Singapore legislation
Regulation 36
Regulation 36
Exemption from section 272A(8)(c)(iii) of Act
Subregulation 1
Section 272A(8)(c)(iii) of the Act does not apply to an offer of securities or securities‑based derivatives contracts by any person to a market‑maker, if —
the offer satisfies section 272A(8)(c)(i), (ii), (iv) and (v) of the Act; and
before the offer was made, the market‑maker had indicated to the person that the market‑maker did not require the following to be given for any sale of those securities or securities‑based derivatives contracts to the market‑maker:
the statement in writing under section 272A(8)(c)(iii)(A) of the Act;
the notification in writing under section 272A(8)(c)(iii)(B) of the Act.
Subregulation 2
In this regulation, “market‑maker” means a holder of a capital markets services licence to deal in capital markets products that are securities or securities‑based derivatives contracts, or an exempt person in respect of dealing in capital markets products that are securities or securities‑based derivatives contracts, who —
through a facility (including an electronic means) regularly quotes the prices at which it proposes to acquire or dispose of securities or securities‑based derivatives contracts for its own account; and
is ready, willing and able to effect transactions in the securities or securities‑based derivatives contracts at the quoted prices.