123ZY. Provision of information to Authority
Feedback & supportLast amended by an amending law of 2017.
The Authority may, by regulations made under section 123ZZA, require a person or a class of persons whom the Authority believes on reasonable grounds is capable of giving information on or concerning any financial benchmark or any market which a financial benchmark seeks to measure to disclose to the Authority the information that the person has under the person’s control or possession, in such form and manner, and within such period or periods, as may be prescribed in those regulations.
The Authority may, by written notice to any person whom the Authority believes on reasonable grounds is capable of giving information on or concerning any financial benchmark or any market which a financial benchmark seeks to measure, require such person to disclose to the Authority the information that the person has under the person’s control or possession, in such form and manner, and within such period or periods, as may be specified in the notice.
financial benchmark
“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;
Subject to subsection (5), any person to whom a notice is issued under subsection (2) must comply with the notice.
Any person who contravenes subsection (3) 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.
A person referred to in subsection (1) or a person to whom a notice is issued under subsection (2) is not obliged to disclose any information where the person is prohibited by any written law from disclosing such information.
Where a person claims, before providing the Authority with any information that the person is required to furnish under subsection (1) or (2), that the information might tend to incriminate the person, the information —
is not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (4) or in relation to a contravention of subsection (1); but(b)is admissible in evidence for civil proceedings under Part 12.