Singapore legislation
Regulation 38
of Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005
Regulation 38
Non-applicability of section 339 (2) of Act under certain circumstances
Subregulation 1
Section 339(2) of the Act does not apply to an offer of units in a collective investment scheme made outside Singapore if —
the number of enquiries or applications from persons in Singapore in response to such offer is insubstantial;
the number of persons in Singapore to whom the offer is made is insubstantial;
the number of persons in Singapore to whom the units which are the subject of the offer are issued is insubstantial; and
the contributions of the participants in Singapore pursuant to the offer is insubstantial.
Subregulation 2
Notwithstanding that an offer referred to in paragraph (1) does not satisfy the conditions in that paragraph, section 339(2) of the Act does not apply to that offer if —
the offer is not denominated in Singapore dollars;
there are in place proper systems or procedures to prevent persons in Singapore from subscribing for or purchasing the units, and adequate checks to ensure that these systems or procedures are effective;
the offer is not made to or directed at persons in Singapore, whether electronically or otherwise;
there is in place a prominent disclaimer in relation to the offer comprising a statement referred to in paragraph (3);
the materials used for the offer do not contain any information which is specifically relevant to persons in Singapore; and
the offer is not referred to in, or directly accessible from, any source which is intended for persons in Singapore.
Subregulation 3
For the purposes of paragraph (2)(d), the disclaimer must comprise a statement to the effect that the offer to which it relates —
is made to or directed at only persons outside Singapore; and
may be acted upon only by persons outside Singapore.
Subregulation 4
In this regulation, “offer” includes an advertisement of such an offer.