Securities and Futures Act 2001 · 2020 Revised Edition · Part 12 · Market Conduct
207. Manipulation of financial benchmarks
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A person must not do any thing, cause any thing to be done or engage in any course of conduct, if the person’s purpose, or any of the person’s purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct (as the case may be) is to create a false or misleading appearance as to the price, value, performance or rate of any financial benchmark.
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;
A person must not do any thing, cause any thing to be done or engage in any course of conduct that creates, or is likely to create, a false or misleading appearance, as to the price, value, performance or rate of any financial benchmark, if —
the person knows that doing that thing, causing that thing to be done or engaging in that course of conduct (as the case may be) will create, or will likely create, that false or misleading appearance; or
the person is reckless as to whether doing that thing, causing that thing to be done or engaging in that course of conduct (as the case may be) will create, or will likely create, that false or misleading appearance.