Singapore legislation
Section 123ZZC
Section 123ZZC
Power of Authority to make prohibition orders
(1)
The Authority may, by written notice, make a prohibition order against a relevant person if —
the Authority cancels or revokes the authorisation of the relevant person as an authorised benchmark administrator;
where the relevant person is exempt from the requirement to be authorised as an authorised benchmark administrator under section 123K(1), the Authority has reason to believe that circumstances exist under which, if the person were an authorised benchmark administrator, there would exist a ground on which the Authority may revoke its authorisation under section 123J;
the Authority suspends or revokes the authorisation of the relevant person as an authorised benchmark submitter;
where the relevant person is exempt from the requirement to be authorised as an authorised benchmark submitter under section 123ZH(1), the Authority has reason to believe that circumstances exist under which, if the relevant person were an authorised benchmark submitter, there would exist a ground on which the Authority may suspend or revoke its authorisation under section 123ZG;
the Authority has reason to believe that the relevant person is contravening, is likely to contravene or has contravened —
any provision of this Act;
any condition or restriction imposed by the Authority under this Act; or
any written direction issued by the Authority under this Act;
the relevant person has been convicted of an offence under this Act or 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 person acted fraudulently or dishonestly;
the relevant person has an order for the payment of a civil penalty made against the person by a court under Part 12 or has entered into an agreement with the Authority to pay a civil penalty under that Part;
the relevant person has been convicted of an offence involving the contravention of any law or requirement of a foreign country or territory relating to the activity of administering a designated benchmark, or providing information in relation to a designated benchmark;
the relevant person has been removed at the direction of the Authority from office or employment as an officer of the authorised benchmark administrator under section 123Y(2); or
the relevant person has been removed at the direction of the Authority from office or employment as an officer of an authorised benchmark submitter or a designated benchmark submitter under section 123ZU(2).
(2)
In subsection (1), “relevant person” means —
an authorised benchmark administrator or a person who was previously an authorised benchmark administrator;
a person that is exempt from the requirement to be authorised as an authorised benchmark administrator under section 123K(1) or a person who was previously so exempt;
an authorised benchmark submitter or a person who was previously an authorised benchmark submitter;
a person that is exempt from the requirement to be authorised as an authorised benchmark submitter under section 123ZH(1) or a person who was previously so exempt;
a representative of an authorised benchmark administrator or a person that is exempt from the requirement to be authorised as an authorised benchmark administrator under section 123K(1), or a person who was previously such a representative;
a representative of an authorised benchmark submitter, a person that is exempt from the requirement to be authorised as an authorised benchmark submitter under section 123ZH(1), or a designated benchmark submitter, or a person who was previously such a representative;
an officer of an authorised benchmark administrator or a person that is exempt from the requirement to be authorised as an authorised benchmark administrator under section 123K(1), or a person who was previously such an officer;
an officer of an authorised benchmark submitter, a person that is exempt from the requirement to be authorised as an authorised benchmark submitter under section 123ZH(1), or a designated benchmark submitter, or a person who was previously such an officer;
a person from whom any information or expression of opinion used in the determination of a designated benchmark was obtained; or
a person who has been convicted of an offence under this Part.
(3)
A prohibition order made under subsection (1) may do one or more of the following:
prohibit the person, whether permanently or for a specified period, from —
carrying on a business of administering a designated benchmark, or performing the activity of administering a designated benchmark in specified circumstances or capacities;
carrying on a business or activity of providing information in relation to a designated benchmark or performing the activity of providing information in relation to a designated benchmark in specified circumstances or capacities;
taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of —
an authorised benchmark administrator;
an exempt benchmark administrator;
an authorised benchmark submitter;
an exempt benchmark submitter; or
a designated benchmark submitter;
include a provision allowing the person, subject to any condition specified in the order —
to do specified acts; or
to do specified acts in specified circumstances,that the order would otherwise prohibit the person from doing.
(4)
The Authority must not make a prohibition order against a person without giving the person an opportunity to be heard.
(5)
Any person who is aggrieved by the decision of the Authority to make a prohibition order against the person may, within 30 days of the decision, appeal in writing to the Minister.
(6)
The Authority must keep, in such form as it thinks fit, records on persons against whom prohibition orders are made under this section.
(7)
The Authority may publish the records mentioned in subsection (6), or any part of them, in such manner as the Authority considers appropriate.