Singapore legislation

Clause 59

of Securities and Futures (Amendment) Bill

Clause 59

Amendment of section 241

Section 241 of the principal Act is amended —

(a)

by deleting the words “or 244” in subsection (1)(b) and (c)(ii)(A); and

(b)

by deleting subsections (5) and (6) and substituting the following subsections:“(5) The person who lodges a supplementary document or the corporation concerned shall take reasonable steps to inform potential investors of such lodgment and make available the supplementary document to them.(6) For the purposes of the application of this Division to events that occur after the lodgment of the supplementary document —

(a)

where the supplementary document is a supplementary prospectus, the prospectus shall be taken to be the original prospectus together with the supplementary prospectus and any previous supplementary prospectus; and

(b)

where the supplementary document is a supplementary profile statement, the profile statement shall be taken to be the original profile statement together with the supplementary profile statement and any previous supplementary profile statement.(6A) The person who lodges a replacement document or the corporation concerned shall take reasonable steps to inform potential investors of such lodgment and make available the replacement document to them.(6B) For the purposes of the application of this Division to events that occur after the lodgment of the replacement document —

(a)

where the replacement document is a replacement prospectus, the prospectus shall be taken to be the replacement prospectus; and

(b)

where the replacement document is a replacement profile statement, the profile statement shall be taken to be the replacement profile statement.”.