Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 38) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 13 Sep 2004

No. S 575

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 38) 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. 38) Regulations 2004 and shall come into operation on 13th September 2004.

Definitions

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

“2007 Notes” means the 3-year fixed rate guaranteed secured notes due September 2007 issued by MGTI Finance Company Ltd for a principal amount of up to US$150 million, which are guaranteed by PT Mitra Global Telekomunikasi Indonesia and MGTI Finance B.V.;

“2010 Notes” means the 6-year fixed rate guaranteed secured notes due September 2010 issued by MGTI Finance Company Ltd for a principal amount of up to US$200 million, which are guaranteed by PT Mitra Global Telekomunikasi Indonesia and MGTI Finance B.V.;

“stabilising action” means an action taken in Singapore or elsewhere by DBS Bank Ltd., UBS Limited, or any of their related corporations, to buy, or to offer or agree to buy, any of the 2007 Notes or 2010 Notes in order to stabilise or maintain the market price of the 2007 Notes or 2010 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 2007 Notes or 2010 Notes, within 30 days from the date of issue of the 2007 Notes or 2010 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 August 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 7]

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