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Exemption from section 240A(1)(b), (2)(b), (3), (4), (6), (7) and (9) of Act for offer of continuously issued structured notes

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

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Proposed text

—(1) Section 240A(1)(b), (2)(b), (3), (4), (6), (7) and (9) of the Act does not apply to an offer of continuously issued structured notes that is part of a debenture issuance programme, if the conditions mentioned in paragraph (2) are satisfied.(2) The conditions mentioned in paragraph (1) are that —(a)the person making the offer gives to each person to whom the offer is made a transaction note in respect of the offer prior to the subscription or purchase of the continuously issued structured notes;(b)the transaction note, the base prospectus, and any supplementary base prospectus applicable to every offer under the debenture issuance programme, collectively contain the material terms and conditions of the offer;(c)the person making the offer gives, to each person who subscribed for or purchased the continuously issued structured notes, a confirmation statement within 3 business days after the date of the subscription or purchase of those continuously issued structured notes;(d)the transaction note contains the following statements:(i)“This offer is made on the basis of information contained in this transaction note and in the base prospectus and supplementary base prospectus or prospectuses, if any.”;(ii)“This transaction note has not been lodged with or registered by the Monetary Authority of Singapore under Division 1 of Part XIII of the Securities and Futures Act (Cap. 289).”;(iii)“Investors are advised to read the base prospectus and supplementary base prospectus or prospectuses, if any, relating to the offer before accepting the terms set out in this transaction note.”; and(e)the transaction note and the confirmation statement —(i)contain all information mentioned in paragraph 1(b) of the Fourteenth Schedule that is applicable to the continuously issued structured notes being offered, and that has been omitted from the base prospectus; and(ii)do not contain any information other than —(A)information already contained in the base prospectus or supplementary base prospectus or prospectuses, if any;(B)information on additional risk factors and investment considerations that are specific and relevant to the offer, and that had materially affected, or could materially affect, directly or indirectly —(BA)the value of the pool of reference assets; or(BB)the value of the investments held by holders of the continuously issued structured notes; and(C)other information permitted by the Authority.

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