the prospectus under section 243 or 244, or to be included in the profile statement under section 246, as the case may be, if it had arisen before the prospectus or the profile statement was lodged with the Authority,and the failure to so notify would have been materially adverse from the point of view of an investor.

(2)

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Read in full context — Securities and Futures Bill →