[ As at 8 May 2013 ]

 

PART A – GENERAL

4.01Introduction FAQ 3.13
(1)​This Chapter sets out the special requirements, which may be in addition or, as an exception to those set out in Chapter 3, that must be complied with by an applicant which is -
(a) ​a closed-end fund (Part B);​
(b)​a real estate investment trust (Part C);  ​
(c)​an exchange-traded fund (Part D); ​
(d)​a special purpose acquisition company (Part E); ​
(e)​a business trust (Part F); or​
(f)​an issuer of stapled securities (Part G).​
(2) ​Where any requirement in this Chapter conflicts with a requirement of another Chapter, the former will prevail.​
PART B – CLOSED-END FUNDS FAQ 4.1
4.02Requirement in respect of independent director
For the purpose of complying with paragraph 3.04 with regard to the requirement of having "independent directors", a director who is related in any way to any of the major shareholders of the Managers must not be considered as such.
4.03Shareholding spread of closed-end funds
A closed-end fund must comply with the requirements of paragraph 3.06.
PART C – REAL ESTATE INVESTMENT TRUSTS
4.04Admission
The management company and trustee of a real estate investment trust must comply with the relevant admission procedures and requirements as may be prescribed by the Exchange.

[ Cross References: Practice Notes 21 and 23 ]

4.05Independent director of management company
The management company must ensure that the composition of its board of directors complies with the requirements of paragraph 3.04 as if it were the applicant mentioned in paragraph 3.04. For the purpose of this paragraph, "independent director" has the meaning given to "independent member" in the SC's Guidelines on Real Estate Investment Trusts.
4.06Requirement for audit committee not applicable
The provisions in these Requirements in relation to audit committees are not applicable to a real estate investment trust. ​ ​
4.07Unit spread of real estate investment trust
The management company seeking a listing on the Main Market of units of a real estate investment trust must ensure that the real estate investment trust complies with the requirements of paragraph 3.06.
4.08Provisions in the trust deed
(1)​The management company must ensure that the trust deed governing the issue of the real estate investment trust units includes the various provisions set out in Appendix 4A.
(2)​The management company must furnish to the Exchange a letter of compliance pursuant to paragraph 2.12 together with the trust deed and a checklist showing compliance with Appendix 4A. FAQ 2.2, FAQ 2.3, FAQ 2.4, FAQ 2.5
PART D – EXCHANGE-TRADED FUNDS
4.09Admission
The management company and trustee of an exchange-traded fund must comply with the relevant admission procedures and requirements as may be prescribed by the Exchange. FAQ 4.2, FAQ 4.3, FAQ 4.4, FAQ 4.5

[ Cross References: Practice Notes 21 and 23 ]

4.10 Independent directors of management company
​The management company of an exchange-traded fund must ensure that the composition of its board of directors complies with the requirements of paragraph 3.04 as if it were the applicant mentioned in paragraph 3.04. For the purpose of this paragraph, "independent director" has the meaning given to "independent member" in the SC's Exchange-Traded Funds Guidelines. ​
4.11Requirement for audit committee not applicable
​The provisions in these Requirements in relation to audit committees are not applicable to an exchange-traded fund.
4.12Unit spread of exchange-traded fund FAQ 4.6
The Exchange may require the management company to comply with such unit spread requirements as may be prescribed by the Exchange in relation to an exchange-traded fund.
4.13 Provisions in the deed or constituent document
(1)​The management company must ensure that the deed or constituent document governing the issue of the exchange-traded fund units includes the various provisions set out in Appendix 4B
(2)​The management company must furnish to the Exchange a letter of compliance pursuant to paragraph 2.12 together with the deed or constituent document and a checklist showing compliance with Appendix 4B. FAQ 2.2, FAQ 2.3, FAQ 2.4, FAQ 2.5
PART E – SPECIAL PURPOSE ACQUISITION COMPANIES
4.14Admission
A SPAC must comply with the relevant admission procedures and requirements as may be prescribed by the Exchange.

[ Cross references: Practice Notes 21 and 23 ]

4.15Shareholding spread of a SPAC
A SPAC seeking a listing on the Main Market must comply with the requirements of paragraph 3.06 as if the SPAC were the applicant, the voting securities were the shares, and the public securities holders were the public shareholders mentioned in paragraph 3.06.
PART F – BUSINESS TRUSTS
4.16Admission
The trustee-manager must comply with the relevant admission procedures and requirements as may be prescribed by the Exchange.

[ Cross references: Practice Notes 21 and 23 ]

4.17Independent director of trustee-manager
​The trustee-manager must ensure that the composition of its board of directors complies with the requirements of paragraph 3.04 as if it were the applicant mentioned in paragraph 3.04. For the purpose of this paragraph, "independent director" has the meaning given to "independent member" in Division 4 of the SC's Prospectus Guidelines. ​
4.18Audit committee of trustee-manager
The trustee-manager must ensure that it establishes an audit committee comprising a majority of independent directors. For the purpose of this paragraph, "independent director" has the meaning given to "independent member" in Division 4 of the SC's Prospectus Guidelines.
4.19Unit spread of business trust
​The trustee-manager seeking a listing on the Main Market of units of a business trust must ensure that the business trust complies with the requirements of paragraph 3.06. ​
PART G – STAPLED SECURITIES
4.20 Admission
(1)​For the purposes of this part, "stapled securities" means an arrangement under which different types of securities are listed and traded as one security.
(2)​Issuers seeking admission of their stapled securities to the Official List must comply with the relevant admission procedures and requirements as may be prescribed by the Exchange.

[ Cross references: Practice Note 31 ]

4.21 Application of these Requirements
Where applicable, these Requirements shall apply to the issuers of stapled securities, subject to such adaptations or modifications, where necessary.

[Cross references: Practice Note 31 ]

[ End of Chapter ]

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Appendix 4A
Appendix 4B