【法规名称】
【法规编号】 82409 什么是编号？
【正 文】
第3页 CAP 571W SECURITIES AND FUTURES (PRICE STABILIZING) RULES
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[接上页] Cap 571W s 6 Primary stabilizing action PART 3 STABILIZING ACTION The stabilizing manager may take all or any of the following actions in respect of any relevant securities during the stabilizing period- (a) purchase, or agree to purchase, any of the relevant securities; (b) offer or attempt to do anything as described in paragraph (a),for the sole purpose of preventing or minimizing any reduction in the market price of the relevant securities. Cap 571W s 7 Ancillary stabilizing action (1) The stabilizing manager may, in connection with any primary stabilizing action taken in respect of any relevant securities under section 6, take all or any of the following actions- (a) for the purpose of preventing or minimizing any reduction in the market price of the relevant securities- (i) allocate a greater number of the relevant securities than the number that is initially offered; or (ii) sell or agree to sell the relevant securities so as to establish a short position in them;(b) pursuant to an option or other right to purchase or subscribe for the relevant securities as referred to in section 10(3), purchase or subscribe for or agree to purchase or subscribe for the relevant securities in order to close out any position established under paragraph (a); (c) sell or agree to sell any relevant securities acquired by the stabilizing manager in the course of the primary stabilizing action in order to liquidate any position that has been established by such action; (d) offer or attempt to do anything as described in paragraph (a)(ii), (b) or (c).(2) Ancillary stabilizing action under subsection (1)(b) may be taken without regard to the limits on pricing in section 11 and Schedule 2. Cap 571W s 8 Disclosure of stabilizing action (1) The stabilizing manager shall not take any stabilizing action in respect of any relevant securities unless- (a) from the first public announcement date, adequate disclosure is made, in relevant communications issued by or on behalf of the offeror or the stabilizing manager, of the fact that stabilizing action may take place in relation to the offer; (b) where the recognized exchange company operating the recognized stock market or the operator of the overseas stock market on which the relevant securities are or will be traded, or the person authorized to provide the relevant authorized automated trading services by means of which the relevant securities are or will be traded, requires to be informed of any stabilizing action that may take place in respect of the relevant securities during the stabilizing period, the requirement has been complied with; and (c) a register has been established and kept in compliance with section 13(1).(2) For the purposes of subsection (1)(a), adequate disclosure is regarded as having been made in relevant communications issued by or on behalf of the offeror or the stabilizing manager if, in the relevant communications specified in Schedule 1, disclosure is made as prescribed in the Notes to that Schedule. (3) The requirement to make adequate disclosure in subsection (1)(a) in relevant communications does not apply to any communication which is not specified in Schedule 1. Cap 571W s 9 Interim and post-stabilization disclosure (1) As soon as reasonably practicable after purchasing or subscribing for or agreeing to purchase or subscribe for any relevant securities pursuant to the exercise or partial exercise of an option under section 7(1)(b), the stabilizing manager shall ensure that a public announcement stating the number of relevant securities purchased or subscribed for, or which have been agreed to be purchased or subscribed for, pursuant to such exercise or partial exercise of such option and the number of relevant securities available thereafter under any unexercised portion of the option is issued, whether by or on behalf of the offeror or the stabilizing manager. (2) Within 7 days after the end of the stabilizing period, the stabilizing manager shall ensure that a public announcement containing the information required in Schedule 3 is issued, whether by or on behalf of the offeror or by the stabilizing manager. Cap 571W s 10 Restrictions on stabilizing action (1) The stabilizing manager shall not take any stabilizing action in respect of any relevant securities in any case where- (a) at the time when the offer price of the relevant securities was determined, the market price of the relevant securities or of rights to them was or could reasonably be anticipated to be an artificial price; and (b) the stabilizing manager knew or ought reasonably to have known that the artificiality in the market price was attributable in whole or in part to any conduct of any person which constitutes market misconduct or an offence under Part XIV of the Ordinance.(2) The stabilizing manager shall not take any stabilizing action in respect of any relevant securities in any case where- (a) the relevant securities are debt securities; (b) there are equity securities into which those debt securities can be converted or to the purchase of which those debt securities give rights; and |
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