On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 18/04/2013.
218.
—(1) Subject to this Division, where —
(a)
a person who is connected to a corporation possesses information concerning that corporation that is not generally available but, if the information were generally available, a reasonable person would expect it to have a material effect on the price or value of securities of that corporation; and
(b)
the connected person knows or ought reasonably to know that —
(i)
the information is not generally available; and
(ii)
if it were generally available, it might have a material effect on the price or value of those securities of that corporation,
subsections (2), (3), (4), (5) and (6) shall apply.
[1/2005]
(1A) Subject to this Division, where —
(a)
a person who is connected to any corporation, where such corporation —
(i)
in relation to a business trust, acts as its trustee or manages or operates the business trust; or
(ii)
in relation to a collective investment scheme that invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes and all or any units of which are listed on a securities exchange, is the trustee or manager of the scheme,
[2/2009 wef 29/07/2009]
possesses information concerning that corporation, business trust or scheme, as the case may be, that is not generally available but, if the information were generally available, a reasonable person would expect it to have a material effect on the price or value of securities of that corporation, of securities of that business trust or of units in that scheme, as the case may be; and
(b)
the connected person knows or ought reasonably to know that —
(i)
the information is not generally available; and
(ii)
if it were generally available, it might have a material effect on the price or value of those securities of that corporation, of those securities of that business trust or of those units in that scheme, as the case may be,
subsections (2), (3), (4A), (5) and (6) shall apply.
[1/2005]
(2) The connected person must not (whether as principal or agent) —
(a)
subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell, any such securities referred to in subsection (1) or (1A), as the case may be; or
(b)
procure another person to subscribe for, purchase or sell, or to enter into an agreement to subscribe for, purchase or sell, any such securities referred to in subsection (1) or (1A), as the case may be.
[1/2005]
(3) Where trading in the securities referred to in subsection (1) or (1A) is permitted on the securities market of a securities exchange or futures market of a futures exchange, the connected person must not, directly or indirectly, communicate the information, or cause the information to be communicated, to another person if the connected person knows, or ought reasonably to know, that the other person would or would be likely to —
(a)
subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell, any such securities; or
(b)
procure a third person to subscribe for, purchase or sell, or to enter into an agreement to subscribe for, purchase or sell, any such securities.
[1/2005]
(4) In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation referred to in subsection (1), where the prosecution or plaintiff proves that the connected person was at the material time —
(a)
in possession of information concerning the corporation to which he was connected; and
(b)
the information was not generally available,
it shall be presumed, until the contrary is proved, that the connected person knew at the material time that —
(i)
the information was not generally available; and
(ii)
if the information were generally available, it might have a material effect on the price or value of securities of that corporation.
[1/2005]
(4A) In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation which —
(a)
in relation to a business trust, acts as its trustee or manages or operates the business trust; or
(b)
in relation to a collective investment scheme, is the trustee or manager of the scheme,
as the case may be, referred to in subsection (1A), where the prosecution or plaintiff proves that the connected person was at the material time —
(i)
in possession of information concerning the corporation, business trust or scheme, as the case may be; and
(ii)
the information was not generally available,
it shall be presumed, until the contrary is proved, that the connected person knew at the material time that —
(A)
the information was not generally available; and
(B)
if the information were generally available, it might have a material effect on the price or value of securities of that corporation, of securities of that business trust or of units in the scheme, as the case may be.
[1/2005]
(5) In this Division —
(a)
“connected person” means a person referred to in subsection (1) or (1A) who is connected to a corporation; and
(b)
a person is connected to a corporation if —
(i)
he is an officer of that corporation or of a related corporation;
(ii)
he is a substantial shareholder in that corporation or in a related corporation; or
(iii)
he occupies a position that may reasonably be expected to give him access to information of a kind to which this section applies by virtue of —
(A)
any professional or business relationship existing between himself (or his employer or a corporation of which he is an officer) and that corporation or a related corporation; or
(B)
being an officer of a substantial shareholder in that corporation or in a related corporation.
[1/2005]
[2/2009 wef 01/10/2012]
(6) In subsection (5), “officer”, in relation to a corporation, includes —
(a)
a director, secretary or employee of the corporation;
(b)
a receiver, or receiver and manager, of property of the corporation;
(c)
a judicial manager of the corporation;
(d)
a liquidator of the corporation; and
(e)
a trustee or other person administering a compromise or arrangement made between the corporation and another person.