Securities and Futures Act 2001 · 2020 Revised Edition · Part 7 · Disclosure of Interests
137N. Duty of director and chief executive officer of trustee‑manager to notify of interests
Feedback & supportLast amended by an amending law of 2017. 2 amendments in all.
Every director and chief executive officer of the trustee‑manager of a registered business trust or recognised business trust must give written notice to the trustee‑manager of particulars of —
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
units or derivatives of units in the business trust, being units or derivatives of units held by him or her, or in which he or she has an interest and the nature and extent of that interest;
debentures or units of debentures of the business trust which are held by him or her, or in which he or she has an interest and the nature and extent of that interest;
such other securities or securities‑based derivatives contracts as the Authority may prescribe which are held, whether directly or indirectly, by him or her, or in which he or she has an interest and the nature and extent of that interest; and
any change in respect of the particulars of any matter referred to in paragraphs (a), (b) and (c).
A notice under subsection (1) —
must be in such form and must contain such information as the Authority may prescribe; and
must be given —
in the case of a notice under subsection (1)(d), within 2 business days after the director or chief executive officer becomes aware of the change; or
in any other case, within 2 business days after —
the date on which the director or chief executive officer becomes such a director or chief executive officer; or
the date on which the director or chief executive officer becomes a holder of, or acquires an interest in, the units, derivatives of units, debentures, units of debentures, other securities or securities‑based derivatives contracts referred to in subsection (1),whichever last occurs.
For the purposes of this section, a director or chief executive officer of a trustee‑manager is deemed to have an interest in securities or securities‑based derivatives contracts referred to in subsection (1) if a family member of the director or chief executive officer (not being himself or herself a director or chief executive officer of the trustee‑manager) (as the case may be) has an interest in those securities or securities‑based derivatives contracts.
officer
“officer” has the meaning given by section 4(1) of the Companies Act 1967;
In this section —
“family member” means a spouse, or a son, adopted son, stepson, daughter, adopted daughter or stepdaughter below the age of 21 years;
member
“member”, in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, means a person who holds membership of any class or description in the approved exchange, recognised market operator, approved clearing house or recognised clearing house, whether or not the person holds any share in the share capital of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be;
“unit”, in relation to a debenture, means any right or interest, whether legal or equitable, in the debenture, by whatever name called, and includes any option to acquire any such right or interest in the debenture.
debenture
“debenture” includes —(a)any debenture stock, bond, note and any other debt securities issued by or proposed to be issued by a corporation or any other entity, whether constituting a charge or not, on the assets of the issuer;(b)any debenture stock, bond, note and any other debt securities issued by or proposed to be issued by a trustee‑manager of a business trust in its capacity as trustee‑manager of the business trust, or a trustee of a real estate investment trust in its capacity as trustee of the real estate investment trust, whether constituting a charge or not, on the assets of the business trust or real estate investment trust; or(c)such other product or class of products as the Authority may prescribe,but does not include —(d)a cheque, letter of credit, order for the payment of money or bill of exchange; or(e)for the purposes of the application of this definition to a provision of this Act in respect of which any regulations made under that provision provide that the word “debenture” does not include a prescribed document or a document included in a prescribed class of documents, that document or a document included in that class of documents, as the case may be;