Clause 101

by inserting, immediately after the word “securities” in subsection (1)(a), the words “or securities‑based derivatives contracts”;

by inserting, immediately after the word “securities” in subsection (1)(b)(ii), the words “or securities‑based derivatives contracts”;

by deleting subsection (1A) and substituting the following subsection:“(1A) Subsections (2), (3), (4A), (5) and (6) apply if —

a person is connected to —

a corporation that is the trustee of, or manages or operates, a business trust; or

a corporation that is the trustee or manager of a collective investment scheme —

that invests primarily 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 an approved exchange;

the connected person possesses —

where the person is connected to a corporation mentioned in paragraph (a)(i), any information concerning the corporation or business trust 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 or securities‑based derivatives contracts of the corporation or business trust; or

where the person is connected to a corporation mentioned in paragraph (a)(ii), any information concerning the corporation or collective investment scheme 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 or securities‑based derivatives contracts of the corporation, or the price or value of CIS units in the scheme; 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 —

where the person is connected to a corporation mentioned in paragraph (a)(i), the price or value of securities or securities‑based derivatives contracts of the corporation or business trust; or

where the person is connected to a corporation mentioned in paragraph (a)(ii), the price or value of securities or securities‑based derivatives contracts of the corporation, or the price or value of CIS units in the collective investment scheme.”;

by deleting paragraphs (a) and (b) of subsection (2) and substituting the following paragraphs:“(a)subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell —

the securities or securities‑based derivatives contracts mentioned in subsection (1); or

the securities, securities-based derivatives contracts or CIS units mentioned in subsection (1A); or

procure another person to subscribe for, purchase or sell, or to enter into an agreement to subscribe for, purchase or sell —

the securities or securities‑based derivatives contracts mentioned in subsection (1); or

the securities, securities-based derivatives contracts or CIS units mentioned in subsection (1A).”;

by deleting subsection (3) and substituting the following subsection:“(3) The connected person must not, directly or indirectly, communicate the information mentioned in subsection (1) or (1A), or cause the information to be communicated, to another person if the connected person knows, or ought reasonably to know, that the other person would or would be likely to —

subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell —

the securities or securities‑based derivatives contracts mentioned in subsection (1); or

the securities, securities-based derivatives contracts or CIS units mentioned in subsection (1A); or

procure a third person to subscribe for, purchase or sell, or to enter into an agreement to subscribe for, purchase or sell —

the securities or securities‑based derivatives contracts mentioned in subsection (1); or

the securities, securities-based derivatives contracts or CIS units mentioned in subsection (1A).”;

by inserting, immediately after the word “securities” in subsection (4)(ii), the words “or securities‑based derivatives contracts”; and

by deleting subsection (4A) and substituting the following subsections:“(4A) In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation mentioned in subsection (1A)(a)(i) or (ii), the presumption in subsection (4B) applies until the contrary is proved, if the prosecution or plaintiff proves that the connected person was at the material time —

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

the information was not generally available.(4B) For the purpose of subsection (4A), the presumption is 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 —

where the person is connected to a corporation mentioned in subsection (1A)(a)(i), the price or value of securities or securities‑based derivatives contracts of the corporation or business trust; or

where the person is connected to a corporation mentioned in subsection (1A)(a)(ii), the price or value of the securities or securities‑based derivatives contracts of the corporation or the price or value of CIS units in the collective investment scheme.”.