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Subsidiary Legislation

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 22) Regulations 2004

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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. 22) Regulations 2004 and shall come into operation on 9th November 2004.

reg 2Definitions

In these Regulations, unless the context otherwise requires —“Bonds” means the 5-year zero coupon convertible bonds due October 2009 issued by CMC Magnetics Corporation in October 2004 for a principal amount of up to US$200 million, which are convertible into —

(a)

ordinary shares of CMC Magnetics Corporation with a par value of NT$10 each; or

(b)

at the option of the respective converting bondholders, global depositary receipts, where each receipt represents 20 ordinary shares of CMC Magnetics Corporation with a par value of NT$10 each;“stabilising action” means an action taken in Singapore or elsewhere by J.P. Morgan Securities Ltd., 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 5-year zero coupon convertible bonds due October 2009 issued by CMC Magnetics Corporation in October 2004 for a principal amount of up to US$200 million, which are convertible into —

(a)

ordinary shares of CMC Magnetics Corporation with a par value of NT$10 each; or

(b)

at the option of the respective converting bondholders, global depositary receipts, where each receipt represents 20 ordinary shares of CMC Magnetics Corporation with a par value of NT$10 each;

“stabilising action” means an action taken in Singapore or elsewhere by J.P. Morgan Securities Ltd., 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.