Securities and Futures Act 2001 · 2020 Revised Edition · Part 12 · Market Conduct
223. Exception for underwriters
Feedback & supportLast amended by an amending law of 2017.
Sections 218(2) and 219(2) do not apply in respect of —
subscribing for, or purchasing, securities, securities‑based derivatives contracts or CIS units under an underwriting agreement or a sub‑underwriting agreement;
entering into an agreement referred to in paragraph (a); or
selling securities, securities‑based derivatives contracts or CIS units subscribed for, or purchased, under an agreement referred to in paragraph (a).
Sections 218(3) and 219(3) do not apply in respect of the communication of information in relation to securities, securities‑based derivatives contracts or CIS units —
securities
“securities” means —(a)shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership or limited liability partnership;(b)debentures; or(c)any other product or class of products as may be prescribed,but does not include —(d)any unit of a collective investment scheme;(e)any bill of exchange;(f)any certificate of deposit issued by a bank or finance company, whether situated in Singapore or elsewhere; or(g)such other product or class of products as may be prescribed;
to a person solely for the purpose of procuring the person to enter into an underwriting agreement in relation to any such securities, securities‑based derivatives contracts or CIS units; or
by a person who may be required under an underwriting agreement to subscribe for, or purchase, any such securities, securities‑based derivatives contracts or CIS units if the communication is made to another person solely for the purpose of procuring the other person to do either or both of the following:
enter into a sub‑underwriting agreement in relation to any such securities, securities‑based derivatives contracts or CIS units;
subscribe for, or purchase, any such securities, securities‑based derivatives contracts or CIS units.