Securities and Futures Act 2001 · 2020 Revised Edition · Part 13 · Offers of Investments
262. Offer of asset‑backed securities
Feedback & supportAn offer of asset‑backed securities is made only if they are issued by —
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;
a special purpose vehicle other than a trust; or
the trustee of a trust that is a special purpose vehicle.
The Authority may exempt any person or class of persons from this section, subject to such conditions or restrictions as the Authority may determine.
In this section —
“asset‑backed securities” means debentures or units of debentures issued pursuant to a securitisation transaction;
“securitisation transaction” means an arrangement that involves the sale, transfer or assignment of assets to a special purpose vehicle where —
such sale, transfer or assignment is funded by the issue of debentures or units of debentures (whether by that special purpose vehicle or another special purpose vehicle); and
payments in respect of such debentures or units of debentures are or will be principally derived, directly or indirectly, from the cash flows generated by the assets;
“special purpose vehicle” means an entity that is established solely in order to, or a trust that is established solely in order for its trustee to, do either or both of the following:
entity
“entity” includes a corporation, an unincorporated association, a partnership and the government of any state, but does not include a trust;
hold (whether as a legal or equitable owner) the assets from which payments to holders of any asset‑backed securities are or will be primarily derived;
issue any asset‑backed securities.