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Application of section 251 of Act to GLB offers: “free writing prospectus” exception

Securities and Futures (Part 13A) (Global Listing Board and U.S. Exchange) Regulations 2026

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—(1) Section 251 of the Act applies in relation to a GLB offer or intended GLB offer, subject to the modification in this regulation.(2) The following subsection is inserted after section 251(4B) of the Act (as inserted by regulation 9(2)):“(4C) Despite subsection (6), a person does not contravene subsection (1) for publishing in Singapore a free writing prospectus (as defined by Rule 405 of the U.S. Securities Act (17 C.F.R. §230.405)) (called in this subsection the “FWP”) where the FWP is for an offer in the U.S. of the same capital markets products as those of a GLB offer or intended GLB offer, if all of the following conditions are satisfied:(a)the FWP complies with the applicable requirements in Rule 433 read with Rule 164 of the U.S. Securities Act (17 C.F.R. §230.433 and 17 C.F.R. §230.164 respectively);(b)the FWP is published in Singapore only after a prospectus for the GLB offer is lodged with the Authority;(c)there is included in each copy of the FWP that is published in Singapore, a statement to the effect that —(i)a copy of the prospectus has been lodged with the Authority;(ii)the prospectus may be accessed from a specified Internet website; and(iii)a recipient of the FWP who wishes to invest in the to‑be‑listed GLB products concerned should first read the prospectus in addition to the FWP.”.

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