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 issued these guidelines to clarify the aggregation rules under the Securities and Futures Act for business trust offerings relying on small offer or private placement exemptions. The document mandates that offerors aggregate closely related offers made within the last 12 months to ensure the S$5 million small offer limit or the 50-offeree private placement limit is not circumvented through split offerings. It further provides specific guidance on market-making activities and defines the criteria for determining whether separate offers constitute closely related transactions subject to aggregation.
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