Division 1 — Securities and Securities‑based Derivatives Contracts

Subdivision 1 Interpretation

239 Preliminary provisions

239A Authority may disapply this Division to certain offers

239B Modification of provisions to certain offers

Subdivision 1A Offers of units in and recognition of business trusts

239C Requirement for registration or recognition

239D Power of Authority to recognise business trusts constituted outside Singapore

239E Power of Authority to impose conditions or restrictions

239F Revocation, suspension or withdrawal of recognition

Subdivision 2 Prospectus requirements

240 Requirement for prospectus and profile statement, where relevant

240AA Requirement for product highlights sheet, where relevant

240AB Exemption from requirement for product highlights sheet

240A Debenture issuance programme

241 Lodging supplementary document or replacement document

242 Stop order for prospectus and profile statement

243 Contents of prospectus

244 (Repealed)

245 Retention of over‑subscriptions and statement of asset‑backing in debenture issues

246 Contents of profile statement

247 Exemption from requirements as to form or content of prospectus or profile statement

248 Exemption for certain governmental and international entities as regards signing of copy of prospectus or profile statement by all directors or equivalent persons

249 Expert’s consent to issue of prospectus or profile statement containing statement by him or her

249A Consent of issue manager and underwriter to being named in prospectus or profile statement

250 Duration of validity of prospectus and profile statement

251 Restrictions on advertisements, etc.

252 Persons liable on prospectus or profile statement to inform person making offer about certain deficiencies

253 Criminal liability for false or misleading statements

254 Civil liability for false or misleading statements

255 Defences

256 (Repealed)

257 Document containing offer of securities or securities‑based derivatives contracts for sale deemed prospectus

258 Application and moneys to be held in trust in separate bank account until allotment

259 Allotment of securities or securities‑based derivatives contracts where prospectus indicates application to list on approved exchange

260 Prohibition of allotment unless minimum subscription received

Subdivision 3 Debentures

261 Preliminary provisions

262 Offer of asset‑backed securities

263 (Repealed)

264 (Repealed)

265 Power of court in relation to certain irredeemable debentures

265A Requirement for trustees

266 Duties of trustees

267 Powers of trustee to apply to court for directions, etc.

267A Right of Authority, approved exchange and holders of debentures to apply to court for order

268 Obligations of borrowing entity

268A Additional obligations of borrowing entity, where debentures are not listed on approved exchange

269 Obligation of guarantor entity to provide information

270 Loans and deposits to be immediately repayable on certain events

271 Liability of trustees for debenture holders

Subdivision 4 Exemptions

272 Issue or transfer of securities or securities‑based derivatives contracts for no consideration

272A Small offers

272B Private placement

273 Offer made under certain circumstances

274 Offer made to institutional investors

275 Offer made to accredited investors and certain other persons

276 Offer of securities acquired pursuant to section 274 or 275

277 Offer made using offer information statement

278 Offer in respect of international debentures

279 Offer of debentures made by Government or international financial institutions

280 Making offer using automated teller machine or electronic means

280A Information relating to certain offers

281 Revocation of exemption

282 Transactions under exempted offers subject to Division 2 of Part 12 of Companies Act 1967 and Part 12 of this Act

Subdivision 5 General

282AA Power of Authority to issue directions

Division 2 — Collective Investment Schemes

Subdivision 1 Interpretation

283 Interpretation of this Division

283A Use of term "real estate investment trust"

284 Code on Collective Investment Schemes

284A Authority may disapply this Division to certain offers and invitations

284B Division not to apply to certain collective investment schemes which are business trusts

284C Modification of provisions to certain offers

Subdivision 2 Authorisation and recognition

285 Requirement for authorisation or recognition

286 Authorised schemes

287 Recognised schemes

288 Revocation, suspension or withdrawal of authorisation or recognition

289 Approval of trustees

290 Inspection of approved trustees

291 Duty of trustees to furnish Authority with such return and information as Authority requires

292 Liability of trustees

292A Disqualification or removal of director or executive officer

292B Information of insolvency, etc.

292C Interpretation of sections 292C to 292H

292D Action by Authority if approved trustee unable to meet obligations, etc.

292E Effect of assumption of control under section 292D

292F Duration of control

292G Responsibilities of officers, member, etc., of approved trustee

292H Remuneration and expenses of Authority and others in certain cases

293 Authority may issue directions

294 Service

295 Winding up

295A Power to acquire units of participants of real estate investment trust in certain circumstances

295B Unclaimed money to be paid to Official Receiver

295C Remedies in cases of oppression or injustice

Subdivision 2A Voluntary transfer of business of approved trustee

295D Interpretation of this Subdivision

295E Voluntary transfer of business

295F Approval of transfer

Subdivision 3 Prospectus requirements

296 Requirement for prospectus and profile statement, where relevant

296A Requirement for product highlights sheet, where relevant

297 Stop order for prospectus and profile statement

298 Lodging supplementary document or replacement document

299 Duration of validity of prospectus and profile statement

300 Restrictions on advertisements, etc.

301 Issue of units where prospectus indicates application to list on approved exchange

302 Application of provisions relating to securities and securities‑based derivatives contracts

Subdivision 4 Exemptions

302A Issue or transfer for no consideration

302B Small offers

302C Private placement

303 Offer or invitation made under certain circumstances

304 Offer made to institutional investors

304A First sale of units acquired pursuant to section 304

305 Offer made to accredited investors and certain other persons

305A First sale of units acquired pursuant to section 305

305B Offer made using offer information statement

305C Making offer using automated teller machine or electronic means

306 Power of Authority to exempt

307 Revocation of exemption

308 Transactions under exempted offers subject to Division 2 of Part 12 of Companies Act 1967, Division 2 of Part 13 of the Variable Capital Companies Act 2018, and Part 12 of this Act

Division 3 — Hawking of Securities, Securities‑based Derivatives Contracts and Units in Collective Investment Scheme

309 Securities hawking prohibited

Division 4 — Capital Markets Products

309A Interpretation of this Division

309B Obligation of issuer to determine, and to notify approved exchange and relevant person of, classification of capital markets products

309C Use of term "capital protected" or "principal protected"

309D Use of term "product highlights sheet"