52. Non-applicability of section 339 (2) of Act under certain circumstances

Subsection (2) of section 339 of the Act shall not apply to the carrying on of a business in any regulated activity outside Singapore, insofar as that subsection makes that act an offence under Part 4 of the Act, if —

information about the business is not communicated to or directed at any person or persons in Singapore, whether electronically or otherwise; (b)a prominent disclaimer comprising a statement referred to in paragraph (2) is contained in all advertisements and published information about the business;

no advertisement or published information about the business contains any information which is specifically relevant to a person or persons in Singapore; and

no advertisement or published information about the business is referred to in, or directly accessible from, any source which is intended for a person or persons in Singapore.

Subsection (2) of section 339 of the Act shall not apply to the carrying on of a business in providing credit rating services outside Singapore, insofar as that subsection makes that act an offence under Part 4 of the Act, if the credit ratings prepared in the course of the business are prepared wholly outside Singapore.

For the purposes of paragraph (1)(b), the disclaimer shall comprise a statement to the effect that the advertisement or published information to which it relates —

is made to or directed at persons outside Singapore; or (b)may be acted upon only by persons outside Singapore.

Subsection (2) of section 339 of the Act shall not apply to the carrying on of a business in any regulated activity outside Singapore, insofar as that subsection makes that act an offence under Part 4 of the Act, if —

information about the business is not communicated to or directed at any person or persons in Singapore, whether electronically or otherwise; (b)a prominent disclaimer comprising a statement referred to in paragraph (2) is contained in all advertisements and published information about the business;

no advertisement or published information about the business contains any information which is specifically relevant to a person or persons in Singapore; and

no advertisement or published information about the business is referred to in, or directly accessible from, any source which is intended for a person or persons in Singapore.

Subsection (2) of section 339 of the Act shall not apply to the carrying on of a business in providing credit rating services outside Singapore, insofar as that subsection makes that act an offence under Part 4 of the Act, if the credit ratings prepared in the course of the business are prepared wholly outside Singapore.

For the purposes of paragraph (1)(b), the disclaimer shall comprise a statement to the effect that the advertisement or published information to which it relates —

is made to or directed at persons outside Singapore; or (b)may be acted upon only by persons outside Singapore.