Securities and Futures (Offers of Investments) (Shares and Debentures) (Exemption for Units of Shares) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 06 Nov 2007

No. S 609

Securities and Futures Act

(Chapter 289)

Securities and Futures (Offers of Investments) (Shares and Debentures) (Exemption for Units of Shares) Regulations 2007

In exercise of the powers conferred by section 337(1) of the Securities and Futures Act, 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) (Shares and Debentures) (Exemption for Units of Shares) Regulations 2007 and shall come into operation on 6th November 2007.

Exemption

2.—(1) Subject to paragraph (2), a person making an offer of units of shares of Altitude Trust Management Pte Ltd shall be exempt from the requirements under Subdivision (2) of Division 1 of Part XIII of the Act.

(2) The exemption under paragraph (1) shall be subject to the following conditions:

(a)	the shares of Altitude Trust Management Pte Ltd are not listed or traded on a securities exchange;
(b)	the offer of units of shares of Altitude Trust Management Pte Ltd is made concurrently with an offer of units in Altitude Aircraft Leasing Trust in respect of which Altitude Trust Management Pte Ltd is the trustee-manager; and
(c)	the terms of the Altitude TM Shares Trust provide that the ratio which the number of units of shares of Altitude Trust Management Pte Ltd owned by a unitholder of Altitude Aircraft Leasing Trust bears to the total number of units in Altitude Aircraft Leasing Trust owned by him is the same for every unitholder of Altitude Aircraft Leasing Trust.

(3) For the purposes of determining the ratio under paragraph (2)(c), any unit of share of Altitude Trust Management Pte Ltd arising solely from holding an option or similar right or interest to acquire units in Altitude Aircraft Leasing Trust shall be disregarded.

(4) In paragraph (2)(c), “Altitude TM Shares Trust” means the trust constituted by the deed dated 10th October 2007 executed by Altitude Trust Management Pte Ltd and DBS Trustee Limited, and which is known as the Altitude TM Shares Trust or such other name as the trustee of the Altitude TM Shares Trust may from time to time determine.

Made this 30th day of October 2007.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[CMD CFD 037/2007 Pt 1; AG/LEG/SL/289/2005/32 Vol. 1]

Search within Legislation