• MKT 6.2.16 MKT 6.2.16 Price Stabilisation Register

    (1) The Stabilisation Manager must, before carrying out any Price Stabilisation:
    (a) create a register to record the details relating to the Price Stabilisation as required by Rule 6.2.7 to 6.2.16; and
    (b) establish and implement systems and controls to keep the register updated.
    (2) The Stabilisation Manager must ensure that the register contains either on a real-time or daily updated basis the following information:
    (a) the names and contact details of all Stabilisation Agents appointed by him;
    (b) details of the appointment of each Stabilisation Agent, including the date of the appointment;
    (c) the general terms and instructions (including details of the price floor and Stabilisation Window) determined by the Stabilisation Manager for his Stabilisation Agents and the date and time of the communication, variation or revocation of that information and instructions;
    (d) details of all correspondence passing between the Stabilisation Manager and his Stabilisation Agents relating to the Price Stabilisation, including all instructions and variations or revocations of appointments;
    (e) each and every transaction undertaken by the Stabilisation Manager and Stabilisation Agents in the course of the Price Stabilisation, including but not limited to the following transaction details:
    (i) the type of Relevant Securities;
    (ii) the price;
    (iii) the size;
    (iv) whether the transactions were undertaken on or off the central order book of the relevant Recognised Investment Exchange;
    (v) the date and time;
    (vi) details of the counterparty (if known); and
    (vii) details of the allotment of the Relevant Securities.

    • Guidance

      Rule 6.2.16(e)(vi) recognises that some market infrastructures, for example, anonymous order books or anonymous indications of interest, allow for the identity of counterparties to sometimes be unknown prior to the effecting of transactions
      Rule 6.2.16 also accepts that some participants in the Price Stabilisation may have accrued uneconomic positions during Price Stabilisation and therefore permits a single transaction, probably at the end-of-day, to ‘square-off’ the positions between participants. The terms on which these transactions can be carried may often be agreed in the terms of engagement between the Stabilisation Manager and the Stabilisation Agents. The Regulator may when inspecting records kept relating to Price Stabilisation seek the rationale for any of these transactions and the price at which they were conducted.
      (3) The Stabilisation Manager must keep the register in the English language and keep it in a location that would allow for it, or a certified copy, to be available within three business days to any person permitted by Rules 6.2.16(4) and 6.2.16(5) to inspect it.
      (4) The following persons are permitted to inspect the register upon written request:
      (a) the Regulator;
      (b) the Recognised Investment Exchange upon which the Relevant Securities are admitted to trading; and
      (c) any other person the Regulator considers appropriate.
      (5) During the Stabilisation Window and within three months from the end of the Stabilisation Window, the Stabilisation Manager must, on any business day, permit the Issuer of the Relevant Securities to which the Price Stabilisation Rules apply to inspect the part of the register kept in accordance with Rule 6.2.16(2)(e).
      (6) The Stabilisation Manager must keep the register for a period of six years from the end of the Stabilisation Window.