Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 15) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 26 Apr 2004

No. S 225

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 15) 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. 15) Regulations 2004 and shall come into operation on 26th April 2004.

Definitions

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

“2009 Notes” means the 5-year convertible notes due April 2009 issued by Tata Motors Limited for a principal amount of up to US$150 million, which are convertible into —

(a)	fully paid equity shares of Tata Motors Limited with a par value of 10 Indian Rupees each; or
(b)	global depositary shares, where each share represents one fully paid equity share of Tata Motors Limited with a par value of 10 Indian Rupees;

“2011 Notes” means the 7-year convertible notes due April 2011 issued by Tata Motors Limited for a principal amount of up to US$350 million which are convertible into —

(a)	fully paid equity shares of Tata Motors Limited with a par value of 10 Indian Rupees each; or
(b)	global depositary shares, where each share represents one fully paid equity share of Tata Motors Limited with a par value of 10 Indian Rupees;

“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley & Co. International Ltd, or any of its related corporations, to buy, or to offer or agree to buy any of the 2009 Notes or 2011 Notes in order to stabilise or maintain the market price of the 2009 Notes or 2011 Notes, respectively, 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 2009 Notes or 2011 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 2009 Notes or the date of the issuance of the 2011 Notes, as the case may be.

Made this 22nd day of April 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

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

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