Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 8) Regulations 2005

No. S 296

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Bonds) (No. 8) Regulations 2005

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. 8) Regulations 2005 and shall come into operation on 11th May 2005.

Definitions

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

“Bonds” means the 5-year guaranteed exchangeable bonds due May 2010 issued by YTL Power Finance (Cayman) Limited for a principal amount of up to US$300 million, which are guaranteed by YTL Power International Berhad and exchangeable into ordinary shares of YTL Power International Berhad with a par value of RM0.50 per share;

“stabilising action” means an action taken in Singapore or elsewhere by UBS AG, 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.  Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Bonds, within 30 days from the date of issue 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.

Made this 10th day of May 2005.

HENG SWEE KEAT

Acting Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2005/1 Vol. 2]