Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 37) Regulations 2004

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No. S 570

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 37) 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. 37) Regulations 2004 and shall come into operation on 10th September 2004.

Definitions

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

“Notes” means the 3-year fixed rate notes due September 2007 issued by Union Bank of Philippines for a principal amount of up to US$250 million;

“stabilising action” means an action taken in Singapore or elsewhere by Credit Suisse First Boston (Europe) Limited, 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. Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Notes, within 30 days from the date of issue 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.

Revocation

4. The Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 13) Regulations (G.N. No. S 212/2004) are revoked.

Made this 23rd 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]