Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 21) Regulations 2005

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Published in Subsidiary Legislation Supplement
on 24 Jun 2005

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No. S 411

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 21) Regulations 2005

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. 21) Regulations 2005 and shall come into operation on 24th June 2005.

Definitions

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

“2010 Notes” means the 5-year US$ fixed rate notes due June 2010 issued by LG Electronics Inc. for a principal amount of up to US$600 million;

“2015 Notes” means the 10-year US$ fixed rate notes due June 2015 issued by LG Electronics Inc. for a principal amount of up to US$600 million;

“stabilising action” means an action taken in Singapore or elsewhere by Credit Suisse First Boston (Europe) Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the 2010 Notes or 2015 Notes in order to stabilise or maintain the market price of the 2010 Notes or 2015 Notes, respectively, in Singapore or elsewhere.

Exemption

3. Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the 2010 Notes or 2015 Notes, within 30 days from the date of issue of the 2010 Notes or 2015 Notes, as the case may be, 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.

Made this 20th day of June 2005.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2005/1 Vol. 2]