Singapore legislation
Regulation 17
Regulation 17
Requirements for advertisement or publication
Subregulation 1
For the purposes of sections 251(8)(d), 273(8A) and 277(7) of the Act, the requirements to be complied with by an advertisement or a publication in respect of an offer or intended offer of securities or securities‑based derivatives contracts that is disseminated or published on or after 10 December 2018 are as follows:
the advertisement or publication (as the case may be) is not false or misleading;
the advertisement or publication (as the case may be) provides a fair and balanced view of the securities or securities‑based derivatives contracts;
the advertisement or publication (as the case may be) presents information in a clear manner, regardless of whether such information is in text or otherwise;
where the advertisement or publication (as the case may be) appears in any medium of communication in visual form, the advertisement or publication (as the case may be) is clearly legible; (e)where the advertisement or publication (as the case may be) appears in any electronic mail or website —
the advertisement or publication (as the case may be) is in a font size of at least 10‑point Times New Roman or a visually equivalent font size of any other standard font typeface; and
any footnote in the advertisement or publication (as the case may be) is not smaller than —
where the font size of the word or statement to which the footnote relates is or is smaller than 20‑point Times New Roman or a visually equivalent font size of any other standard font typeface — 10‑point Times New Roman or a visually equivalent font size of any other standard font typeface;
where the font size of the word or statement to which the footnote relates is larger than 20‑point Times New Roman or a visually equivalent font size of any other standard font typeface but smaller than 29‑point Times New Roman or a visually equivalent font size of any other standard font typeface — half the font size of that word or statement; or
where the font size of the word or statement to which the footnote relates is or is larger than 29‑point Times New Roman or a visually equivalent font size of any other standard font typeface — 14‑point Times New Roman or a visually equivalent font size of any other standard font typeface;
the advertisement or publication (as the case may be) contains the following statement: “This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.”;
where the person disseminating or publishing, or causing the dissemination or publication of, the advertisement or publication (as the case may be) is an entity, a manager of a trust or a trustee‑manager of a business trust, the advertisement or publication (as the case may be) has been approved by the person specified in regulation 18, in the manner set out in that regulation, prior to its dissemination or publication.
Subregulation 2
In the case of an advertisement or a publication mentioned in section 251(8) of the Act that is broadcast on or after 10 December 2018 by means of any radio, television or audiovisual broadcasting service, or shown on or after 10 December 2018 in any cinema, the statements mentioned in section 251(8)(a) and (b) of the Act must be —
read audibly, if the advertisement or publication (as the case may be) is in audio or audiovisual form; or
displayed for at least 5 seconds, if the advertisement or publication (as the case may be) is only in visual form.
Subregulation 3
Without limiting paragraph (1)(a), examples of an advertisement or a publication in respect of an offer or intended offer of securities or securities‑based derivatives contracts that is false or misleading are set out in paragraph 1 of the Twenty‑First Schedule.
Subregulation 4
Without limiting paragraph (1)(b), examples of an advertisement or a publication in respect of an offer or intended offer of securities or securities‑based derivatives contracts that does not provide a fair and balanced view of the securities or securities‑based derivatives contracts are set out in paragraph 2 of the Twenty‑First Schedule.
Subregulation 5
Without limiting paragraph (1)(c), examples of an advertisement or a publication in respect of an offer or intended offer of securities or securities‑based derivatives contracts that does not present information in a clear manner are set out in paragraph 3 of the Twenty‑First Schedule.
Subregulation 6
Without limiting paragraph (1)(d), examples of an advertisement or a publication in respect of an offer or intended offer of securities or securities‑based derivatives contracts that is not clearly legible are set out in paragraph 4 of the Twenty‑First Schedule.
Subregulation 7
For the purposes of section 251(8)(d) of the Act, the requirements to be complied with by an advertisement or a publication in respect of an offer or intended offer of securities or securities‑based derivatives contracts that is disseminated or published on or after 8 October 2018 but before 10 December 2018 are as follows:
the advertisement or publication (as the case may be) does not contain information that, at the time the advertisement or publication (as the case may be) is disseminated or published —
is false or misleading; or
cannot be justified on the facts known to the person responsible for the advertisement or publication (as the case may be);
where the advertisement or publication (as the case may be) is in visual form, the statements mentioned in section 251(8)(a) and (b) of the Act contained in the advertisement or publication (as the case may be) must be clearly legible; (c)where the advertisement or publication (as the case may be) is broadcast by means of any radio, television or audiovisual broadcasting service, or shown in any cinema, the statements mentioned in section 251(8)(a) and (b) of the Act must be —
read audibly, if the advertisement or publication (as the case may be) is in audio or audiovisual form; or
be visually displayed for at least 5 seconds, if the advertisement or publication (as the case may be) is only in visual form.