Singapore legislation
Clause 100
Clause 100
Repeal and re-enactment of sections 303, 304 and 304A
Sections 303, 304 and 304A of the principal Act are repealed and the following sections substituted therefor:“Offer or invitation made under certain circumstances303.—
Subdivision (3) of this Division shall not apply to an offer of units in a collective investment scheme if it is made in relation to units in a collective investment scheme that have been previously issued and that are quoted, or listed for quotation, on a securities exchange.(2) Subdivisions (2) and (3) of this Division shall not apply to an offer of units in a collective investment scheme if it is an offer to enter into an underwriting agreement relating to units in a collective investment scheme.Offer made to institutional investors
304. Subdivisions (2) and (3) of this Division shall not apply to an offer of units in a collective investment scheme, whether or not they have been previously issued, made to an institutional investor.First sale of units acquired pursuant to section 304304A. Notwithstanding sections 302B, 302C, 303(1) and 305B, where units in a collective investment scheme acquired pursuant to an offer made in reliance on the exemption under section 304 are first sold to any person other than an institutional investor, then Subdivisions (2) and (3) of this Division shall apply to the offer resulting in that sale.”.