Section 117
of Securities Markets Order, 2013
Section 117
The requirements of section 116 do not apply to the following group of exempt securities and transactions -
{a}
exempt securities-
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(i)
any security issued and guaranteed by the Government of His
Majesty the Sultan and Yang Di-Pertuan;
(ii)
any security issued by a bank except its own securities;
(iii)
commercial paper, promissory notes and debentures with not more than 270 days to maturity from the date issued;
(iv)
a class of securities that the Authority may by regulation determine as exempt;
(b)
exempt transactions-
(i)
broker's transactions executed upon client's orders on any licensed, recognised or designated securities exchange;
(ii)
the sale of securities by an issuer to fewer than 50 persons in
Brunei Darussalam during a 12 month period may be considered a private offering in respect of which no public
,advertisement for the offer to sell such securities is permitted and such securities sold to these investors must be held for investment for a period of at least 2 years;
(iii)
the sale of securities to any number of the specific classes of investors defined in section 20 and such other persons as the
Authority may by regulations determine as qualified buyers;
(iv)
at any sale by order of the Court or by an officer of the Court in respect of insolvency proceedings;
(v)
any other transaction that the Authority may by regulations determine as exempt.
General duty of disclosure in registration statement.