Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 23) Regulations 2004

No. S 743

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Bonds) (No. 23) 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 Bonds) (No. 23) Regulations 2004 and shall come into operation on 14th December 2004.

Definitions

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

“Bonds” means the 5-year zero coupon convertible bonds due February 2010 issued by Powerchip Semiconductor Corporation for a principal amount of up to US$200 million, which are convertible into ordinary shares of Powerchip Semiconductor Corporation with a par value of NT$10 each;

[S 22/2005 wef 11/01/2005]

[S 62/2005 wef 01/02/2005]

“stabilising action” means an action taken in Singapore or elsewhere by Deutsche Bank AG, Hong Kong Branch, 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 December 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 9]