Singapore legislation

Clause 48

of Securities and Futures (Amendment No. 2) Bill

Clause 48

Amendment of section 243

Section 243 of the principal Act is amended —

(a)

by deleting the words “an offer to the public of shares in or debentures of, or units of shares in or debentures of, a corporation for subscription or purchase, or for an invitation to the public to subscribe for or purchase shares in or debentures of, or units of shares in or debentures of, a corporation” in subsection (1) and substituting the words “an offer of securities”;

(b)

by deleting subsection (3) and substituting the following subsection:“(3) The matters referred to in subsection (1)(a) shall relate to —

(a)

the rights and liabilities attaching to the securities;

(b)

the assets and liabilities, profits and losses, financial position and performance, and prospects of the issuer;

(c)

if the underlying entity is controlled by —

(i)

the person making the offer;

(ii)

one or more of the related parties of the person making the offer; or

(iii)

the person making the offer and one or more of his related parties,the assets and liabilities, profits and losses, financial position and performance, and prospects of that entity; and

(d)

in the case of an offer of units of shares or debentures, where the person making the offer, or an entity which is controlled by —

(i)

the person making the offer;

(ii)

one or more of the related parties of the person making the offer; or

(iii)

the person making the offer and one or more of his related parties,is or will be required to issue or deliver the relevant securities, or to meet financial or contractual obligations to the holders of those units, the capacity of that person or entity to issue or deliver the relevant securities, or the ability of that person or entity to meet those financial or contractual obligations.”;

(c)

by deleting paragraph (a) of subsection (4) and substituting the following paragraph:“(a)the nature of the securities and the nature of the entity concerned;”;

(d)

by deleting the words “subsection (2)” in subsection (5) and substituting the words “subsection (2)(b)”;

(e)

by deleting paragraphs (a), (b), (c) and (d) of subsection (5) and substituting the following paragraphs:“(a)the person making the offer;

(b)

if the person making the offer is an entity, a director or an equivalent person of the entity;

(c)

the issuer;

(d)

a director or an equivalent person, or a proposed director or an equivalent person, of the issuer;

(da)a person named in the prospectus with his consent as an underwriter to the issue or sale;”; and

(f)

by deleting the words “shares in or debentures of, or units of shares in or debentures of, a corporation” in subsection (6) and substituting the word “securities”.

Read in full context — Securities and Futures (Amendment No. 2) Bill →