Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 6) Regulations 2004

Status:

Current version
as at 26 Nov 2024

Search within Legislation

Search Results

No. S 267

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Bonds) (No. 6) 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 Bonds) (No. 6) Regulations 2004 and shall come into operation on 11th May 2004.

Definitions

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

“Bonds” means the 5-year zero coupon convertible bonds due May 2009 issued by Mahindra & Mahindra Limited for a principal amount of up to US$115 million (including any bonds issued pursuant to an option in connection therewith of up to US$15 million), which are convertible into —

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

“stabilising action” means an action taken in Singapore or elsewhere by ABN AMRO Bank N.V., Singapore branch, or any of its related corporations, to buy, or to offer or agree to buy any of the Bonds in order to stabilise or maintain the market price of the Bonds 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 Bonds 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 Bonds.

Made this 6th day of May 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 5]