Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 18) Regulations 2005

No. S 355

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 18) 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 Notes) (No. 18) Regulations 2005 and shall come into operation on 10th June 2005.

Definitions

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

“Notes” means the 10-year lower tier II subordinated notes due June 2015 issued by Korea Exchange Bank for a principal amount of up to US$500 million;

“stabilising action” means an action taken in Singapore or elsewhere by The Hongkong and Shanghai Banking Corporation 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.

Made this 3rd day of June 2005.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2005/1 Vol. 3]