转自：新加坡联合早报
文 | 陈婧
文末附MAS文告原文
新加坡本地一家公司在进行首次代币发行（ICO）时，由于未提交招股书就在公共平台打广告，被新加坡金融管理局叫停发行并警告。
金管局昨天（1月24日）发文告宣布，已禁止这个代币发行方在本地继续发行活动，直到它完全符合期货及证券法的监管要求。当局也提醒，消费者在投资前应该了解相关产品和服务的利益和风险。
据《联合早报》得知，代币发行方是制作教育游戏应用及教材的儒乐公司（Jules Corporation）。
金管局文告指出，发行方声称只打算面向合格投资者发行证券代币（securities token）。持有证券代币相当于持有公司股权。
根据期货及证券法豁免条例，公司无需向金管局提交招股书，但同时也得受特定条例限制，例如不可进行广告宣传。
不过，这家公司的法律顾问随后在专业人士社交网站领英（LinkedIn）上发帖吸引公众关注，违反相关规定。当局因此向发行方发出警告，这家公司也暂停了全球发行计划。
本报昨天联系上儒乐公司总裁，但对方不予置评。据知，负责ICO的法律顾问是德茂欣律师事务所（Duane Morris & Selvam LLP）。
金管局助理局长（资本市场）李文业说，业者面向公众发行证券代币时必须提交招股书，确保投资者掌握充分信息，帮助他们做出投资决定。当发行对象是特定客户时，业者不必提交招股书，但发行活动将受广告限制等严格条件约束。“如果发行人违反证券及期货法的信息披露规定，金管局将毫不犹豫地采取行动。”
金管局也提醒公众，数码代币产品的风险包括高度投机的估值、欺诈风险高，以及缺乏可靠业绩纪录，这让投资者难以评估产品可信度。
当局去年5月叫停一宗ICO活动，同时警告本地八家数码代币交易平台，在未经批准前不可处理等同证券或期货的代币交易。
附：
MAS halts Securities Token Offering for regulatory breach
Singapore, 24 January 2019… The Monetary Authority of Singapore (MAS) has warned an initial coin offering (ICO) issuer not to proceed with its securities token offering in Singapore until it can fully comply with regulatory requirements under the Securities and Futures Act (SFA). MAS also reminds consumers to understand the benefits and risks of any product or service before committing to an investment.
The issuer had intended to rely on an exemption under the SFA, which allows an issuer to make an offer of securities to accredited investors without registering a prospectus with MAS. The exemption from prospectus registration is however subject to certain conditions, including a requirement not to advertise the offer. The issuer in this case failed to comply with the advertising restriction when its legal advisers put out a LinkedIn post accessible to the public calling attention to the offer. As such, the issuer would not be able to rely on the exemption from prospectus registration. Following MAS’ warning, the issuer has suspended its global offering of securities tokens.
MAS reminds all digital token issuers that the offer of securities tokens must comply with all applicable securities laws including the requirement to register a prospectus with MAS. Issuers who intend to rely on the prospectus exemptions under the SFA should note that these exemptions are subject to conditions, including advertising restrictions.
Consumers should ensure that they understand the benefits and risks of any product or service before parting with their monies. Specifically for digital token offerings, the risks include a highly speculative valuation, heightened risk of fraud and lack of a proven track record. This makes it difficult for investors to establish the credibility of the offerings.
Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said “Where an offer is made to the public, a prospectus is required to ensure that investors are provided with all the information to make informed investment decisions. Some offers may be made without a prospectus if they are limited to a restricted group of persons or to those who have the means to look after their own interests. Such offers are subject to strict conditions such as advertising restrictions. MAS will not hesitate to act if issuers contravene the disclosure requirements under the SFA.”
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