123ZZB. Power of Authority to issue written directions

Amended

Last amended by an amending law of 2017.

(1)

The Authority may, if it thinks it necessary or expedient, in the interests of a class, or classes, of users of a designated benchmark, or in the interests of the public or a section of the public, issue written directions, either of a general or specific nature, to any of the following persons or class of persons, requiring such person or class of persons to comply with such requirements as the Authority may specify in the written directions:

(a)

an authorised benchmark administrator;

(b)

an exempt benchmark administrator;

(c)

an authorised benchmark submitter;

(d)

an exempt benchmark submitter;

(e)

a designated benchmark submitter;

(f)

a representative of any authorised benchmark administrator, exempt benchmark administrator, authorised benchmark submitter, exempt benchmark submitter or designated benchmark submitter;

(g)

a class of any of the persons mentioned in paragraphs (a) to (f).

(2)

Without limiting subsection (1), any written direction may be issued with respect to —

(a)

the standards to be maintained by the person concerned in carrying out the activity of administering a designated benchmark, or the activity of providing information in relation to a designated benchmark;

(b)

the type and frequency of submission of financial returns and other information to be submitted to the Authority; and

(c)

the qualifications, experience and training of representatives,and the person to whom such direction is issued must comply with the direction.

(3)

Any person who contravenes any of the directions issued under subsection (1) 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 of $5,000 for every day or part of a day during which the offence continues after conviction.

(4)

It is not necessary to publish any direction issued under subsection (1) in the Gazette.

Terms defined in s 2

administering a designated benchmark
Defined · s 2
“administering a designated benchmark” means —(a)controlling the development of the definition of a designated benchmark for the purpose of determining a designated benchmark;(b)controlling the development of the methodology of determining a designated benchmark;(c)controlling the review of the definition of a designated benchmark for the purpose of determining a designated benchmark;(d)controlling the review of the methodology of determining a designated benchmark;(e)managing any arrangements, processes or mechanisms for the purpose of determining a designated benchmark;(f)collecting, analysing or processing any information or expression of opinion for the purpose of determining a designated benchmark;(g)applying a formula or other methods of calculation to information or expressions of opinion in order to determine a designated benchmark; or(h)monitoring and conducting surveillance of any information or expressions of opinion provided for the purpose of determining a designated benchmark,but does not include providing information in relation to a designated benchmark or any act that is necessary or incidental to providing such information;
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authorised benchmark administrator
Defined · s 2
“authorised benchmark administrator” means a corporation that is authorised by the Authority under section 123F(1) as an authorised benchmark administrator;
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authorised benchmark submitter
Defined · s 2
“authorised benchmark submitter” means a corporation that is authorised by the Authority under section 123ZE(1) as an authorised benchmark submitter;
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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
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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designated benchmark submitter
Defined · s 2
“designated benchmark submitter” means a corporation that is designated by the Authority under section 123ZI(1) to be a designated benchmark submitter;
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exempt benchmark administrator
Defined · s 2
“exempt benchmark administrator” means a person who is exempted under section 123K(1) from the requirement to be an authorised benchmark administrator;
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exempt benchmark submitter
Defined · s 2
“exempt benchmark submitter” means a person who is exempted under section 123ZH(1) from the requirement to be an authorised benchmark submitter;
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providing information in relation to a designated benchmark
Defined · s 2
“providing information in relation to a designated benchmark” means providing any information or expression of opinion —(a)to, or for the purpose of passing the information or expression of opinion on to, a person (A) administering a designated benchmark; and(b)that enables A to determine that designated benchmark;
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