Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 41) Regulations 2004

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No. S 670

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 41) 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. 41) Regulations 2004 and shall come into operation on 1st November 2004.

Definitions

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

“Lower Tier II Notes” means the 10-year lower tier II notes due November 2014 issued by Chohung Bank for a principal amount of up to US$200 million;

“stabilising action” means an action taken in Singapore or elsewhere by UBS Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Upper Tier II Notes or the Lower Tier II Notes in order to stabilise or maintain the market price of the Upper Tier II Notes or the Lower Tier II Notes, respectively, in Singapore or elsewhere;

“Upper Tier II Notes” means the 10-year upper tier II notes due November 2014 issued by Chohung Bank for a principal amount of up to US$200 million.

Exemption

3. Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Upper Tier II Notes or the Lower Tier II Notes, within 30 days from the date of issue of the Upper Tier II Notes or the Lower Tier II Notes, as the case may be, 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.

Made this 18th day of October 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of
Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 8]