Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2002

No. S 543

Securities and Futures Act 2001

(Act 42 of 2001)

Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2002

In exercise of the powers conferred by sections 300 and 341 of the Securities and Futures Act 2001, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment) Regulations 2002 and shall come into operation on 10th October 2002.

Deletion and substitution of sub-heading and new regulation 20A

2. Part III of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2002 (G.N. No. S 241/2002) is amended by deleting the sub-heading immediately above regulation 21 and substituting the following sub-heading and regulaton:

“Division 2 – Exemption from section 300 (1) of Act

Exemption

20A.—(1) The Authority hereby exempts from section 300(1) of the Act any person who —

(a)	advertises an offer or invitation, or intended offer or invitation, of units in a collective investment scheme or proposed collective investment scheme; or
(b)	publishes a statement that, directly or indirectly, refers to such an offer or invitation, or intended offer or invitation, or is reasonably likely to induce people to subscribe for or purchase the units,

if the advertisement or publication complies with the conditions set out in regulations 21 to 29.

(2) A reference in this Division to an offer or invitation, or intended offer or invitation, is a reference to an offer or invitation, or intended offer or invitation, of units in a collective investment scheme or proposed collective investment scheme to the public for subscription or purchase, for which a prospectus is required.”.

Amendment of regulation 21

3. Regulation 21 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2002 is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) An advertisement or a publication shall not contain any information that is false or misleading, or that cannot be justified on the facts known to the person responsible for the advertisement or publication, at the time the advertisement or publication is advertised or published.”.

Made this 10th day of October 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[FSG CFD 180; AG/LEG/SL/288A/2001/1 Vol. 5]

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