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Subsidiary Legislation

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 10) Regulations 2005

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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. 10) Regulations 2005 and shall come into operation on 29th June 2005.

reg 2Definitions

In these Regulations, unless the context otherwise requires —“Bonds” means the 10-year US$ guaranteed bonds due June 2015 issued by Wan Hai Lines (Singapore) Pte. Ltd. for a principal amount of up to US$400 million, which are irrevocably and unconditionally guaranteed by Wan Hai Lines Ltd.;“stabilising action” means an action taken in Singapore or elsewhere by Citicorp Investment Bank (Singapore) Limited, 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 10-year US$ guaranteed bonds due June 2015 issued by Wan Hai Lines (Singapore) Pte. Ltd. for a principal amount of up to US$400 million, which are irrevocably and unconditionally guaranteed by Wan Hai Lines Ltd.;

“stabilising action” means an action taken in Singapore or elsewhere by Citicorp Investment Bank (Singapore) Limited, 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)

a person referred to in section 274 of the Act; or

(b)

a sophisticated investor as defined in section 275(2) of the Act.