Clause 37

by deleting the words “(referred to in this section as the connected person)” in subsection (1)(a);

by inserting, immediately after the words “value of those securities” in subsection (1)(b)(ii), the words “of that corporation”;

by deleting the words “subsections (2) to (6) shall apply” in the last line of subsection (1) and substituting the words “subsections (2), (3), (4), (5) and (6) shall apply”;

by inserting, immediately after subsection (1), the following subsection:“(1A) Subject to this Division, where —

a person who is connected to any corporation, where such corporation —

in relation to a business trust, acts as its trustee or manages or operates the business trust; or

in relation to a collective investment scheme that invests only in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes and all or any units of which are listed on a securities exchange, is the trustee or manager of the scheme,possesses information concerning that corporation, business trust or scheme, as the case may be, that is not generally available but, if the information were generally available, a reasonable person would expect it to have a material effect on the price or value of securities of that corporation, of securities of that business trust or of units in that scheme, as the case may be; and

the connected person knows or ought reasonably to know that —

the information is not generally available; and

if it were generally available, it might have a material effect on the price or value of those securities of that corporation, of those securities of that business trust or of those units in that scheme, as the case may be,subsections (2), (3), (4A), (5) and (6) shall apply.”;

by inserting, immediately after the words “any such securities” in subsection (2)(a) and (b), the words “referred to in subsection (1) or (1A), as the case may be”;

by inserting, immediately after the words “referred to in subsection (1)” in the 1st line of subsection (3), the words “or (1A)”;

by deleting the words “In any proceedings against a connected person for a contravention of subsection (2) or (3),” in subsection (4) and substituting the words “In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation referred to in subsection (1),”;

by inserting, immediately after subsection (4), the following subsection:“(4A) In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation which —

in relation to a business trust, acts as its trustee or manages or operates the business trust; or

in relation to a collective investment scheme, is the trustee or manager of the scheme,as the case may be, referred to in subsection (1A), where the prosecution or plaintiff proves that the connected person was at the material time —

in possession of information concerning the corporation, business trust or scheme, as the case may be; and

the information was not generally available,it shall be presumed, until the contrary is proved, that the connected person knew at the material time that —

the information was not generally available; and

if the information were generally available, it might have a material effect on the price or value of securities of that corporation, of securities of that business trust or of units in the scheme, as the case may be.”; and

by deleting subsection (5) and substituting the following subsection:“(5) In this Division —

“connected person” means a person referred to in subsection (1) or (1A) who is connected to a corporation; and

a person is connected to a corporation if —

he is an officer of that corporation or of a related corporation;

he is a substantial shareholder within the meaning of Division 4 of Part IV of the Companies Act (Cap. 50) in that corporation or in a related corporation; or

he occupies a position that may reasonably be expected to give him access to information of a kind to which this section applies by virtue of —

any professional or business relationship existing between himself (or his employer or a corporation of which he is an officer) and that corporation or a related corporation; or

being an officer of a substantial shareholder within the meaning of Division 4 of Part IV of the Companies Act in that corporation or in a related corporation.”.