Regulation 39

an offer of securities or securities‑based derivatives contracts made outside Singapore, where —

the number of enquiries or applications from persons in Singapore in response to the 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 are issued the securities or securities‑based derivatives contracts that are the subject of the offer, is insubstantial; and

the amount raised from persons in Singapore pursuant to the offer is insubstantial;

an offer of securities or securities‑based derivatives contracts made outside Singapore, where —

the offer is not denominated in Singapore dollars;

persons in Singapore are prevented from subscribing for or purchasing the securities or securities‑based derivatives contracts;

adequate checks are made to ensure that the systems or procedures that prevent persons in Singapore from subscribing for or purchasing the securities or securities‑based derivatives contracts 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 mentioned in paragraph (2);

the materials used for the offer do not contain any information that is specifically relevant to persons in Singapore; and

the offer is not mentioned in, or directly accessible from, any source that is intended for persons in Singapore.

is made to or directed at only persons outside Singapore; and (b)may be acted upon only by persons outside Singapore.