Singapore legislation
Section 123K
Section 123K
Power of Authority to exempt corporations from authorisation
(1)
The Authority may —
despite section 337(1), by regulations made under section 123ZZA exempt any corporation or class of corporations; or
on the application of any corporation, by written notice, exempt the corporation,from the requirement under section 123D(1) to be an authorised benchmark administrator.
(2)
The Authority may require a corporation to provide it with such information or documents as the Authority considers necessary in relation to an application made under subsection (1)(b).
(3)
The Authority may by regulations, or by written notice, impose any conditions or restrictions on an exempt benchmark administrator in relation to its carrying out the activity of administering a designated benchmark or any related matter, including conditions or restrictions relating to —
the process for the determination of the designated benchmark; or
any other activities that the corporation may undertake.
(4)
The Authority may, at any time, by written notice to an exempt benchmark administrator under subsection (1)(b), vary any condition or restriction mentioned in subsection (3) or impose any further condition or restriction relating to the exemption.
(5)
The Authority must give notice in the Gazette of any exemption under subsection (1)(b).
(6)
An exempt benchmark administrator must comply with such conditions or restrictions imposed on it under subsection (3) or (4).
(7)
Any exempt benchmark administrator who contravenes any condition or restriction imposed under subsection (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.