Singapore legislation
Clause 95
Clause 95
Repeal and re-enactment of Division 2 of Part XII
Division 2 of Part XII of the principal Act is repealed and the following Division substituted therefor:“Division 2 — Prohibited Conduct — Financial BenchmarksApplication of this Division
205. This Division applies to —
acts occurring within Singapore in relation to financial benchmarks, whether administered in Singapore or elsewhere; and
acts occurring outside Singapore in relation to financial benchmarks that are administered in Singapore.Interpretation of this Division
206. In this Division —“administer”, in relation to a financial benchmark, means the activity of administering the financial benchmark;“international body” means the European Central Bank, the Organization of the Petroleum Exporting Countries, and such other international bodies as may be prescribed by regulations made under section 341;“public authority” means —
any ministry or department of the Government, or any statutory body, or any board, commission, committee or similar body, whether corporate or unincorporated, established under a public Act for a public purpose;
in relation to a foreign country or territory, an authority of the foreign country or territory, or any board, commission, committee or similar body, whether corporate or unincorporated, established under the law of the foreign country or territory for a public purpose; or
such other organisation as the Authority may prescribe by regulations made under section 341.Manipulation of financial benchmarks207.—
A person must not do any thing, cause any thing to be done or engage in any course of conduct, if the person’s purpose, or any of the person’s purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance as to the price, value, performance or rate of any financial benchmark.(2) A person must not do any thing, cause any thing to be done or engage in any course of conduct that creates, or is likely to create, a false or misleading appearance, as to the price, value, performance or rate of any financial benchmark, if —
the person knows that doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will likely create, that false or misleading appearance; or
the person is reckless as to whether doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will likely create, that false or misleading appearance.Exception for conduct pursuant to policy requirement
208. Section 207 does not apply in respect of any thing done or to be done or any course of conduct engaged by, or by a person acting on behalf of, a public authority or international body, whether in Singapore or elsewhere —
in respect of monetary policy;
in respect of policies with respect to exchange rates, the management of public debt or foreign exchange reserves; or
for the purpose of managing the price or value of any commodity.False or misleading statements
209. A person must not make a statement, disseminate any information or express any opinion that is false or misleading in a material particular to a person who carries out the activity of administering a financial benchmark if —
the person intends that the statement, information or opinion be used for the purpose of administering a financial benchmark; and
the person knows or ought reasonably to have known that the statement, information or opinion is false or misleading in a material particular, or is reckless as to whether the statement, information or opinion is false or misleading in a material particular.Penalties under this Division210.—
Any person who contravenes any of the provisions of this Division shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.(2) No proceedings may be instituted against a person for an offence in respect of a contravention of any of the provisions of this Division after —
a court has made an order against him for the payment of a civil penalty under section 232; or
the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 232(5),in respect of that contravention.”.