Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Exemption) (No. 2) Notification

Status:

Revised Edition
published on 29 Feb 2004

Securities and Futures Act

(Chapter 289, Section 306(1))

Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Exemption) (No. 2) Notification

N 3

G.N. No. S 248/2002

REVISED EDITION 2004

(29th February 2004)

[1st July 2002]

Citation

1. This Notification may be cited as the Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Exemption) (No. 2) Notification.

Interpretation

2. In this Notification, unless the context otherwise requires —

“day” means a calendar day;

“manager” means the manager for the streetTRACKS Straits Times Index Fund;

“participating dealer” means a person who has entered into an agreement with the manager to effect the issue of units in the streetTRACKS Straits Times Index Fund, and the redemption of units from participants;

“participant” means a participant in the streetTRACKS Straits Times Index Fund;

“streetTRACKS Straits Times Index Fund” means the collective investment scheme known as streetTRACKS Straits Times Index Fund, constituted as a unit trust under a trust deed made between the manager and the trustee;

“trustee” means the trustee for the streetTRACKS Straits Times Index Fund.

Exemption

3. The Authority hereby exempts the manager and the trustee, in relation to the trust deed constituting the streetTRACKS Straits Times Index Fund, from regulation 8 (1)(a)(iv) of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations (Rg 2), subject to the following conditions:

(a)	the trust deed shall contain a covenant binding the manager that the manager shall, on the application of a participating dealer, redeem units in the streetTRACKS Straits Times Index Fund from the participating dealer in accordance with the provisions of the trust deed;
(b)	the units in the streetTRACKS Straits Times Index Fund shall, within 14 days after a prospectus in respect of those units is registered by the Authority, be listed for quotation on a securities exchange;
(c)	the trust deed shall contain a covenant binding the manager that if at any time the units in the streetTRACKS Straits Times Index Fund cease to be listed for quotation on all securities exchanges on which the units have been listed for a continuous period of 30 days, the manager shall, within 14 days from the end of such period, commence accepting applications from participants to redeem those units in accordance with the provisions of the trust deed; and
(d)	the covenant referred to in sub-paragraph (c) may provide that, in the event that the units in the streetTRACKS Straits Times Index Fund are re-listed on a securities exchange, the manager may, upon giving reasonable notice to the participants, revert to only accepting applications to redeem units from a participating dealer. [G. N. No. S 248/2002]

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