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

Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018

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—(1) Section 339(2) of the Act does not apply to the following offers:(a)an offer of securities or securities‑based derivatives contracts made outside Singapore, where —(i)the number of enquiries or applications from persons in Singapore in response to the offer is insubstantial;(ii)the number of persons in Singapore to whom the offer is made is insubstantial;(iii)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(iv)the amount raised from persons in Singapore pursuant to the offer is insubstantial;(b)an offer of securities or securities‑based derivatives contracts made outside Singapore, where —(i)the offer is not denominated in Singapore dollars;(ii)persons in Singapore are prevented from subscribing for or purchasing the securities or securities‑based derivatives contracts;(iii)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;(iv)the offer is not made to or directed at persons in Singapore, whether electronically or otherwise;(v)there is in place a prominent disclaimer in relation to the offer comprising a statement mentioned in paragraph (2);(vi)the materials used for the offer do not contain any information that is specifically relevant to persons in Singapore; and(vii)the offer is not mentioned in, or directly accessible from, any source that is intended for persons in Singapore.(2) For the purposes of paragraph (1)(b)(v), the disclaimer must comprise a statement that the offer to which it relates —(a)is made to or directed at only persons outside Singapore; and (b)may be acted upon only by persons outside Singapore.(3) In this regulation, “offer” includes an advertisement of such an offer.

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