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Exclusion from operation of section 31 of Act for stabilising action during offer

Banking Regulations

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—(1) Section 31 of the Act shall not apply, during the specified period, in respect of any equity investment in a single company acquired or held by any bank incorporated in Singapore or bank incorporated outside Singapore when acting as a stabilising bank in relation to an offer of securities issued by the company, where —(a)an over-allotment option has been made giving the bank the right to purchase a number of securities equivalent to the number of securities over-allotted —(i)in a case where more than one tranche of securities is offered at different prices, at or below the issue price for each tranche; or(ii)in any other case, at or below the issue price; and(b)the total number of securities subscribed for or purchased by the bank as a result of its stabilising action does not exceed the number of securities over-allotted.(2) In this regulation, unless the context otherwise requires —“approved exchange”, “overseas exchange” and “securities” have the meanings given by section 2(1) of the Securities and Futures Act (Cap. 289);“closing date” has the same meaning as in regulation 2 of the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006 (G.N. No. S 148/2006);“dealer” means a person who is the holder of a capital markets services licence under the Securities and Futures Act (Cap. 289) to deal in securities, and includes a person who is licensed, approved, authorised or otherwise regulated under the laws, codes or other requirements of any foreign jurisdiction in respect of dealing in securities;“issue price”, in relation to securities being offered under an offer, means the price at which the securities are being offered for subscription or purchase;“issuer” has the same meaning as in regulation 2 of the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006;“offer” has the same meaning as in regulation 2 of the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006;“over-allotment” has the same meaning as in regulation 2 of the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006;[Deleted by S 473/2021 wef 01/07/2021][Deleted by S 473/2021 wef 01/07/2021][Deleted by S 473/2021 wef 01/07/2021]“relevant specified products” has the meaning given by regulation 2 of the Securities and Futures (Market Conduct) (Exemptions) Regulations 2006;“specified period” means a period of 30 calendar days — (a)from the date of commencement of dealing in the stabilised securities on an approved exchange; or(b)where the stabilised securities are listed on both an approved exchange and an overseas exchange, from the earlier of the dates of commencement of dealing in the stabilised securities on these exchanges;“stabilised securities”, in relation to any stabilising action, means the securities in respect of which the stabilising action has been, is being or will be taken, as the case may be;“stabilising action”, in relation to an offer, means the action taken in Singapore or elsewhere by a stabilising bank, or by a dealer on behalf of the stabilising bank, to buy, or to offer or agree to buy, any relevant specified products on the securities market, in order to stabilise or maintain the market price of such securities in Singapore or elsewhere;“stabilising bank”, in relation to an offer, means a bank in Singapore —(a)which is appointed in writing by the issuer of an offer to take any stabilising action in respect of the offer; and(b)whose appointment under paragraph (a) is notified to the approved exchange on which the relevant specified products are or are intended to be listed before the closing date of the offer.

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