Singapore legislation
Section 98
Section 98
Stock market manipulation
(1)
A person shall not effect, take part in, be concerned in or carry out, either directly or indirectly, two or more transactions in securities of a body corporate being transactions that have, or are likely to have, the effect of raising the price of securities of the body corporate on a securities exchange in Singapore, with intent to induce other persons to purchase or subscribe for securities of the body corporate or of a related body corporate.
(2)
A person shall not effect, take part in, be concerned in or carry out, either directly or indirectly, two or more transactions in securities of a body corporate, being transactions that have, or are likely to have, the effect of lowering the price of securities of the body corporate on a securities exchange in Singapore, with intent to induce other persons to sell securities of the body corporate or of a related body corporate.
(3)
A person shall not effect, take part in, be concerned in or carry out, either directly or indirectly, two or more transactions in securities of a body corporate, being transactions that have or are likely to have, the effect of maintaining or stabilising the price of securities of the body corporate on a securities exchange in Singapore with intent to induce other persons to sell, purchase or subscribe for securities of the body corporate or of a related body corporate.
(4)
A reference in this section to a transaction, in relation to securities of a body corporate, includes —
a reference to the making of an offer to sell or purchase such securities of the body corporate; and
a reference to the making of an invitation, however expressed, that expressly or impliedly invites a person to offer to sell or purchase such securities of the body corporate.