Singapore legislation

Clause 74

of Financial Institutions (Miscellaneous Amendments) Bill

Clause 74

Amendment of section 276

In the Securities and Futures Act 2001, in section 276 —

(a)

in subsection (1), replace “(e) and (f)” with “(da), (e), (f), (g), (h), (i) and (j)”;

(b)

in subsections (1) and (2), replace “Subdivisions (2)” with “Subdivisions (1A), (2)”; and

(c)

replace subsection (7) with —“(7) Subsections (1), (3) and (4) do not apply where the securities or securities‑based derivatives contracts that are acquired are —

(a)

securities or securities‑based derivatives contracts of a corporation that are of the same class as other securities or securities‑based derivatives contracts of the corporation, and —

(i)

those other securities or securities‑based derivatives contracts are listed for quotation on an approved exchange; and

(ii)

a prospectus, offer information statement, introductory document, shareholders’ circular for a reverse take‑over, document issued for the purposes of a scheme of arrangement, or any other similar document approved by an approved exchange, had earlier been issued in connection with —

(A)

an offer of those other securities or securities‑based derivatives contracts; or

(B)

the listing for quotation of those other securities or securities‑based derivatives contracts; or

(b)

units in a business trust or derivatives of units in a business trust that are of the same class as other units in the business trust or derivatives of units in the business trust, and —

(i)

those other units or derivatives of units are listed for quotation on an approved exchange; and

(ii)

(A)

an offer of those other units or derivatives of units; or

(B)

the listing for quotation of those other units or derivatives of units.”.

Read in full context — Financial Institutions (Miscellaneous Amendments) Bill →