Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) Regulations

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as at 23 Nov 2024

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Securities and Futures Act

(Chapter 289, Section 337(1))

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) Regulations

Rg 15

G.N. No. S 485/2003

REVISED EDITION 2004

(29th February 2004)

[16th October 2003]

Citation

1. These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) Regulations.

Definitions

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

“Notes” means the first 2 series of S$ and US$ notes issued by SP PowerAssets Limited under its S$6 billion Global Medium Term Note Program;

“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley Dean Witter Asia (Singapore) Pte or DBS Bank Ltd, or any of its 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.

[G. N. No. S 485/2003]