Singapore legislation
Section 123ZH
Section 123ZH
Exemptions from requirement to be authorised as authorised benchmark submitter
(1)
The following persons are exempt from section 123ZC(1):
any bank licensed under the Banking Act 1970;
any merchant bank licensed under the Banking Act 1970;
any finance company licensed under the Finance Companies Act 1967;
any company or co‑operative society licensed under the Insurance Act 1966;
any approved exchange, recognised market operator or approved holding company;
any approved clearing house or recognised clearing house;
any holder of a capital markets services licence;
any authorised benchmark administrator;
any financial adviser licensed under the Financial Advisers Act 2001;
such other person or class of persons as the Authority may exempt by regulations made under section 337.
(2)
The Authority may by regulations made under section 123ZZA or by written notice impose conditions or restrictions on an exempt person in relation to the business or activity of providing information in relation to a designated benchmark or any related matter and the exempt person must comply with such conditions or restrictions.
(3)
Any exempt person who contravenes any condition or restriction imposed under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.
(4)
The Authority may revoke an exemption granted to any person under this section —
if the person contravenes any provision of this Act which is applicable to it or any condition or restriction imposed on it under subsection (2);
if the person contravenes any direction issued to it under section 123ZZB;
if the person has failed to comply with any principle or rule under the code on designated benchmark;
where the person carries on a business or activity of providing information in relation to a particular designated benchmark, if the Authority has withdrawn the designation of that designated benchmark under section 123C;
where the person carries on a business or activity of providing information in relation to a designated benchmark in respect of more than one designated benchmark, the Authority has withdrawn the designation of all of those designated benchmarks under section 123C; or
if the Authority considers that the person is carrying on a business or activity of providing information in relation to a designated benchmark in a manner that is, in the opinion of the Authority, contrary to the interests of a class, or classes, of users of a designated benchmark, or the interests of the public.
(5)
Where the Authority revokes an exemption granted to any person under this section, the Authority need not give the person an opportunity to be heard.
(6)
A person who is aggrieved by a decision of the Authority made under subsection (4) may, within 30 days after it is notified of the decision of the Authority, appeal to the Minister whose decision is final.