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No. S 7

Government Securities Act

(Chapter 121A)

Government Securities (Amendment) Regulations 2002

In exercise of the powers conferred by section 31 of the Government Securities Act, the Monetary Authority of Singapore, with the approval of the Minister for Finance, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Government Securities (Amendment) Regulations 2002 and shall come into operation on 4th January 2002.

Amendment of regulation 3

2. Regulation 3 of the Government Securities Regulations (Rg 1) (referred to in these Regulations as the principal Regulations) is amended by deleting paragraphs (2) to (5) and substituting the following paragraphs:

“(2) An application shall be made on what is commonly known as the Internet using the electronic application service provided by the Authority; and for this purpose, the Authority may enter into agreements with users of the service and issue a user guide setting out the terms and manner of use of the service.

(3) In the event of a malfunction or failure of the electronic application service, an application shall be made in written form and in accordance with the user guide.

(4) A person who is unable to use the electronic application service to make an application for any reason other than a malfunction or failure of the electronic application service may make the application in the manner referred to in paragraph (3) if he pays the Authority an administrative fee of $10.30 for each such application.

(5) This regulation is subject to regulation 4.”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended by deleting paragraph (1) and substituting the following paragraphs:

“(1) An application made in pursuance of a public notice by a person other than a primary dealer shall be submitted by the primary dealer on behalf of that person.

(1A) An application by a primary dealer on its own behalf shall be kept distinct from an application made by the primary dealer on behalf of another person, and the applications shall be submitted separately to the Authority.

(1B) Any application by a primary dealer on behalf of other persons must be kept distinct from each other and submitted separately to the Authority.”.

Deletion and substitution of regulation 5

4. Regulation 5 of the principal Regulations is deleted and the following regulation substituted therefor:

“Authority to refuse applications after 12 noon

5. The Authority shall refuse to accept any application made in pursuance of a public notice that is received after 12 noon of the auction day or such extended time as the Authority may in any case allow.”.

Amendment of regulation 11

5. Regulation 11 (2) of the principal Regulations is amended by deleting the word “endorsed” in the 2nd line and substituting the word “submitted”.

Deletion and substitution of regulation 12

6. Regulation 12 of the principal Regulations is deleted and the following regulation substituted therefor:

“Payment

12.—(1) Payment for allotted Government securities shall be made by way of a pre-authorised funds transfer to the Authority from the account of the applicant’s settlement bank specified in the application, in accordance with the terms of authorisation provided to the Authority by the settlement bank.

(2) Payment shall be made on such date as may be specified in the public notice relating to the issue of the Government securities.”.

[G.N. Nos. S 379/94; S307/95; S 490/98; S 352/99; S 353/2000; S 93/2001; S 284/2001]

Made this 3rd day of January 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[MID MM 078 PT13 Vol. 3; AG/LEG/SL/121A/1998/1 Vol. 1]