Singapore legislation
Clause 88
Clause 88
Amendment of section 297
Section 297 of the principal Act is amended by deleting subsections (1), (2) and (3) and substituting the following subsections:“(1) If a prospectus has been registered and —
the Authority is of the opinion that the prospectus contains a false or misleading statement or matter;
there is an omission from the prospectus of any information that is required to be included, or an inclusion in the prospectus of any information that is prohibited, by virtue of requirements prescribed under section 296;
the Authority is of the opinion that the prospectus does not comply with the requirements of this Act; or
the Authority is of the opinion that it is in the public interest to do so,the Authority may by an order in writing (referred to in this section as a stop order) served on the responsible person for the scheme, direct that no or no further units in a collective investment scheme to which the prospectus relates be issued or sold.(2) If a profile statement has been registered and —
the Authority is of the opinion that the profile statement contains a false or misleading statement or matter;
there is an omission from the profile statement of any information that is required to be included, or an inclusion in the profile statement of any information that is prohibited, by virtue of requirements prescribed under section 296;
the Authority is of the opinion that the profile statement does not comply with the requirements of this Act; or
the Authority is of the opinion that it is in the public interest to do so,the Authority may by an order in writing (referred to in this section as a stop order) served on the responsible person for the scheme, direct that no or no further units in a collective investment scheme to which the profile statement relates be issued or sold.(3) The Authority shall not serve a stop order under subsection (1) or (2) without giving the responsible person who lodged the prospectus or profile statement an opportunity to be heard, except that an opportunity to be heard need not be given if the stop order is served on the ground that it is in the public interest to do so on the basis of any of the following circumstances:
the responsible person is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the responsible person.”.