As the fight against climate change intensifies, carbon markets are playing an increasingly fundamental role in helping companies — and the world — achieve net-zero greenhouse-gas emissions.
The trading of carbon credits can help influence business decisions and actions to decarbonize. This enables corporates to meet ambitious climate goals, thereby, accelerating the transition to a lower-carbon future.
This publication, the third of a series between Bank of Singapore and EY, discusses how carbon markets can help in the global effort to address climate change through the lens of Business Owners, Investors and Philanthropists.
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Disclaimers and Disclosures
This material is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”) for information purposes only. It is intended only for the recipient, and may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent.
This material is not intended for distribution, publication or use by any person in any jurisdiction outside Singapore, Hong Kong or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank or its related corporations, connected persons, associated persons or affiliates (collectively “Affiliates”) to any licensing, registration or other requirements in such jurisdiction.
This material and other related documents or materials have not been reviewed by, registered with or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore, the Hong Kong Securities and Futures Commission or any other regulator in any jurisdiction.
This material by itself, is not and should not be construed as an offer or a solicitation to deal in any investment product or to enter into any legal relations.
This material does not, by its own, constitute advice (whether financial, legal, accounting, tax or otherwise) on or a recommendation with respect to any investment product, and should not be treated as advice or a recommendation or for any other purpose. This material has been prepared for and is intended for general circulation. This material does not take into account the specific investment objectives, investment experience, financial situation or particular needs of any particular person. You should independently evaluate the contents of this material, and consider the suitability of any service or product mentioned in this material taking into account your own specific investment objectives, investment experience, financial situation and particular needs. If in doubt about the contents of this material or the suitability of any service or product mentioned in this material, you should obtain independent financial, legal, accounting, tax or other advice from your own financial or other professional advisers, taking into account your specific investment objectives, investment experience, financial situation and particular needs, before making a commitment to obtain any service or purchase any investment product.
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The Bank forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). The Bank, OCBC Group, their respective directors and employees (collectively “Related Persons”) may or might have in the future interests in the product(s) or the issuer(s) mentioned in this material. Such interests include effecting transactions in such product(s), and providing broking, investment banking and other financial services to such issuer(s). The Bank, OCBC Group and its Related Persons may also be related to, or receive commissions, fees or other remuneration from, providers of such product(s).
This material has not been prepared by research analysts, and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Bank and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.
Structured deposits, dual currency investments and other investment products are not insured by the Singapore Deposit Insurance Corporation or not protected by the Deposit Protection Scheme in Hong Kong.
This advertisement has not been reviewed by the Monetary Authority of Singapore, the Hong Kong Securities and Futures Commission or any other regulator in any jurisdiction.
The Bank is not licensed as an insurer or insurance broker and its employees and representatives are not registered as insurance agents. The Bank is not licensed to, and will not, provide any advice or recommendation on, or arrange or sell any insurance policy. Upon your request, the Bank may refer you to insurers or insurance brokers for the purchase of insurance policies. When referring you to any such insurer or insurance broker, the Bank will not give advice or provide recommendations on any insurance policy, or arrange any insurance policy for you. The Bank may receive commissions or fees in respect of the insurance policies purchased by you. Any insurance policy referred to in this document is issued by a third-party insurer.
If this material pertains to an offer, it may only be offered (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); (ii) in Singapore to Accredited Investors (as defined under the Securities and Futures Act 2001, as amended or modified); and (iii) in the Dubai International Financial Center, to Professional Clients (as defined under the Dubai Financial Services Authority rules). No other persons may act on the contents of the material.
Other Disclosures
Singapore
Where this material relates to securities or securities-based derivatives contracts, this clause applies:
This material has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this material and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the securities or securities-based derivatives contracts may not be circulated or distributed, nor may the securities or securities-based derivatives contracts be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in the Securities and Futures Act 2001 of Singapore, as amended or modified (the “SFA”)) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and, where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where securities or securities-based derivatives contracts are subscribed or purchased under Section 275 of the SFA by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 2(1) of the SFA) or securities-based derivatives contracts (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the securities or securities-based derivatives contract pursuant to an offer made under Section 275 of the SFA except:
(1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law;
(4) as specified in Section 276(7) of the SFA; or
(5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.
Where this material relates to units of the collective investment scheme authorised or recognised under the SFA, this clause applies:
The collective investment scheme is authorised under Section 286 of the Securities and Futures Act 2001 of Singapore, as amended or modified (the “SFA”) or recognised under Section 287 of the SFA. Past performance and any forecasts are not necessarily indicative of the future or likely performance of the fund(s). The value of units and the income from them may fall as well as rise. The fund(s) is/are subject to investment risks. Investors should read the Prospectus and Product Highlights Sheet (where applicable), obtainable from your relationship manager, the fund manager or its distributors, before investing.
Where units of the collective investment scheme are or will be listed on an exchange, and all or most investors may only deal in the units through the exchange, investors cannot redeem the units with the manager for the scheme or investors may only redeem units with the manager for the scheme under certain specified conditions. The listing of the units does not guarantee a liquid market for the units.
