Singapore legislation
Clause 300
Clause 300
Restrictions on advertisements, etc.
(1)
If a prospectus is required for an offer or invitation, or intended offer or invitation, of units in a collective investment scheme or proposed collective investment scheme to the public for subscription or purchase, a person shall not —
advertise the offer or invitation or intended offer or invitation; or
publish a statement that —
directly or indirectly refers to the offer or invitation or intended offer or invitation; or
is reasonably likely to induce people to subscribe for or purchase the units,unless the advertisement or publication is authorised by this section and complies with such requirements as may be prescribed.
(2)
In determining whether a statement —
indirectly refers to an offer or invitation, or intended offer or invitation; or
is reasonably likely to induce people to subscribe for or purchase the units in a collective investment scheme,regard shall be had to whether the statement is likely to encourage investment decisions to be made on the basis of the statement rather than on the basis of information contained in a prospectus or profile statement.
(3)
For the avoidance of doubt, a person may disseminate a prospectus or profile statement that has been registered by the Authority without contravening subsection (1).
(4)
An advertisement or publication does not contravene subsection (1) if it —
consists solely of a notice or report of a meeting of the participants of the collective investment scheme;
consists solely of a report about the collective investment scheme or proposed collective investment scheme that is prepared in accordance with the Code on Collective Investment Schemes;
is a news report, or a genuine comment, in a newspaper, periodical or magazine or on radio or television, or any other means of broadcasting or communication, relating to —
a prospectus or a profile statement that has been lodged with the Authority or information contained in such a prospectus or a profile statement; or
a notice or report referred to in paragraph (a) or (b); or
is a report about the units in the collective investment scheme or proposed collective investment scheme published by someone who is not —
the responsible person for the scheme, its agent or distributor;
a person who has an interest in the success of the issue or sale of the units; or
acting at the instigation of, or by arrangement with, any person referred to in sub-paragraph (i) or (ii).
(5)
A person does not contravene subsection (1) if —
he publishes an advertisement or publication in the ordinary course of a business of —
publishing a newspaper, periodical or magazine; or
broadcasting by radio, television, or any other means of broadcasting or communication; and
he did not know, and had no reason to suspect, that its publication would constitute a contravention of subsection (1).
(6)
Subsection (4)(c) and (d) shall not apply to an advertisement or statement if any person gives consideration or any other benefit for the publication of the advertisement or statement.
(7)
Any person who contravenes subsection (1), and, in the case of a corporation, every officer or other person who knowingly authorised or permitted the publication or dissemination, 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 thereof during which the offence continues after conviction.
(8)
This section does not affect any liability that a person has under any other law.
(9)
The Authority may exempt any person or class of persons from this section, subject to such conditions as may be determined by the Authority.
(10)
Any person who contravenes any of the conditions under subsection (9) 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 thereof during which the offence continues after conviction.