46.—(1) A specified person must not, whether through or in collaboration with another person —| (a) | disseminate or publish any product advertisement on or after 10 December 2018; or | | (b) | cause to be disseminated or published any product advertisement on or after 10 December 2018, |
| unless the product advertisement complies with the requirements mentioned in paragraph (2). |
(2) For the purposes of paragraph (1), the requirements are —| (a) | the product advertisement is not false or misleading; | | (b) | the product advertisement provides a fair and balanced view of the capital markets products to which it relates; | | (c) | the product advertisement presents information in a clear manner, regardless of whether such information is in text or otherwise; | | (d) | where the product advertisement appears in any medium of communication in visual form, the product advertisement is clearly legible; | | (e) | where the product advertisement appears in any electronic mail or website —| (i) | the product advertisement is in a font size of at least 10‑point Times New Roman or any other standard font type that is visually equivalent to that font size; and | | (ii) | any footnote in the product advertisement is not smaller than — | (A) | where the font size of the word or statement to which the footnote relates is or is smaller than 20‑point Times New Roman or any other standard font type that is visually equivalent to that font size — 10‑point Times New Roman or any other standard font type that is visually equivalent to that font size; | | (B) | where the font size of the word or statement to which the footnote relates is larger than 20‑point Times New Roman or any other standard font type that is visually equivalent to that font size but smaller than 29‑point Times New Roman or any other standard font type that is visually equivalent to that font size — half the font size of that word or statement; or | | (C) | where the font size of the word or statement to which the footnote relates is or is larger than 29‑point Times New Roman or any other standard font type that is visually equivalent to that font size — 14‑point Times New Roman or any other standard font type that is visually equivalent to that font size; |
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| | (f) | the product advertisement contains the following statement: | | “This advertisement has not been reviewed by the Monetary Authority of Singapore.”; and |
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| | (g) | the product advertisement has been approved by a person specified in regulation 46AA in the manner set out in that regulation prior to its dissemination or publication. |
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| (3) Without limiting paragraph (2)(a), examples of a product advertisement that is false or misleading are set out in paragraph 1 of the Fourth Schedule. |
| (4) Without limiting paragraph (2)(b), examples of a product advertisement that does not provide a fair and balanced view of the capital markets products to which it relates are set out in paragraph 2 of the Fourth Schedule. |
| (5) Without limiting paragraph (2)(c), examples of a product advertisement that does not present information in a clear manner are set out in paragraph 3 of the Fourth Schedule. |
| (6) Without limiting paragraph (2)(d), examples of a product advertisement that is not clearly legible are set out in paragraph 4 of the Fourth Schedule. |
(7) Paragraph (1) does not apply to any dissemination or publication of information that is —| (a) | pursuant to any requirement —| (i) | imposed under any written law or rule of law of Singapore, or by any court in Singapore; | | (ii) | imposed under the law of any foreign jurisdiction, or by any court in any foreign jurisdiction; or | | (iii) | under any listing rule or other requirement of an approved exchange or an overseas exchange; [S 667/2018 wef 08/10/2018] |
| | (b) | made in the course of an offer of securities or securities-based derivatives contracts —| (i) | other than an offer of securities or securities-based derivatives contracts that is exempt from the application of Subdivisions (2) and (3) of Division 1 of Part 13 of the Act (other than section 257 of the Act) under section 277(1) of the Act, by a person who is exempt from having to comply with section 251 of the Act; [S 667/2018 wef 08/10/2018] [S 226/2023 wef 31/12/2021] | | (ii) | that is exempt from the application of Subdivisions (2) and (3) of Division 1 of Part 13 of the Act (other than section 257 of the Act) under section 272, 272A(1), 272B(1), 273(1) or (5), 274, 275(1) or (1A) or 278(1) of the Act; or [S 226/2023 wef 31/12/2021] | | (iii) | that is exempt from the application of Subdivisions (2) and (3) of Division 1 of Part 13 of the Act under section 276(2) or 279 of the Act; or [S 667/2018 wef 08/10/2018] [S 226/2023 wef 31/12/2021] |
| | (c) | [Deleted by S 667/2018 wef 08/10/2018] | | (d) | made in the course of an offer of units in a collective investment scheme —| (i) | other than an offer of units in a collective investment scheme that is exempt from the application of Subdivision (3) of Division 2 of Part 13 of the Act under section 305B(1) of the Act, by a person who is exempt from having to comply with section 300 of the Act; [S 226/2023 wef 31/12/2021] | | (ii) | that is exempt from the application of Subdivisions (2) and (3) of Division 2 of Part 13 of the Act under section 302A, 302B(1), 302C(1), 303(2), 304 or 305(1) or (2) of the Act; or [S 226/2023 wef 31/12/2021] | | (iii) | that is exempt from the application of Subdivision (3) of Division 2 of Part 13 of the Act under section 303(1) of the Act. [S 381/2018 wef 09/07/2018] [S 226/2023 wef 31/12/2021] |
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(8) A specified person must not, directly or indirectly, publish, circulate or distribute on or after 8 October 2018 but before 10 December 2018 any advertisement —| (a) | which refers, directly or indirectly, to any past specific recommendations of the specified person in relation to any specified product or futures contract which were or would have been profitable to any person, except that the specified person may refer in an advertisement to a list of all recommendations made by the specified person within the period of not less than one year immediately before the date the advertisement is published, circulated or distributed, which list, if furnished separately from the advertisement, must —| (i) | state the name of each specified product or futures contract (as the case may be) recommended, the date and nature of the recommendation, the market price at that time, the price at which the recommendation was to be acted upon, and the market price of the specified product or futures contract (as the case may be) as of the most recent practicable date; and | | (ii) | contain a statement, in as large a font as the largest font used in the body of the advertisement, to the effect that the past performance of the specified product or futures contract (as the case may be) in the list is not indicative of the future performance of the specified product or futures contract (as the case may be); |
| | (b) | which represents, directly or indirectly, that any graph, chart, formula or other device set out or referred to in the advertisement —| (i) | can, in and of itself, be used to determine which specified product or futures contract to buy or sell, or when to buy or sell them; or | | (ii) | will assist any person in deciding which specified product or futures contract to buy or sell, or when to buy or sell them, |
| without prominently disclosing in the advertisement the limitations of such graph, chart, formula or device (as the case may be) and the difficulties with respect to its use; |
| | (c) | which contains any statement to the effect that any report, analysis or other service will be provided free or without charge, unless such report, analysis or service is in fact or will in fact be provided in its entirety and without any condition or obligation; or | | (d) | which contains any inaccurate or misleading statement or presentation, or any exaggerated statement or presentation that is calculated to exploit an individual’s lack of experience and knowledge. [S 667/2018 wef 08/10/2018] |
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