Singapore legislation
Section 283
Section 283
Interpretation of this Division
(1)
In this Division, unless the context otherwise requires —
Definition
“authorised real estate investment trust” means a real estate investment trust that is a collective investment scheme authorised under section 286;
Definition
“control”, in relation to an entity, means the capacity of a person to determine the outcome of decisions on the financial and operating policies of the entity, having regard to —
the influence which the person can, in practice, exert on the entity (as opposed to the rights which the person can exercise in the entity); and
any practice or pattern of behaviour of the person affecting the financial or operating policies of the entity (even if such practice or pattern of behaviour involves a breach of an agreement or a breach of trust),but does not include any capacity of a person to influence decisions on the financial and operating policies of the entity if such influence is required by law or under any contract or order of court to be exercised for the benefit of other persons;
Definition
“immediate family”, in relation to an individual, means the individual’s spouse, son, adopted son, stepson, daughter, adopted daughter, stepdaughter, father, stepfather, mother, stepmother, brother, stepbrother, sister or stepsister;
Definition
“preliminary document” means a document which has been lodged with the Authority and is issued for the purpose of determining the appropriate issue or sale price of, and the number of, units in a collective investment scheme to be issued or sold and which contains the information required to be included in a prospectus as may be prescribed under section 296(1)(a)(i), except for such information as the Authority may prescribe;
Definition
“product highlights sheet” means a product highlights sheet referred to in section 296A(1);
Definition
“profile statement” means a profile statement referred to in section 296(2);
Definition
“prospectus” means any prospectus, notice, circular, material, advertisement, publication or other document used to make an offer of units in a collective investment scheme or proposed collective investment scheme, but does not include —
a profile statement;
any material, advertisement or publication which is authorised by section 300 (other than subsection (3)); or
a product highlights sheet;
Definition
“recognised real estate investment trust” means a real estate investment trust that is a collective investment scheme recognised under section 287;
Definition
“recognised securities exchange” means a corporation which has been declared by the Authority, by order in the Gazette, to be a recognised securities exchange for the purposes of this Division;
Definition
“related party” means —
in relation to an entity —
a director or an equivalent person of the entity;
the chief executive officer or an equivalent person of the entity;
a person who controls the entity;
a related corporation;
any other entity controlled by it;
any other entity controlled by the person referred to in sub‑paragraph (iii); and
a related party of any individual referred to in sub‑paragraph (i), (ii) or (iii); and
in relation to an individual —
his or her immediate family;
a trustee of any trust of which the individual or any member of the individual’s immediate family is —
a beneficiary; or
where the trust is a discretionary trust, a discretionary object,when the trustee acts in that capacity; and
any corporation in which the individual and his or her immediate family (whether directly or indirectly) have interests in voting shares of an aggregate of not less than 30% of the total votes attached to all voting shares;
Definition
“replacement document” means a replacement prospectus or a replacement profile statement referred to in section 298(1), as the case may be;
Definition
“supplementary document” means a supplementary prospectus or a supplementary profile statement referred to in section 298(1), as the case may be;
Definition
“unit trust” means a collective investment scheme under which the property is held on trust for the participants.
(2)
For the purposes of this Division, a statement is deemed to be included in a prospectus or profile statement if it is contained in any report or memorandum appearing on the face thereof or by reference incorporated therein or issued therewith.
(3)
For the purposes of this Division, a person makes an offer of units in a collective investment scheme if, and only if, as principal —
the person makes (either personally or by an agent) an offer to any person in Singapore which upon acceptance would give rise to a contract for the issue or sale of those units by the firstmentioned person or another person with whom the firstmentioned person has made arrangements for that issue or sale; or
the person invites (either personally or by an agent) any person in Singapore to make an offer which upon acceptance would give rise to a contract for the issue or sale of those units by the firstmentioned person or another person with whom the firstmentioned person has made arrangements for that issue or sale.
(4)
In subsection (3), “sale” includes any disposal for valuable consideration.