Securities and Futures Act 2001 · 2020 Revised Edition · Part 13 · Offers of Investments
294. Service
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Where a collective investment scheme is authorised under section 286 and constituted as a unit trust, any document relating to the scheme is sufficiently served —
collective investment scheme
“collective investment scheme” means —(a)an arrangement in respect of any property —(i)under which the participants do not have day‑to‑day control over the management of the property, whether or not the participants have the right to be consulted or to give directions in respect of such management;(ii)under which either or both of the following characteristics are present:(A)the property is managed as a whole by or on behalf of a manager;(B)the contributions of the participants, and the profits or income out of which payments are to be made to the participants, are pooled; and(iii)under which either or both of the following characteristics are present:(A)the effect of the arrangement is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) —(AA)to participate in or receive profits, income, or other payments or returns arising from the acquisition, holding, management, disposal, exercise, redemption or expiry of, any right, interest, title or benefit in the property or any part of the property; or(AB)to receive sums paid out of such profits, income, or other payments or returns;(B)the purpose, purported purpose or purported effect of the arrangement is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) —(BA)to participate in or receive profits, income, or other payments or returns arising from the acquisition, holding, management, disposal, exercise, redemption or expiry of, any right, interest, title or benefit in the property or any part of the property; or(BB)to receive sums paid out of such profits, income, or other payments or returns,whether or not —(BC)the arrangement provides for the participants to receive any benefit other than those set out in sub‑paragraph (BA) or (BB) in the event that the purpose, purported purpose or purported effect is not realised; or(BD)the purpose, purported purpose or purported effect is realised; or(b)an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as a collective investment scheme by notice in the Gazette,but does not include —(c)an arrangement operated by a person otherwise than by way of business;(d)an arrangement under which each of the participants carries on a business other than investment business and enters into the arrangement solely incidental to that other business;(e)an arrangement under which each of the participants is a related corporation of the manager;(f)an arrangement made by or on behalf of an entity solely for the benefit of persons, each of whom is —(i)a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of that entity or, where that entity is a corporation, a related corporation of that entity; or(ii)a spouse, widow or widower, or a child, adopted child or stepchild below 18 years of age, of such director or equivalent person, former director or equivalent person, employee or former employee;(g)an arrangement made by or on behalf of 2 or more entities solely for the benefit of persons, each of whom is —(i)a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of any of those entities or, where any of those entities is a corporation, a related corporation of the entity which is a corporation; or(ii)a spouse, widow or widower, or a child, adopted child or stepchild below 18 years of age, of such director or equivalent person, former director or equivalent person, employee or former employee;(h)a franchise;(i)an arrangement under which money received by an advocate and solicitor from his or her client, whether as a stakeholder or otherwise, acting in his or her professional capacity in the ordinary course of his or her practice, or under which money is received by a statutory body as a stakeholder in the carrying out of its statutory functions;(j)an arrangement made by any co‑operative society registered under the Co‑operative Societies Act 1979 in accordance with the objects thereof solely for the benefit of its members;(k)an arrangement made for the purposes of any chit fund permitted to operate under the Chit Funds Act 1971;(l)an arrangement arising out of a life policy within the meaning of the Insurance Act 1966;(m)a closed‑end fund constituted either as an entity, a sub‑fund or a trust;(n)an arrangement under which the whole amount of each participant’s contribution is a deposit as defined in section 4B of the Banking Act 1970;(o)an arrangement of which —(i)the predominant purpose is to enable the participants to share in the use or enjoyment of the property or to make its use or enjoyment available gratuitously to others; and(ii)the property does not consist of any of the following:(A)any currency of any country or territory;(B)any capital markets products;(C)any policy as defined in the First Schedule to the Insurance Act 1966;(D)any deposit as defined in section 4B of the Banking Act 1970;(E)any credit facilities as defined in section 2(1) of the Banking Act 1970;(p)an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as not constituting a collective investment scheme by notice in the Gazette;
if served on the responsible person for the scheme at the responsible person’s last known address;
if delivered to the secretary or other similar officer of the responsible person at its registered office or principal place of business;
if sent by registered post addressed to the responsible person at its registered office or principal place of business; or
if sent by email to the last email address of the responsible person.
