Singapore legislation
Regulation 3
of Securities and Futures (Offers of Investments) (Exemption for Depositary Receipts) Regulations 2023
Regulation 3
Exemption
Subdivisions (2) and (3) of Division 1 of Part 13 (other than section 257) of the Act do not apply to an offer of securities that is an offer of depositary receipts where —
the depositary receipts are or will be listed for quotation or quoted on an approved exchange; (b)the depositary receipts are not issued or proposed to be issued pursuant to any agreement between the issuer of the depositary receipts and —
the issuer of the underlying securities; or
where the underlying securities are other depositary receipts —
the issuer of those other depositary receipts; or
the issuer of the shares or units in a business trust that are the underlying securities of those other depositary receipts; and
in the case of depositary receipts that are not rights issue depositary receipts — all underlying securities of the depositary receipts have been previously issued and are listed for quotation on a specified exchange.