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1. (1)

   A person who in any place outside the United Kingdom acts or engages in conduct:

   1. (a)

      for the purposes of stabilising2 the price of investments;

   2. (b)

      in conformity with the provisions specified in (2), (3) or (4); and

   3. (c)

      in relation to an offer which is governed by the law of a country (or a state or territory in a country) so specified;

   is to be treated for the purposes of section 89(3)(a) and section 90 (9)(b) of the Financial Services Act 20122 as acting or engaging in conduct for that purpose and in conformity with the price stabilising rules.

2. (2)

   In relation to the United States of America, the specified provisions are:

   1. (a)

      Regulation M made by the Securities and Exchange Commission (17 CFR 242, # 100-105).

3. (3)

   In relation to Japan, the specified provisions are

   1. (a)

      The Securities and Exchange Law of Japan, (Law No 25, April 13 1948), Article 159, paragraphs 3 and 4;

   2. (b)

      Cabinet Orders for the Enforcement of the Securities and Exchange Law of Japan (Cabinet Order 321, September 30, 1965), Articles 20 to 26;

   3. (c)

      Ministerial Ordinance concerning the Registration of Stabilisation Trading (Ordinance of the Ministry of Finance No 43, June 14, 1971);

   4. (d)

      Ministerial Ordinance concerning rules and otherwise governing the soundness of securities companies (Ordinance of the Ministry of Finance, No 60, November 5, 1965), Article 2.

4. (4)

   In relation to Hong Kong, the specified provisions are:

   1. (a)

      The Securities and Futures (Price Stabilizing) Rules, Cap. 571 W made by the Hong Kong Securities and Futures Commission.

5. (5)

   The provisions in (2), (3) and (4) are specified as they have effect from time to time, so long as this paragraph has effect.

A person who is treated under MAR 2.5.1R (1) as acting or engaging in conduct in conformity with the price stabilising rules is also to be treated to an equivalent extent as so acting or engaging for the purposes of:

1. (1)

   [deleted]2

2. (2)

   Part XIV (Disciplinary measures); and

3. (3)

   Part XXV (Injunctions and Restitution) of the Act.

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