Where an issue is based on securities of an entity that is not listed or quoted on the Exchange:—

(1) the securities must be listed or quoted on an acceptable stock exchange;
(2) the entity must be an entity that would be able to meet the requirements in Rule 210(2), (3) and (4) for listing of equity securities;
(3) the paid up capital of the entity must be at least S$200 million (or its equivalent) or the market capitalisation of the foreign entity must have been at least S$500 million (or its equivalent) over the past 30 market days of that market;
(4) the number of structured warrants to be issued, together with those structured warrants already issued by all third-party issuers which are still outstanding, must not exceed 50% of the issued securities of the entity. In computing the 50% limit, company warrants issued by the entity itself will not be included; and
(5) price and volume information, and financial and price-sensitive information relating to the entity, must be readily available to investors in Singapore.