Securities and Futures (Offers of Investments) (Exemption for Depositary Receipts) Regulations 2023

The Securities and Futures (Offers of Investments) (Exemption for Depositary Receipts) Regulations 2023 were published on Singapore Statutes Online, the official website of the Singapore government for publicizing legal documents. The regulations supplement the Securities and Futures Act in that they exempt depositary receipts (DR) as defined in the regulations from certain requirements under the Securities and Futures Act provided that certain conditions are met.
Specifically, they exempt DRs from
– the prospectus requirements stipulated in Part 13, Division 1, Subdivision 2 with the exception of Section 257 and
– the trust requirements for DRs pertaining to debentures stipulated in Part 13, Division 1, Subdivision 3.
The conditions for being exempt from such requirements include, but are not limited to the following:
1. the depositary receipts are or will subsequently be listed on an „approved exchange“ and
2. all underlying securities are listed on an „approved exchange“ (except for rights issue depository receipts).
Specific conditions apply to underlying securities listed on the Stock Exchange of Thailand.