Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) Regulations 2003

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No. S 485

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) Regulations 2003

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) Regulations 2003 and shall come into operation on 16th October 2003.

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.

Made this 15th day of October 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of
Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 2]

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