Where this material relates to units of the collective investment scheme registered under restricted scheme, this clause applies:
The offer or invitation of the units of the collective investment scheme, which is the subject of this material, does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act 2001 of Singapore, as amended or modified (the “SFA”) or recognised under Section 287 of the SFA. The collective investment scheme is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the units are not allowed to be offered to the retail public. This material and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you.
This material has not been registered as a prospectus with the MAS. Accordingly, this material, and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in the SFA) pursuant to Section 304 of the SFA, (ii) to a relevant person (as defined in Section 305(5) of the SFA) pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305, of the SFA, and where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where units are subscribed or purchased under Section 305 of the SFA by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the units pursuant to an offer made under Section 305 of the SFA except:
(1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(c)(ii) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law;
(4) as specified in Section 305A(5) of the SFA; or
(5) as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.
Where this material relates to structured deposits, this clause applies:
The product is a structured deposit. Unlike traditional deposits, structured deposits have an investment element and returns may vary. You may wish to seek independent advice from a financial adviser before making a commitment to purchase this product. In the event that you choose not to seek independent advice from a financial adviser, you should carefully consider whether this product is suitable for you.
Where this material relates to dual currency investments, this clause applies:
The product is a dual currency investment. A dual currency investment product (“DCI”) is a derivative product or structured product with derivatives embedded in it. A DCI involves a currency option which confers on the deposit-taking institution the right to repay the principal sum at maturity in either the base or alternate currency. Part or all of the interest earned on this investment represents the premium on this option.
By purchasing this DCI, you are giving the issuer of this product the right to repay you at a future date in an alternate currency that is different from the currency in which your initial investment was made, regardless of whether you wish to be repaid in this currency at that time. DCIs are subject to foreign exchange fluctuations which may affect the return of your investment. Exchange controls may also be applicable to the currencies your investment is linked to. You may incur a loss on your principal sum in comparison with the base amount initially invested. You may wish to seek advice from a financial adviser before making a commitment to purchase this product. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether this product is suitable for you.
Hong Kong
This document has not been delivered for registration to the Registrar of Companies in Hong Kong and its contents have not been reviewed by any regulatory authority in Hong Kong. Accordingly: (i) the shares/notes may not be offered or sold in Hong Kong by means of any document other than to persons who are "Professional Investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and the Securities and Futures (Professional Investor) Rules made thereunder or in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance; and (ii) no person may issue any invitation, advertisement or other document relating to the shares/notes whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares/notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "Professional Investors" within the meaning of the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules made thereunder.
The product may involve derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you have any doubt, you should seek independent professional financial, tax and/or legal advice as you deem necessary.
Where this material relates to a Complex Product, this clause applies:
Warning Statement and Information about Complex Product
(Applicable to accounts managed by Hong Kong Relationship Manager)
Where this material relates to a Complex Product – Funds and ETFs, this clause applies additionally:
Where this material relates to a Complex Product (Options and its variants, Swap and its variants, Accumulator and its variants, Reverse Accumulator and its variants, Forwards), this clause applies additionally:
Where this material relates to a Loss Absorption Product, this clause applies:
Warning Statement and Information about Loss Absorption Products
(Applicable to accounts managed by Hong Kong Relationship Manager)
Before you invest in any Loss Absorption Product (as defined by the Hong Kong Monetary Authority), please read and ensure that you understand the features of a Loss Absorption Product, which may generally have the following features:
Where this material relates to a certificate of deposit, this clause applies:
It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.
Where this material relates to a structured deposit, this clause applies:
It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.
Where this material relates to a structured product, this clause applies:
This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice.
Dubai International Financial Center
Where this material relates to structured products and bonds, this clause applies:
The Distributor represents and agrees that it has not offered and will not offer the product to any person in the Dubai International Financial Centre unless such offer is an “Exempt Offer” in accordance with the Market Rules of the Dubai Financial Services Authority (the “DFSA”).
The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers.
The DFSA has not approved the Information Memorandum or taken steps to verify the information set out in it, and has no responsibility for it.
The product to which this document relates may be illiquid and/or subject to restrictions in respect of their resale. Prospective purchasers of the products offered should conduct their own due diligence on the products.
Please make sure that you understand the contents of the relevant offering documents (including but not limited to the Information Memorandum or Offering Circular) and the terms set out in this document. If you do not understand the contents of the relevant offering documents and the terms set out in this document, you should consult an authorised financial adviser as you deem necessary, before you decide whether or not to invest.
Where this material relates to a fund, this clause applies:
This Fund is not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”). The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA has not approved the Prospectus or any other associated documents nor taken any steps to verify the information set out in the Prospectus, and has no responsibility for it. The Units to which this Fund relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units. If you do not understand the contents of this document, you should consult an authorized financial adviser. Please note that this offer is intended for only Professional Clients and is not directed at Retail Clients.
These are also available for inspection, during normal business hours, at the following location:
Bank of Singapore
Office 30-34 Level 28
Central Park Tower
DIFC, Dubai
U.A.E
Cross Border Disclaimer and Disclosures
Refer to https://www.bankofsingapore.com/Disclaimers_and_Disclosures.html for cross-border marketing disclaimers and disclosures.
