PART 2 | How to make application upon public notice |
4.—(1) An application pursuant to a public notice has to be made as follows:| (a) | by using the relevant electronic service, subject to paragraph (3); | | (b) | by an alternative method allowed by the MAS, either generally or specified in the public notice. |
| (2) Each application by an alternative method mentioned in paragraph (1)(b) must be accompanied by an administrative fee of $10.70 (inclusive of goods and services tax chargeable under the Goods and Services Tax Act 1993). |
| (3) In the event of a malfunction or failure, or an imminent malfunction or failure, of the relevant electronic service in paragraph (1)(a), an application pursuant to a public notice has to be made in writing and according to the user guide for the relevant electronic service. |
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5.—(1) An application pursuant to a public notice has to be made —| (a) | where an applicant is not a primary dealer — on behalf of the applicant by an agent who is a primary dealer; or | | (b) | where an applicant is a primary dealer — by the primary dealer, which must be made distinct and separate from any application in sub‑paragraph (a). |
| (2) Where a primary dealer makes applications under paragraph (1)(a) on behalf of 2 or more other persons, the applications must be kept distinct from each other and submitted separately to the MAS. |
| (3) Where a primary dealer makes any application under paragraph (1)(a) on behalf of another person, the application must be kept and submitted to the MAS separately from any application made under paragraph (1)(b) for the primary dealer itself. |
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| Competitive and non-competitive applications |
6.—(1) A person who intends to purchase SINGA securities pursuant to a public notice may make an application to purchase those SINGA securities on a competitive basis or on a non‑competitive basis in accordance with the terms of the issue of those securities.(2) All applications pursuant to a public notice made on a competitive basis —| (a) | must be expressed as a bid yield not exceeding 2 decimal places; | | (b) | must not be less than the minimum nominal amount of $1,000; and | | (c) | must be made in multiples of $1,000. |
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| Cut-off time for applications |
7.—(1) All applications pursuant to a public notice must be made and received by the MAS not later than 12 noon of the auction day specified in that public notice.| (2) The MAS must refuse to accept any application pursuant to a public notice that is received by the MAS after 12 noon of the auction day specified in that public notice. |
(3) However, the MAS may, in the event of —| (a) | any malfunction or failure, or an imminent malfunction or failure, of the relevant electronic service; or | | (b) | any fire, serious violence, public disorder, epidemic or other incident obstructing, disrupting or seriously affecting the proper conduct of the auction, |
| extend the time for making and accepting of applications pursuant to that public notice, and any reference to 12 noon of the auction day in paragraph (1) or (2) will then be a reference to that time as so extended. |
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| 8. The MAS may, at any time after the issue of a public notice, cancel the auction specified in the public notice, in which event the MAS must, as soon as possible, publish a notice to the general public of the cancellation in a manner as will secure adequate publicity for the fact of cancelling that auction. |
| Variation in amount of SINGA securities to be allotted |
9.—(1) Where the MAS has issued a public notice, it may at any time during the period starting on the date of issue of the public notice and ending at 12 noon of the auction day specified in the public notice, vary the amount of SINGA securities specified in the public notice to be made available for allotment, in which event the MAS must, as soon as possible, publish a notice to the general public of the variation in a manner as will secure adequate publicity for the fact of the variation.| (2) To avoid doubt, a variation under paragraph (1) does not affect the validity of any application to purchase SINGA securities made pursuant to the public notice and before the variation. |
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10. In respect of any issue of SINGA securities —| (a) | each primary dealer applying on a non‑competitive basis to purchase SINGA securities on its own behalf must not be allotted more than 1% of the issue; | | (b) | each person, other than a primary dealer, applying on a non‑competitive basis to purchase SINGA securities must not be allotted more than —| (i) | $1 million in the case of SINGA securities having a maturity of one year or less; or | | (ii) | $2 million in the case of SINGA securities having a maturity of more than one year; |
| | (c) | not more than 40% of the issue must be allotted by the MAS to applications made on a non‑competitive basis; and | | (d) | despite any other provision in these Regulations —| (i) | each primary dealer must not be allotted more than 30% of the issue; and | | (ii) | each person, other than a primary dealer, must not be allotted more than 15% of the issue. |
