Singapore legislation
Section 123J
Section 123J
Revocation, suspension or withdrawal of authorisation
(1)
The Authority may revoke the authorisation of a corporation as an authorised benchmark administrator under section 123F(1) if —
there exists a ground on which the Authority must refuse an application under section 123F(5) or may refuse an application under section 123F(6);
the corporation does not commence carrying out the activity of administering a designated benchmark within 12 months starting on the date on which it was granted the authorisation under section 123F(1);
the corporation ceases to carry on a business of administering a designated benchmark in respect of a particular designated benchmark, or where it administers more than one designated benchmark, in respect of all of its designated benchmarks;
where the corporation carries on a business of administering a designated benchmark only in respect of one designated benchmark, the Authority has withdrawn the designation of that designated benchmark under section 123C;
the Authority has reason to believe that the corporation has not acted in the best interests of the users of the designated benchmark or any class of users of the designated benchmark;
the Authority has reason to believe that the corporation, or any of its officers or employees, has not performed its or their duties efficiently, honestly or fairly;
the corporation has contravened any condition or restriction applicable in respect of its authorisation, any written direction issued to it by the Authority under this Act, or any provision of this Act;
it appears to the Authority that the corporation has failed to satisfy any of its obligations in compliance with, under or arising from —
this Act; or
any written direction issued by the Authority under this Act;
the Authority has reason to believe that the corporation is carrying out the activity of administering a designated benchmark in a manner that is contrary to the interests of the public;
the corporation has provided any information or document to the Authority that is false or misleading;
the corporation fails to pay the annual fee mentioned in section 123I in the manner specified by the Authority; or
a prohibition order under section 123ZZC has been made by the Authority, and remains in force, against the corporation.
(2)
The Authority may —
suspend the authorisation granted to an authorised benchmark administrator for a specific period instead of revoking it under subsection (1); and
at any time extend or revoke the suspension.
(3)
Subject to subsection (4), the Authority may, upon a written application made to it by an authorised benchmark administrator, in such form and manner as the Authority may specify, withdraw the authorisation of the authorised benchmark administrator.
(4)
The Authority may refuse to withdraw the authorisation of an authorised benchmark administrator under subsection (3) where the Authority is of the opinion that —
there is any matter concerning the corporation which should be investigated before the authorisation is withdrawn; or
the withdrawal of the authorisation would not be in the public interest.
(5)
Subject to subsection (6), the Authority must not —
revoke the authorisation granted to an authorised benchmark administrator under subsection (1);
suspend the authorisation granted to an authorised benchmark administrator under subsection (2); or
refuse the withdrawal of the authorisation granted to an authorised benchmark administrator under subsection (4),without giving the authorised benchmark administrator an opportunity to be heard.
(6)
The Authority may revoke or suspend the authorisation of a corporation as an authorised benchmark administrator without giving the corporation an opportunity to be heard on any of the following grounds:
the corporation is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
a receiver, a receiver and manager or a person in an equivalent capacity has been appointed, whether in Singapore or elsewhere, in relation to, or in respect of, any property of the corporation;
the corporation has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that the corporation had acted fraudulently or dishonestly;
where the corporation carries on a business of administering a designated benchmark only in respect of one designated benchmark, the Authority has withdrawn the designation of that designated benchmark under section 123C;
a prohibition order under section 123ZZC has been made by the Authority, and remains in force, against the corporation.
(7)
Any corporation that is aggrieved by a decision of the Authority made in relation to the corporation under subsection (1), (2) or (4) may, within 30 days after the corporation is notified of the decision, appeal to the Minister, whose decision is final.
(8)
Despite the lodging of an appeal under subsection (7), any action taken by the Authority under this section continues to have effect pending the Minister’s decision.
(9)
The Minister may, when deciding an appeal under subsection (7), make such modification as he or she considers necessary to any action taken by the Authority under this section, and such modified action has effect starting on the date of the Minister’s decision.
(10)
Any revocation, suspension or withdrawal of the authorisation of a corporation as an authorised benchmark administrator does not operate so as to —
avoid or affect any agreement, transaction or arrangement entered into by the corporation, whether the agreement, transaction or arrangement was entered into before, on or after the revocation, suspension or withdrawal of the authorisation; or
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.
(11)
The Authority must give notice in the Gazette of any revocation of authorisation under subsection (1), suspension of authorisation under subsection (2)(a), extension or revocation of suspension of authorisation under subsection (2)(b) or withdrawal of authorisation under subsection (3).