Singapore legislation

Clause 172

of Securities and Futures (Amendment) Bill

Clause 172

Amendment of section 305A

Section 305A of the principal Act is amended —

(a)

by deleting the word “securities” in subsection (3)(i)(B) and substituting the words “units in a collective investment scheme, securities, securities‑based derivatives contracts”; and

(b)

by deleting subsection (5) and substituting the following subsection:“(5) Subsections (1), (2) and (3) do not apply where the units in a collective investment scheme acquired are of the same class as other units in the scheme —

(a)

which are listed for quotation on an approved exchange; and

(b)

in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange, was issued in connection with —

(i)

an offer of those units in the scheme; or

(ii)

the listing for quotation of those units in the scheme.”.