Singapore legislation
Regulation 7
Regulation 7
Conditions of exemption under regulations 5 and 6
Subregulation 1
An exemption under regulation 5 or 6 is subject to the following conditions:
the offer of post‑seasoning debentures is made to —
retail investors only; or
retail investors, and either institutional investors or relevant persons or both;
the debentures are to be listed for quotation on an approved exchange and traded on the approved exchange; (c)the total of —
the value of the post‑seasoning debentures to be issued to retail investors; and
the value, as at the date of issue, of post‑seasoning debentures previously issued to retail investors under an offer made in reliance on an exemption under these Regulations, and which relate to the same seasoned debentures as those to which the post‑seasoning debentures mentioned in sub‑paragraph (i) relate,does not exceed 50% of the total value, as at the date of issue, of those seasoned debentures (excluding debentures issued to the lead manager, arranger and underwriter of the offer of those seasoned debentures for their own accounts);
at the time the offer of the post‑seasoning debentures is made, the offeror entity, trustee‑manager of the business trust (in the case of a BT offer) or manager of the REIT (in the case of a REIT offer), announces or otherwise disseminates to the organised market operated by the approved exchange a product highlights sheet relating to the offer that —
complies with the requirements in regulation 8; and (ii)sets out information that is current at the time of the offer;
each retail investor is given the product highlights sheet mentioned in sub‑paragraph (d) before the retail investor applies to subscribe for or purchase the debentures.
Subregulation 2
Where the offer is made using any automated teller machine or other electronic means, paragraph (1)(e) is treated as satisfied if —
before enabling a retail investor to submit any application to subscribe for or purchase the debentures, the retail investor is informed through the automated teller machine or other electronic means —
how the retail investor can obtain, or arrange to receive, a copy of the product highlights sheet relating to the offer; and (ii)that the retail investor should read the product highlights sheet before submitting the application; and
the product highlights sheet complies with the requirements in regulation 8, and sets out information that is current at the time of the offer.