Singapore legislation
Clause 68
Clause 68
Affecting market price by fictions
(1)
A person shall not by means of purchases or sales of any securities involving no change in the beneficial ownership of those securities, or by any fictitious transactions or devices inflate, depress or cause fluctuations in the market price of any securities.
(2)
A purchase or sale of securities involves no change within the meaning of subsection (1) of this section if a person who held an interest in the securities before the purchase or sale or a person associated with the first mentioned person in relation to those securities holds an interest in the securities after the purchase or sale.
(3)
In determining whether a person held or holds an interest within the meaning of subsection (2) of this section the provisions of section 6A of the Companies Act, 1967 (Act 42 of 1967), shall have effect and in applying those provisions any reference to shares shall be read as a reference to securities.
(4)
For the purposes of subsection (2) of this section a person is associated with another person in relation to securities if the first-mentioned person is —
a corporation that by virtue of section 6 of the Companies Act, 1967 (Act 42 of 1967), is deemed to be related to that other person;
a person in accordance with whose directions, instructions or wishes that other person is accustomed or likely to act in relation to the securities;
a person who is accustomed or likely to act in accordance with the directions, instructions or wishes of that other person in relation to the securities;
a body corporate that is or the directors of which are accustomed or likely to act in accordance with the directions, instructions or wishes of that other person in relation to the securities; or
a body corporate in accordance with the directions, instructions or wishes of which or of the directors of which that other person is accustomed or likely to act in relation to the securities.