Regulatory Alerts2005-10-15
Added
Guidelines on the Aggregation of Offers Made Pursuant to the Exemptions for Small Offers or Private Placement
The Monetary Authority of Singapore issues these guidelines to clarify the statutory aggregation rules under the Securities and Futures Act for small offers and private placements. Offerors must aggregate closely related offers made within the last 12 months to ensure the S$5 million fundraising limit or the 50-offeree limit is not circumvented. The document defines closely related offers based on financing plans or investment product criteria and provides relief for specified financial institutions regarding their ordinary course of business.
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