Where a collective investment scheme is authorised under section 286 and constituted as a VCC or sub-fund, any document relating to the scheme is sufficiently served if served on the VCC in accordance with section 149 of the Variable Capital Companies Act 2018.
VCC
“VCC” means a VCC or variable capital company as defined in section 2(1) of the Variable Capital Companies Act 2018;
Where a collective investment scheme is recognised under section 287, any document relating to the scheme is sufficiently served —
if served on the responsible person for the scheme or the representative for the scheme at the person’s last known address;
if, in the case of a responsible person who is an individual —
the document is delivered to the individual or to some adult member or employee of his or her family or household at his or her last known place of residence;
the document is left at the individual’s usual or last known place of residence or business in an envelope addressed to the individual;
the document is sent by registered post addressed to the individual at his or her usual or last known place of residence or business; or
the document is sent by email to the individual’s last email address; or
if, in the case of a responsible person who is a body corporate or body of persons —
the document is delivered to the secretary or other similar officer of the body corporate or body of persons at its registered office or principal place of business;
the document is left at the registered office or principal place of business of the body corporate or body of persons in an envelope addressed to the body corporate or body of persons;
the document is sent by registered post addressed to the body corporate or body of persons at its registered office or principal place of business; or
the document is sent by email to the last email address of the body corporate or body of persons.
To avoid doubt, a reference in subsection (1)(a), (1A) or (1B)(a) to service of any document relating to the scheme includes the service of any process in relation to the scheme.
Any notice, order or direction to be given or served by the Authority on —
in a case where a collective investment scheme is constituted as a corporation other than a VCC — the corporation;
in a case where a collective investment scheme is constituted as a VCC or a sub‑fund — the VCC;
the manager for a collective investment scheme;
the trustee or custodian for a collective investment scheme; or
the representative for a collective investment scheme,is for all purposes regarded as duly given or served if it has been —
in the case of an individual —
delivered to the individual or to some adult member or employee of his or her family or household at his or her last known place of residence;
left at the individual’s usual or last known place of residence or business in an envelope addressed to him or her;
sent by registered post addressed to the individual at his or her usual or last known place of residence or business; or
sent by email to the individual’s last email address; or
in the case of a body corporate or body of persons —
delivered to the secretary or other similar officer of the body corporate or body of persons at its registered office or principal place of business;
left at the registered office or principal place of business of the body corporate or body of persons in an envelope addressed to the body corporate or body of persons;
sent by registered post addressed to the body corporate or body of persons at its registered office or principal place of business; or
sent by email to the last email address of the body corporate or body of persons.
In subsection (1)(a) or (1B)(a), the last known address of a responsible person that is a company or foreign company is —
responsible person
“responsible person”, in relation to a collective investment scheme, means —(a)in the case of a scheme that is constituted as a VCC or a sub‑fund — the VCC;(b)in the case of a scheme that is constituted as a corporation other than a VCC — the corporation; or(c)in the case of any other scheme — the manager for the scheme;
if the responsible person is a company, the address of its registered office in Singapore; or
if the responsible person is a foreign company, the address of its registered office in Singapore or the registered address of its authorised representative mentioned in section 366(1) of the Companies Act 1967 or, if the responsible person does not maintain a place of business in Singapore, its registered office in the place of its incorporation.
A document, notice, order or direction may be served on a person under this section by email only with that person’s prior written consent.
Subsections (1)(b), (c) and (d) and (1B)(b) and (c) and (2) do not apply to documents to be served in proceedings in court.
Any document, notice, order or direction sent by registered post to any person in accordance with subsection (1), (1A), (1B) or (2) is deemed to be duly served on the person at the time when the document, notice, order or direction (as the case may be) would in the ordinary course of post be delivered.
When proving service of the document, notice, order or direction under subsection (6), it is sufficient to prove that the envelope containing the document, notice, order or direction (as the case may be) was properly addressed, stamped and posted by registered post.
Service of a document, notice, order or direction under subsection (1)(d), (1B)(b)(iv) or (c)(iv) or (2)(f)(iv) or (g)(iv) takes effect at the time the email becomes capable of being retrieved by the person to whom the document is sent.
In this section, “last email address” means —
the last email address given by the addressee concerned to the person giving or serving the document, notice, order or direction as the email address for the service of the document, notice, order or direction under this Act; or
the last email address of the addressee concerned known to the person giving or serving the document, notice, order or direction.