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Subsidiary Legislation

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 4) Regulations 2006

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Official textFrom Singapore Statutes Online, unchanged

reg 1Citation and commencement

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 4) Regulations 2006 and shall come into operation on 18th January 2006.

reg 2Definitions

In these Regulations, unless the context otherwise requires —“Bonds” means the US$ fixed rate 2.75 per cent guaranteed convertible bonds due December 2015 by Hongkong Land CB (2005) Limited for a principal amount of up to US$400 million, which are convertible into fully paid ordinary shares of Hongkong Land Holdings Limited with a par value of US$0.10 each;“securities” has the same meaning as in section 239(1) of the Act;“stabilising action” means an action taken in Singapore or elsewhere by UBS AG, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

“Bonds” means the US$ fixed rate 2.75 per cent guaranteed convertible bonds due December 2015 by Hongkong Land CB (2005) Limited for a principal amount of up to US$400 million, which are convertible into fully paid ordinary shares of Hongkong Land Holdings Limited with a par value of US$0.10 each;

“securities” has the same meaning as in section 239(1) of the Act;

“stabilising action” means an action taken in Singapore or elsewhere by UBS AG, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

reg 3Exemption

Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Bonds, within 30 days from the date of issue of the Bonds, with —

(a)

an institutional investor; (b)a relevant person as defined in section 275(2) of the Act; or

(c)

a person who acquires the Bonds as principal, if the consideration for the acquisition is not less than $200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is paid for in cash or by exchange of securities or other assets.