s 278 Offer in respect of international debentures
278.—(1) Subdivisions (2) and (3) of this Division (other than section 257) do not apply to an offer of debentures, or units of debentures, by a body incorporated in a country outside Singapore where the offer —(a) is made by the holder of a capital markets services licence to deal in capital markets products that are securities or securities‑based derivatives contracts or an exempt person under section 99(1)(a) or (b), to such institutional, professional or business investors as the Authority may, by order in the Gazette, specify, being persons or bodies that appear to the Authority to have sufficient expertise to understand any risk involved in buying or selling those debentures, or units of debentures (whether as principal or agent); and (b) complies with the conditions specified in subsection (2).[4/2017] (2) The conditions referred to in subsection (1)(b) are that —(a) the debentures, or units of debentures, are denominated in a currency, other than the Singapore dollar, and each debenture, or each unit of debenture, has a face value of at least US$5,000 or its equivalent in another currency; and (b) the shares of the issuing corporation are listed on a recognised securities exchange or the offer is guaranteed by a corporation whose shares are listed on a recognised securities exchange. (3) The Authority may by order in the Gazette add to, vary or amend the conditions specified in subsection (2).