Singapore legislation
Section 198
Section 198
Market manipulation in relation to securities and securities‑based derivatives contracts
(1)
A person must not effect, take part in, be concerned in or carry out, directly or indirectly, 2 or more transactions in securities, or securities‑based derivatives contracts, of a corporation, being transactions that have, or are likely to have, the effect of raising, lowering, maintaining or stabilising the price of securities, or securities‑based derivatives contracts (as the case may be) of the corporation on an organised market, with the intent to induce other persons to subscribe for, purchase or sell securities, or securities‑based derivatives contracts (as the case may be) of the corporation or of a related corporation.
(2)
A person must not effect, take part in, be concerned in or carry out, directly or indirectly, 2 or more transactions in securities, or securities‑based derivatives contracts, of a business trust, being transactions that have, or are likely to have, the effect of raising, lowering, maintaining or stabilising the price of securities, or securities‑based derivatives contracts (as the case may be) of the business trust on an organised market, with the intent to induce other persons to subscribe for, purchase or sell securities, or securities‑based derivatives contracts (as the case may be) of the business trust.
(3)
In this section —
a reference to transactions in securities or securities‑based derivatives contracts of a corporation includes —
a reference to the making of an offer to purchase or sell such securities or securities‑based derivatives contracts, as the case may be; and
a reference to the making of an invitation, however expressed, that directly or indirectly invites a person to offer to purchase or sell such securities or securities‑based derivatives contracts, as the case may be; and
a reference to transactions in securities or securities‑based derivatives contracts of a business trust includes —
a reference to the making of an offer to purchase or sell such securities or securities‑based derivatives contracts, as the case may be; and
a reference to the making of an invitation, however expressed, that directly or indirectly invites a person to offer to purchase or sell such securities or securities‑based derivatives contracts, as the case may be.