Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 6) Regulations 2004

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Published in Subsidiary Legislation Supplement
on 12 Mar 2004

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No. S 113

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 6) Regulations 2004

In exercise of the powers conferred by section 337(1) of the Securities and Futures Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 6) Regulations 2004 and shall come into operation on 12th March 2004.

Definitions

2. In these Regulations, unless the context otherwise requires —

“Notes” means the 10-year fixed rate lower tier II subordinated notes due March 2014 issued by Industrial Bank of Korea for a principal amount of up to US$500 million;

“stabilising action” means an action taken in Singapore or elsewhere by Credit Suisse First Boston (Europe) Limited, The Hong Kong and Shanghai Banking Corporation Limited, UBS Limited, or any of their related corporations, to buy, or to offer or agree to buy any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

Exemption

3.—(1) Subject to paragraph (2), sections 197 and 198 of the Act shall not apply to any stabilising action carried out in respect of any of the Notes with —

(a)	a person referred to in section 274 of the Act; or
(b)	a sophisticated investor as defined in section 275(2) of the Act.

(2) Paragraph (1) shall not apply to any stabilising action carried out at any time after the expiry of the period of 30 calendar days from the date of the issuance of the Notes.

Made this 10th day of March 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[FSG CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 4]