Singapore legislation

Regulation 10

of Securities and Futures (Financial Benchmarks) Regulations 2018

Regulation 10

Resources to meet contingencies or disasters

Subregulation 1

An authorised benchmark administrator or exempt benchmark administrator must make, and maintain at all times, a plan (called in this regulation the business continuity plan) that establishes systems, and sets out in writing procedures to be followed, for the purposes of restoring its business of administering a designated benchmark, if any contingency or disaster disrupts that business.

Subregulation 2

An authorised benchmark administrator or exempt benchmark administrator must —

(a)

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;

(b)

periodically review the business continuity plan; and

(c)

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

Subregulation 3

An authorised benchmark administrator or exempt benchmark administrator must, within 14 days after being authorised under section 123F(1) of the Act or exempted under section 123K(1) of the Act (as the case may be) —

(a)

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

(b)

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

Subregulation 4

An authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering a designated benchmark must notify the Authority in writing of —

(a)

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

(b)

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

(c)

if any contingency or disaster disrupts that business —

(i)

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

(ii)

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

Read in full context — Securities and Futures (Financial Benchmarks) Regulations 2018 →