Clause 92

by deleting subsection (1) and substituting the following subsections:“(1) No person shall make an offer of units in a collective investment scheme unless the offer —

is made in or accompanied by a prospectus in respect of the offer —

that is prepared in accordance with such requirements as may be prescribed by the Authority;

a copy of which, being one that has been signed in accordance with subsection (2A), is lodged with the Authority; and

that is registered by the Authority; and

complies with such requirements as may be prescribed by the Authority.(1A) A person who lodges a preliminary document with the Authority shall be deemed to have lodged a prospectus with the Authority.(1B) A preliminary document referred to in subsection (1A) shall contain all information to be included in a prospectus other than such information as may be prescribed by the Authority.”;

by deleting the words “to the public for subscription or purchase, or an invitation to the public to subscribe for or purchase units in a collective investment scheme,” in the 2nd, 3rd and 4th lines of subsection (2);

by deleting paragraph (b) of subsection (2) and substituting the following paragraph:“(b)a copy of the prospectus and a copy of the profile statement, each of which has been signed in accordance with subsection (2A), are lodged with the Authority, and the prospectus is lodged no later than the profile statement;”;

by deleting the words “or invitation” in subsection (2)(e);

by inserting, immediately after subsection (2), the following subsections:“(2A) The copy of a prospectus or profile statement lodged with the Authority shall be signed —

where the person making the offer of units in a collective investment scheme is the responsible person for the scheme, by every director or equivalent person of the responsible person and every person who is named therein as a proposed director or an equivalent person of the responsible person; and

where the person making the offer of units in a collective investment scheme is not the responsible person for the scheme —

where the responsible person is controlled by —

the person making the offer;

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

the person making the offer and one or more of his related parties,by the persons referred to in paragraph (a) and the persons referred to in sub-paragraph (ii)(A) or (B), as the case may be; and

in any other case —

where that person is an entity, by every director or equivalent person of that entity; or

where that person is an individual, by the individual or a person authorised by him in writing.(2B) A requirement under subsection (2A) for the copy of a prospectus or profile statement to be signed by a director or an equivalent person is satisfied if the copy is signed —

by that director or equivalent person; or

by a person who is authorised in writing by that director or equivalent person to sign on his behalf.(2C) A requirement under subsection (2A) for the copy of a prospectus or profile statement to be signed by a person named therein as a proposed director or an equivalent person is satisfied if the copy is signed —

by that proposed director or equivalent person; or

by a person who is authorised in writing by that proposed director or equivalent person to sign on his behalf.”;

by deleting the words “to the public for subscription or purchase, or an invitation to the public to subscribe for or purchase units in a collective investment scheme,” in subsection (3);

by deleting subsection (4);

by deleting subsection (6) and substituting the following subsections:“(6) The Authority may register a prospectus or a profile statement on any day between the 14th and 21st days (both days inclusive) from the date of lodgment thereof with the Authority, unless —

the Authority gives to the person making the offer a notice of an opportunity to be heard under subsection (12);

the Authority gives a notice to the person making the offer of an extension, in which case, the Authority may, not later than 28 days from the date of lodgment of the prospectus or profile statement —

register the prospectus or profile statement; or

give the person making the offer a notice of an opportunity to be heard under subsection (12);

the person making the offer applies in writing to extend the period during which the prospectus or profile statement may be registered, in which case the Authority may, at any time up to and including the date on which the extended period ends —

register the prospectus or profile statement; or

give the person making the offer a notice of an opportunity to be heard under subsection (12); or

the person making the offer gives a notice in writing to the Authority to withdraw the lodgment of the prospectus or profile statement, in which case the Authority shall not register the prospectus or profile statement.(6A) Where, after a notice of an opportunity to be heard has been given under subsection (6)(a), (b)(ii) or (c)(ii), the Authority decides not to refuse registration of the prospectus or profile statement, the Authority may proceed with the registration on such date as it considers appropriate, except that that date shall not be earlier than the 14th day from the date of lodgment of the prospectus or profile statement with the Authority.(6B) Where a prospectus lodged with the Authority is a preliminary document, the Authority shall not register the prospectus unless a copy of the prospectus which has been signed in accordance with subsection (2A) and which contains the information required to be included in a prospectus as prescribed under subsection (1)(a)(i), including such information which could be omitted from the preliminary document by virtue of subsection (1B), has been lodged with the Authority.(6C) A person making an offer of units in a collective investment scheme may lodge any amendment to a prospectus or profile statement in respect of that offer at any time before, but not after, the registration of the prospectus or profile statement by the Authority.”;

by deleting the words “prior to the registration of such prospectus” in subsection (7)(a);

by deleting the words “prior to the registration of such profile statement” in subsection (7)(b);

by deleting subsection (8) and substituting the following subsection:“(8) Where an amendment to a prospectus or profile statement is lodged with the consent of the Authority, the prospectus or profile statement as amended shall be deemed, for the purposes of subsection (6), to have been lodged when the original prospectus or profile statement was lodged with the Authority.”;

by deleting the words “the person who lodges the prospectus or profile statement and, where applicable, the translation” in the 7th, 8th and 9th lines of subsection (9) and substituting the words “the person making the offer”;

by deleting the words “a copy of any prospectus” in subsection (10) and substituting the words “a prospectus”;

by deleting the words “or matter” in paragraph (a) of subsection (10);

by deleting paragraphs (d) and (e) of subsection (10) and substituting the following paragraphs:“(d)the copy of the prospectus that is lodged with the Authority is not signed in accordance with subsection (2A);

any written consent of an expert to the issue of the prospectus required under section 249 (as applied to this Subdivision by virtue of section 302), or a copy thereof which is verified as prescribed, is not lodged with the Authority; (ea)any written consent of an issue manager to the issue of the prospectus required under section 249A(1) (as applied to this Subdivision by virtue of section 302), or a copy thereof which is verified as prescribed, is not lodged with the Authority;

by deleting the words “a copy of any profile statement” in subsection (11) and substituting the words “a profile statement”;

by deleting the words “or matter” in paragraph (a) of subsection (11);

by deleting paragraph (c) of subsection (11) and substituting the following paragraphs:“(c)the copy of the profile statement that is lodged with the Authority is not signed in accordance with subsection (2A);

any written consent of an underwriter to the issue of the profile statement required under section 249A(2) (as applied to this Subdivision by virtue of section 302), or a copy thereof which is verified as prescribed, is not lodged with the Authority;”; and

by deleting subsections (12), (13) and (14) and substituting the following subsections:“(12) The Authority shall not refuse to register a prospectus under subsection (10) or a profile statement under subsection (11) without giving the person making the offer an opportunity to be heard, except that an opportunity to be heard need not be given if the refusal is on the ground that it is not in the public interest to register the prospectus or profile statement on the basis of any of the following circumstances:

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.(13) Any person making an offer may, within 30 days after he is notified that the Authority has refused to register a prospectus or profile statement to which his offer relates under subsection (10) or (11), appeal to the Minister whose decision shall be final.(14) If —

a prospectus or profile statement is issued, circulated or distributed before it has been registered by the Authority; or

an application to subscribe for or purchase units in a collective investment scheme is accepted, or units in a collective investment scheme are issued or sold, before a prospectus and, where applicable, profile statement, in respect of the units has been registered by the Authority,the person making the offer and every person who is knowingly a party to —

the issue, circulation or distribution of the prospectus or profile statement;

the acceptance of the application to subscribe for or purchase the units; or

the issue or sale of the units,as the case may be, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.(14A) For the purposes of subsections (10)(a) and (11)(a), any reference to a statement shall include a reference to any information presented, regardless of whether such information is in text or otherwise.”.