Clause 89

by deleting paragraph (b) of subsection (2);

by deleting paragraphs (d) and (e) of subsection (2) and substituting the following paragraphs:“(d)there is a representative for the scheme for the functions set out in subsection (13) who is —

an individual resident in Singapore; or

a company, or a foreign company registered under Part XI, Division 2 of the Companies Act (Cap. 50);

the Authority has been furnished with information regarding —

the name of the representative referred to in paragraph (d) and his address (where such representative is a corporation) or contact particulars (where such representative is an individual); and

such other information as the Authority may prescribe; and”;

by inserting the word “and” at the end of paragraph (a) of subsection (3);

by deleting the word “; and” at the end of paragraph (b) of subsection (3) and substituting a full-stop;

by deleting paragraph (c) of subsection (3);

by deleting paragraphs (a) and (c) of subsection (5) and substituting the following paragraphs:“(a)the person making the offer (being an entity), the responsible person or the collective investment scheme itself, is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

the person making the offer (being an individual) is an undischarged bankrupt, 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 person making the offer (being an entity), the responsible person or the collective investment scheme.”;

by deleting subsection (6) and substituting the following subsection:“(6) The responsible person for a collective investment scheme may, within 30 days after he is notified that the Authority has refused to recognise that scheme under subsection (1), appeal to the Minister whose decision shall be final.”; and

by deleting the words “to the public for subscription or purchase or the invitation to the public to subscribe for or purchase units in the collective investment scheme” in subsection (13B).