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Non-applicability of section 339 (2) of Act under certain circumstances

Securities and Futures (Licensing and Conduct of Business) Regulations

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

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—(1) Subsection (2) of section 339 of the Act shall not apply to the carrying on of a business in any regulated activity outside Singapore, insofar as that subsection makes that act an offence under Part 4 of the Act, if —(a)information about the business is not communicated to or directed at any person or persons in Singapore, whether electronically or otherwise; (b)a prominent disclaimer comprising a statement referred to in paragraph (2) is contained in all advertisements and published information about the business;(c)no advertisement or published information about the business contains any information which is specifically relevant to a person or persons in Singapore; and(d)no advertisement or published information about the business is referred to in, or directly accessible from, any source which is intended for a person or persons in Singapore.(1A) Subsection (2) of section 339 of the Act shall not apply to the carrying on of a business in providing credit rating services outside Singapore, insofar as that subsection makes that act an offence under Part 4 of the Act, if the credit ratings prepared in the course of the business are prepared wholly outside Singapore.(2) For the purposes of paragraph (1)(b), the disclaimer shall comprise a statement to the effect that the advertisement or published information to which it relates —(a)is made to or directed at persons outside Singapore; or (b)may be acted upon only by persons outside Singapore.

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