Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 50) Regulations 2004

No. S 755

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Notes) (No. 50) 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. 50) Regulations 2004 and shall come into operation on 17th December 2004.

Definitions

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

“Notes” means the 10-year guaranteed fixed rate notes due December 2014 issued by PCI Capital Limited for a principal amount of up to US$125 million, which are guaranteed by Pacific Century Insurance Company Limited;

“stabilising action” means an action taken in Singapore or elsewhere by Lehman Brothers International (Europe), 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 15th 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]