Securities and Futures (Offers of Investments) (Shares and Debentures) (Exemption for Securities Trading on Phillip Securities OTC Capital) Regulations 2008

Status:

Published in Subsidiary Legislation Supplement
on 14 Jan 2008

No. S 9

Securities and Futures Act

(Chapter 289)

Securities and Futures (Offers of Investments) (Shares and Debentures) (Exemption for Securities Trading on Phillip Securities Otc Capital) Regulations 2008

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 Securities Trading on Phillip Securities OTC Capital) Regulations 2008 and shall come into operation on 14th January 2008.

Definitions

2. In these Regulations, unless the context otherwise requires —

“Bloomberg” means Bloomberg L.P.;

“Phillip Securities” means Phillip Securities Pte Ltd;

“Reuters” means Reuters Group PLC;

“securities” has the same meaning as in section 239(1) of the Act.

Exemption

3.—(1) Subject to paragraph (2), an offer of securities, being securities admitted to trading on Phillip Securities OTC Capital, which —

(a)	is made in reliance on the exemption under section 272A(8)(c) of the Act; and
(b)	is accompanied by an advertisement connected with the offer only by way of Phillip Securities posting price quotes for those securities on the system networks of Bloomberg and Reuters,

shall be exempt from subsection (8)(c)(iv) of that section.

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

(a)	no commission or fee shall be paid by Phillip Securities to Bloomberg or Reuters in consideration for the posting of price quotes for the securities referred to in paragraph (1) on the system networks of Bloomberg and Reuters; and
(b)	no offer of the securities referred to in paragraph (1) nor an invitation to purchase such securities shall be made through the system networks of Bloomberg and Reuters.

Made this 9th day of January 2008.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[CMD CFD 037/2007 Pt. 4; AG/LEG/SL/289/2005/34 Vol. 1]

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