(1) At least 75% of an issue must be placed out to a minimum of 100 warrantholders. This requirement does not apply if there is a Designated Market-Maker for the structured warrants.

(2) [Deleted]

(3) [Deleted]

(4) The minimum issue price for structured warrants must be S$0.20 per warrant.

(5) The minimum issue size must be:—

(6) The tenure of the structured warrant must not exceed three years from the date of issue or such longer time as the Exchange allows.

(7) On exercise, structured warrants must be either physically settled or cash settled. The settlement method must be specified at the time of the launch of an issue. The issuer must not have an option to elect for settlement either in shares or cash upon exercise of the structured warrants.

(8) An issuer must decide on the method for determining the cash settlement price at the time of the launch of an issue. The settlement price must be either:—

(9) For the exercise of structured warrants based on individual securities, the conversion ratio must be:—

(10) The terms of the issue must provide for adjustment to the exercise price and, where appropriate, the number of securities which each structured warrant carries the right to sell or purchase, in the event of any bonus issue, rights issue, consolidation, subdivision, distribution or the like relating to the underlying securities.

(11) If there is a Designated Market-Maker in respect of the issue, the Exchange must be satisfied that the Designated Market-Maker's obligations are likely to be fulfilled. If the Designated Market-Maker ceases to perform its obligations, the issuer must appoint another Designated Market-Maker for the issue. The issuer must announce the appointment at least two weeks before the existing Designated Market-Maker ceases performing its obligations.