Singapore legislation
Clause 304
Clause 304
Offer or invitation made to certain institutions or persons
Subdivisions (2) and (3) of this Division shall not apply to an offer of units in a collective investment scheme to the public for subscription or purchase, or an invitation to the public to subscribe for or purchase units in a collective investment scheme, if —
the units in the scheme, if subscribed for or purchased in Singapore, are issued subject to the condition that they shall not be transferable except by operation of law; and (b)the offer or invitation is 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);
a statutory board;
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 financial adviser licensed under the Financial Advisers Act 2001 or exempted under that Act from obtaining such a licence; or
such other person who, pursuant to the offer or invitation, acquires the units 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.