Securities and Futures Act 2001 · 2020 Revised Edition · Part 12 · Market Conduct
206. Interpretation of this Division
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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 —
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;
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.
“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.