144. Exercise of certain powers in relation to financial benchmarks

Terms defined in this Act

• administering a financial benchmark

  administering a financial benchmark

  Defined · s 2

  “administering a financial benchmark” means —(a)controlling the development of the definition of a financial benchmark for the purpose of determining a financial benchmark;(b)controlling the development of the methodology of determining a financial benchmark;(c)controlling the review of the definition of a financial benchmark for the purpose of determining a financial benchmark;(d)controlling the review of the methodology of determining a financial benchmark;(e)managing any arrangements, processes or mechanisms for the purpose of determining a financial benchmark;(f)collecting, analysing or processing any information or expression of opinion for the purpose of determining a financial benchmark;(g)applying a formula or other methods of calculation to information or expressions of opinion in order to determine a financial benchmark; or(h)monitoring and conducting surveillance of any information or expressions of opinion provided for the purpose of determining a financial benchmark,but does not include providing information in relation to a financial benchmark or any act that is necessary or incidental to providing such information;

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• auditor

  auditor

  Defined · s 2

  “auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004 and, in Division 1 of Part 13, when used in relation to an entity not being a company, includes —(a)a person who is duly registered, licensed, approved or otherwise authorised to practise as an auditor (such practice to include the issue of any opinion, report or other document on the audit of any financial statement) —(i)under the laws of the place where the entity is formed or constituted; or(ii)under the laws of the place of his or her practice, if the auditing standards that are or will be applied to the financial statements of the entity are —(A)auditing standards commonly applied in that place; or(B)international auditing standards (by whatever name called); or(b)such other person as the Authority may approve in any particular case to be an auditor for such entity;

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• authorised benchmark administrator

  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

  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

  Authority

  Defined · s 2

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

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• book

  book

  Defined · s 2

  “book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise;

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• business

  business

  Defined · s 46AAA

  “business” includes affairs and property;

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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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• designated benchmark submitter

  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

  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

  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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• 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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• providing information in relation to a financial benchmark

  providing information in relation to a financial benchmark

  Defined · s 2

  “providing information in relation to a financial 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 financial benchmark; and(b)that enables A to determine that financial benchmark;

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