Securities and Futures (Financial Benchmarks) Regulations 2018

A is the paid-up ordinary share capital of the corporation as set out in the latest balance‑sheet of the corporation;

B is the paid-up irredeemable and non-cumulative preference share capital of the corporation as set out in the latest balance‑sheet of the corporation;

C is any unappropriated profit or loss in the latest audited accounts of the corporation;

D is any interim loss in the latest profit and loss statement of the corporation; and

E is any dividend that has been declared since the latest audited accounts of the corporation.

consist of at least 3 individuals; and

include —

at least one individual who is nominated by the authorised benchmark administrator or exempt benchmark administrator that administers that designated benchmark; (ii)at least one individual who is nominated, by the authorised benchmark administrator or exempt benchmark administrator that administers that designated benchmark, to represent the interests of the authorised benchmark submitters, exempt benchmark submitters and designated benchmark submitters that provide information in relation to that designated benchmark; and

at least one individual who is nominated, by the authorised benchmark administrator or exempt benchmark administrator that administers that designated benchmark, to represent the interests of the users of that designated benchmark.

a director, key management officer or substantial shareholder of the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering that designated benchmark;

a director, key management officer or substantial shareholder of any authorised benchmark submitter, exempt benchmark submitter or designated benchmark submitter that provides information in relation to that designated benchmark.

whether the individual is a fit and proper person to be a member of that oversight committee;

whether there will be over‑representation of any of the following persons on that oversight committee:

the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering that designated benchmark;

the authorised benchmark submitters, exempt benchmark submitters and designated benchmark submitters that provide information in relation to that designated benchmark;

the users of that designated benchmark.

carry out periodic reviews of the scope and adequacy of the definitions, design and methodology of the designated benchmark;

carry out periodic reviews of the scope and adequacy of the code on designated benchmark for the designated benchmark;

carry out periodic reviews of the scope and adequacy of the arrangements in place to facilitate the business of administering the designated benchmark, including —

the mechanisms for receiving information in relation to any manipulation, attempted manipulation, or suspicion of manipulation or attempted manipulation, of the designated benchmark, and reporting such information to the Authority; and

the mechanisms for receiving information in relation to the failure of any authorised benchmark submitter, exempt benchmark submitter or designated benchmark submitter, that provides information in relation to the designated benchmark, to comply with the code on designated benchmark for the designated benchmark; (d)carry out periodic reviews of the scope and adequacy of the measures in place for the maintenance of confidentiality of all information and expressions of opinion used to determine the designated benchmark; (e)report the findings of the periodic reviews mentioned in sub‑paragraphs (a) to (d) to the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering the designated benchmark;

make recommendations, based on the findings of the periodic reviews mentioned in sub‑paragraphs (a) to (d), to the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering the designated benchmark; and

oversee the implementation of any change to the definitions, design or methodology of the designated benchmark.

take reasonable steps to ensure that the business continuity plan can be effectively followed if any contingency or disaster disrupts its business of administering a designated benchmark;

periodically review the business continuity plan; and

implement changes, where necessary, to ensure the effectiveness of the business continuity plan.

provide the Authority with a copy of the business continuity plan; and

inform the Authority of the frequency with which the authorised benchmark administrator or exempt benchmark administrator reviews the business continuity plan.

any material change to the business continuity plan, within 14 days after the change;

any contingency or disaster that disrupts that business, as soon as practicable after the occurrence of the contingency or disaster; and

if any contingency or disaster disrupts that business —

any action taken by the authorised benchmark administrator or exempt benchmark administrator to restore that business; and

whether that action was taken in accordance with the business continuity plan,as soon as practicable after the taking of that action.

any civil or criminal proceedings that have been started against the administrator, whether in Singapore or elsewhere;

any disciplinary action taken against the administrator, or any of its representatives, by any regulatory authority other than the Authority, whether in Singapore or elsewhere;

any material change to the regulatory requirements imposed on the administrator, by any regulatory authority other than the Authority, whether in Singapore or elsewhere;

that the administrator has reasonable grounds to believe that the designated benchmark that it carries on the business of administering has been the subject of manipulation or attempted manipulation;

any compromise of the integrity or security of either the transmission or the storage of any record that the administrator is required to maintain under section 123R(1) of the Act.

