123B. Power of Authority to designate financial benchmarks

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

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• designated benchmark

  designated benchmark

  Defined · s 2

  “designated benchmark” means a financial benchmark that is designated by the Authority under section 123B to be a designated benchmark;

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• financial benchmark

  financial benchmark

  Defined · s 2

  “financial benchmark” means —(a)any price, rate, index or value that is —(i)determined periodically by the application (whether direct or indirect) of a formula or any other method of calculation to information or expressions of opinion concerning transactions in, or the state of, the market in respect of one or more underlying things;(ii)made available to the public (whether free of charge or for payment); and(iii)used for reference —(A)to determine the interest payable or other sums due on deposits or credit facilities;(B)to determine the price or value of any investment product as defined in section 2(1) of the Financial Advisers Act 2001; or(C)to measure the performance of any product offered by a person who is, or who belongs to a class of persons which is, prescribed by regulations made under section 341; or(b)such other price, rate, index or value as may be prescribed by regulations made under section 341 as a financial benchmark,but does not include —(c)a price, rate, index or value determined by, or on behalf of, the Government or a statutory body established under any Act, unless that price, rate, index or value is prescribed as a financial benchmark;(d)a price, rate, index or value determined by a person which is intended to be for the person’s exclusive use in transactions or agreements entered into, or to be entered into, by the person, unless that price, rate, index or value is prescribed as a financial benchmark;(e)the price of a capital markets product; or(f)such other price, rate, index or value as may be prescribed by regulations made under section 341 as not being a financial benchmark;

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