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11. The MAS may allot SINGA securities upon an application pursuant to a public notice under either of the following methods that is specified in the public notice for the issue of those SINGA securities:| (a) | a multiple pricing method; | | (b) | a uniform pricing method. |
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| Allotment under multiple pricing method |
12.—(1) Subject to these Regulations, SINGA securities that are to be allotted under a multiple pricing method must be allotted in accordance with paragraphs (2) to (7).| (2) For every issue of SINGA securities in a public notice, the SINGA securities must be allotted to applications pursuant to the public notice made on a non‑competitive basis in priority to all applications pursuant to that public notice made on a competitive basis. |
| (3) Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (2), the SINGA securities available for allotment have to be allotted to the applications made on a non‑competitive basis rateably in proportion to the amounts applied for by the respective applicants. |
| (4) For any issue of SINGA securities in a public notice, after allotment in accordance with paragraph (2) or (3), the balance of SINGA securities must be allotted to applications pursuant to the public notice made on a competitive basis, in ascending order, starting from the application expressing the lowest bid yield to the application expressing the highest bid yield. |
(5) Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (4), the SINGA securities available must be allotted as follows:| (a) | allot the amount available for allotment to the applications pursuant to the public notice made on a competitive basis, subject to sub‑paragraphs (b) and (c); | | (b) | allot according to the respective amounts in each application pursuant to the public notice made on a competitive basis, subject to sub‑paragraph (c); | | (c) | where 2 or more applications made on a competitive basis express the same bid yield, allot rateably in proportion to the amounts applied for by the respective applicants. |
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| (6) The yield for each successful application made on a non‑competitive basis is equal to the weighted average of the bid yields in the successful applications made on a competitive basis. |
| (7) The yield for each successful application made on a competitive basis is the bid yield in the application. |
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| Allotment under uniform pricing method |
13.—(1) Subject to these Regulations, SINGA securities that are to be allotted under a uniform pricing method must be allotted in accordance with paragraphs (2) to (6).| (2) For every issue of SINGA securities in a public notice, the SINGA securities must be allotted to applications pursuant to the public notice made on a non‑competitive basis in priority to all applications pursuant to that public notice made on a competitive basis. |
| (3) Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (2), the SINGA securities available for allotment have to be allotted to the applications made on a non‑competitive basis rateably in proportion to the amounts applied for by the respective applicants. |
| (4) For any issue of SINGA securities in a public notice, after allotment in accordance with paragraph (2) or (3), the balance of SINGA securities must be allotted to applications pursuant to the public notice made on a competitive basis, in ascending order, starting from the application expressing the lowest bid yield to the application expressing the highest bid yield. |
(5) Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (4), the SINGA securities available must be allotted as follows:| (a) | allot the amount available for allotment to the applications pursuant to the public notice made on a competitive basis, subject to sub‑paragraphs (b) and (c); | | (b) | allot according to the respective amounts in each application pursuant to the public notice made on a competitive basis, subject to sub‑paragraph (c); | | (c) | where 2 or more applications made on a competitive basis express the same bid yield, allot rateably in proportion to the amounts applied for by the respective applicants. |
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| (6) The yield for each successful application pursuant to a public notice, whether made on a competitive or non‑competitive basis, is the highest bid yield in any successful application pursuant to that public notice made on a competitive basis. |
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| Notification of successful application |
14.—(1) The MAS must notify every successful applicant who is a primary dealer.| (2) Where a successful applicant is not a primary dealer, the MAS must give to the primary dealer which had submitted the application on behalf of the successful applicant, a notification specifying the particulars of allotment of SINGA securities to the successful applicant. |
| (3) On receipt of a notification under paragraph (2), the primary dealer concerned must without delay inform the successful applicant of the particulars specified in the notification. |
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