Singapore legislation

Regulation 10

of Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018

Regulation 10

Incorporation by reference

Subregulation 1

For the purposes of section 243(4A) of the Act, the following conditions and restrictions are prescribed:

(a)

only the classes of information set out in the Nineteenth Schedule may be incorporated in the prospectus by reference; (b)the prospectus must —

(i)

clearly identify the classes of information that are intended to be incorporated by reference, by stating the paragraphs of the Nineteenth Schedule under which those classes of information are set out;

(ii)

clearly identify the reference document or part of the reference document that contains the information which is intended to be incorporated by reference;

(iii)

contain a statement that the person making the offer will provide a copy of the reference document free of charge to any person to whom the offer is made upon that person’s request, during the relevant period of the prospectus as described under section 250(3) of the Act (called in this regulation the validity period); (iv)contain a statement that the reference document is available at the Authority’s website accessible at http://www.mas.gov.sg (under “OPERA”), or at https://eservices.mas.gov.sg/opera, during the validity period; (v)contain a statement that the reference document comprises information that investors would reasonably require to make an informed assessment of the investment being offered; and

(vi)

contain a statement that investors are advised to read the reference document before making an investment decision;

(c)

where a person to whom the offer is made asks the person making the offer for the reference document during the validity period, the person making the offer must provide a copy of the reference document free of charge.

Subregulation 2

To avoid doubt, any information that is required to be disclosed in a product highlights sheet must not be incorporated by reference.