Clause 71

in subsection (1), after paragraph (ck), insert —“(cl)it is an offer of units or derivatives of units in a business trust —

being a business trust which is registered in Singapore or otherwise, whose units or derivatives of units are not listed for quotation on an approved exchange; or

being a business trust which is not registered in Singapore, whose units or derivatives of units are listed for quotation on an approved exchange and such listing is not a primary listing,that is made to any existing unitholder of the business trust or any holder of any debenture of the trustee‑manager of the business trust that is issued by the trustee‑manager of the business trust in its capacity as trustee‑manager of the business trust (whether or not the offer is renounceable in favour of persons other than existing unitholders or holders of debentures);”;

in subsection (1A), replace “or (e)” with “, (e) or (h)”;

in subsection (1A)(a)(iv), delete “and” at the end;

in subsection (1A)(b), replace the full‑stop at the end with “; and”;

in subsection (1A), after paragraph (b), insert —“(c)in the case of an offer of securities‑based derivatives contracts, the obligations under the contracts are not obligations to be discharged by one party to the other at some future time by cash settlement only.”;

after subsection (1A), insert —“(1B) Subdivision (1A) of this Division does not apply to any offer of units in a business trust or derivatives of units in a business trust of a kind described in subsection (1)(b), (c), (cc), (cl) or (j).”;

in subsection (5), replace “Subdivisions (2)” with “Subdivisions (1A), (2)”; and

in subsection (8A)(a) and (b)(i), replace “or (e)” with “, (e), (f), (g) or (h)”.