no later than 14 days after the administrator notifies the Authority of any proceedings mentioned in paragraph (1)(a), the administrator must notify the Authority of —

the circumstances leading to those proceedings; and

any action that the administrator has taken, or intends to take, in relation to those proceedings;

no later than 14 days after the administrator notifies the Authority of any disciplinary action mentioned in paragraph (1)(b), the administrator must notify the Authority of —

the circumstances leading to that disciplinary action; and

any action that the administrator has taken, or intends to take, in relation to that disciplinary action;

no later than 14 days after the administrator notifies the Authority of any matter mentioned in paragraph (1)(d), the administrator must notify the Authority of —

the grounds mentioned in paragraph (1)(d); and

any action that the administrator has taken, or intends to take, in relation to the manipulation or attempted manipulation mentioned in paragraph (1)(d); and

no later than 14 days after the administrator notifies the Authority of any matter mentioned in paragraph (1)(e), the administrator must notify the Authority of any action that the administrator has taken, or intends to take, to restore the integrity or security of the transmission or storage of the record mentioned in paragraph (1)(e).

the name of that representative;

the identity card number or passport number of that representative;

the residential address of that representative;

the date on which that representative started administering each designated benchmark that the administrator carries on the business of administering;

the date (if any) on which that representative stopped administering each designated benchmark that the administrator carries on the business of administering.

within 3 months after the end of each financial year of the administrator —

if the administrator is a company — a copy of its financial statements, auditor’s report and statement of directors mentioned in section 201(16) of the Companies Act 1967;

if the administrator is a company that is exempt from audit requirements (within the meaning given by section 4(1) of the Companies Act 1967) — a copy of its audited financial statements and auditor’s report; or

if the administrator is a foreign company — a copy of its financial statements lodged with the Registrar of Companies under section 373 of the Companies Act 1967;

within 45 days after the end of each of the first 3 quarters of each financial year of the administrator —

a copy of its profit and loss accounts for the preceding quarter; and

a copy of its balance‑sheet for the preceding quarter; and

within 3 months after the end of each financial year of the administrator, a report on how the administrator has discharged its responsibilities under the Act during that financial year.

findings on any non‑compliance by the administrator with its policies and procedures relating to its business of administering a designated benchmark or, if there is no such finding, that fact;

findings on any non‑compliance by the administrator with any provision of Part 6AA of the Act or, if there is no such finding, that fact;

findings on any non‑compliance by the administrator with any direction issued by the Authority under Part 6AA of the Act or, if there is no such finding, that fact; and

findings and recommendations on the internal controls of the administrator or, if there is no such finding or recommendation, that fact.

whether the person, in relation to whom the application for approval under section 123X(1) of the Act is made, is a fit and proper person to be appointed as chief executive officer or director of the authorised benchmark administrator;

whether the appointment of the person, in relation to whom the application for approval under section 123X(1) of the Act is made, would be inconsistent with any written law.

any civil or criminal proceedings that have been started against the submitter, whether in Singapore or elsewhere;

any disciplinary action taken against the submitter, by any regulatory authority other than the Authority, whether in Singapore or elsewhere;

any material change to the regulatory requirements imposed on the submitter, by any regulatory authority other than the Authority, whether in Singapore or elsewhere.

that the submitter has reasonable grounds to believe that the designated benchmark in relation to which it provides information has been the subject of manipulation or attempted manipulation;

any compromise of the integrity or security of either the transmission or the storage of any record that the submitter is required to maintain under section 123ZN(1) of the Act.

no later than 14 days after the submitter notifies the Authority of any proceedings mentioned in paragraph (1)(a), the submitter must notify the Authority of —

the circumstances leading to those proceedings; and

any action that the submitter has taken, or intends to take, in relation to those proceedings;

no later than 14 days after the submitter notifies the Authority of any disciplinary action mentioned in paragraph (1)(b), the submitter must notify the Authority of —

the circumstances leading to that disciplinary action; and (ii)any action that the submitter has taken, or intends to take, in relation to that disciplinary action;

no later than 14 days after the submitter notifies the Authority of any matter mentioned in paragraph (2)(a), the submitter must notify the Authority of —

the grounds mentioned in paragraph (2)(a); and (ii)any action that the submitter has taken, or intends to take, in relation to the manipulation or attempted manipulation mentioned in paragraph (2)(a); and

no later than 14 days after the submitter notifies the Authority of any matter mentioned in paragraph (2)(b), the submitter must notify the Authority of any action that the submitter has taken, or intends to take, to restore the integrity or security of the transmission or storage of the record mentioned in paragraph (2)(b).

the name of that representative;

the identity card number or passport number of that representative;

the residential address of that representative;

the date on which that representative started providing information for each designated benchmark in relation to which the submitter carries on the business or activity of providing information;

the date (if any) on which that representative stopped providing information for each designated benchmark in relation to which the submitter carries on the business or activity of providing information.

whether the person, in relation to whom the application for approval under section 123ZT(1) of the Act is made, is a fit and proper person to be appointed as chief executive officer or director of the authorised benchmark submitter or designated benchmark submitter;

whether the appointment of the person, in relation to whom the application for approval under section 123ZT(1) of the Act is made, would be inconsistent with any written law.