Section 123ZW

any person required to obtain the Authority’s approval or who has obtained the approval under section 123ZV; or

any person who, whether before, on or after 8 October 2018, either alone or together with any connected person, holds, directly or indirectly, 20% or more of the issued share capital of the authorised benchmark submitter or designated benchmark submitter (as the case may be) or controls, directly or indirectly, 20% or more of the voting power in the authorised benchmark submitter or designated benchmark submitter, as the case may be,if the Authority is satisfied that —

any condition of approval imposed on the person under section 123ZV(4) has not been complied with;

the person is not or ceases to be a fit and proper person to have effective control of the authorised benchmark submitter or designated benchmark submitter, as the case may be;

having regard to the likely influence of the person, the authorised benchmark submitter or designated benchmark submitter (as the case may be) is not able to or is no longer likely to carry on a business or activity of providing information in relation to a designated benchmark prudently and comply with the provisions of this Act and any direction made under this Act;

the person does not or ceases to satisfy such criteria as may be prescribed by regulations made under section 123ZZA;

the person has provided false or misleading information or documents in connection with an application under section 123ZV; or

the Authority would not have granted its approval under section 123ZV had the Authority been aware, at that time, of circumstances relevant to the person’s application for such approval.

the person is in the course of being wound up or otherwise dissolved or, in the case of an individual, is an undischarged bankrupt whether in Singapore or elsewhere;

a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person;

a prohibition order under section 123ZZC has been made by the Authority, and remains in force, against the person;

the person has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the person had acted fraudulently or dishonestly.

take such steps as are necessary to ensure that the person ceases to be a party to the arrangement described in section 123ZV(2), ceases to hold 20% or more of the issued share capital of the authorised benchmark submitter or designated benchmark submitter (as the case may be) in the manner described in subsection (1)(b), or ceases to control 20% or more of the voting power in the authorised benchmark submitter or designated benchmark submitter (as the case may be) in the manner described in subsection (1)(b); and

comply with such other requirements as the Authority may specify in the notice.

a bank licensed under the Banking Act 1970;

a merchant bank licensed under the Banking Act 1970;

a finance company licensed under the Finance Companies Act 1967;

the holder of a capital markets services licence for any regulated activity;

a licensed financial adviser under the Financial Advisers Act 2001;

a direct insurer licensed under the Insurance Act 1966 to carry on life business;

an insurance intermediary registered or regulated under the Insurance Act 1966, who arranges contracts of insurance in Singapore in respect of life business only; or

such other person or class of persons as may be prescribed by regulations made under section 123ZZA.