Singapore legislation
Regulation 5
of Securities and Futures (Part 13A) (Global Listing Board and U.S. Exchange) Regulations 2026
Regulation 5
Application of liability provisions to listed GLB products also listed or to be listed on U.S. Exchange
Subregulation 1
The liability provisions apply in relation to listed GLB products that are also listed or to be listed on the U.S. Exchange but with the modifications in this regulation.
Subregulation 2
In any proceedings against a person for a contravention of section 197, 198 or 201(a) or (b) of the Act in connection with such listed GLB products, it is a defence for the person to prove that the contravention arose solely from a repurchase of any of those products that complies with all of the conditions specified in Rule 10b‑18 under the U.S. Exchange Act (17 C.F.R. §240.10b‑18).
Subregulation 3
In any proceedings against a person for a contravention of section 218(2) or 219(2) of the Act in connection with the subscription for, the sale or purchase of, or the entry into an agreement to subscribe for, sell or purchase, such listed GLB products, it is a defence for the person to prove that —
the person is one to whom Rule 10b5‑1 under the U.S. Exchange Act (17 C.F.R. §240.10b5‑1) applies; and
the act is carried out pursuant to a trading plan that complies with all of the conditions specified in Rule 10b5‑1(c) under the U.S. Exchange Act (17 C.F.R. §240.10b5‑1(c)).
Subregulation 4
In any proceedings against a person under section 234 of the Act in connection with the making of a statement in contravention of —
section 199, 200 or 201(c) or (d) of the Act; or
section 202(1)(a) of the Act (in relation to a contravention of section 199, 200 or 201(c) or (d) of the Act),it is a defence for the person to prove that —
the contravention arose solely from the making of a forward‑looking statement (as defined in Section 21E of the U.S. Exchange Act (15 U.S.C. §78u‑5)) in relation to such listed GLB products; and
all of the conditions specified in the safe harbour for forward‑looking statements under Section 21E of the U.S. Exchange Act (15 U.S.C. §78u‑5) are complied with or satisfied, as the case may be.
Subregulation 5
To avoid doubt —
paragraphs (2), (3) and (4) do not affect any other defence available to the defendant; and
the defence in paragraph (2) does not operate as a defence against any liability under section 218(2) or 219(2) of the Act.