Singapore legislation
Clause 274
Clause 274
Offer or invitation made to certain institutions or persons
Subdivisions (2) and (3) of this Division shall not apply to an offer or invitation in respect of shares, debentures, or units of shares or debentures, whether or not they have been previously issued, made to —
a bank that is licensed under the Banking Act (Cap. 19) or a merchant bank that is approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
an insurance company that is registered under the Insurance Act (Cap. 142) or a trust company registered under the Trust Companies Act (Cap. 336);
the Government or a statutory body;
the holder of a capital markets services licence to deal in securities or an exempt person in respect of dealing in securities;
the holder of a capital markets services licence for fund management;
a pension fund or collective investment scheme;
an investment company as defined in section 355(1) of the Companies Act (Cap. 50);
a licensed financial adviser under the Financial Advisers Act 2001 or exempted under that Act from obtaining such a licence; and
such other person who, pursuant to the offer or invitation acquires the shares, debentures, or units of shares or debentures, as principal or as a trustee for accounts fully managed by it and who has been declared by the Authority as an exempt purchaser or is within a class of persons declared by the Authority as exempt purchasers.