Singapore legislation
Regulation 16
of Securities and Futures (Financial Benchmarks) Regulations 2018
Regulation 16
Removal of officer of authorised benchmark administrator
For the purposes of section 123Y(3) of the Act, the Authority may, when determining whether a director or an executive officer of an authorised benchmark administrator has failed to discharge the duties of the director’s or executive officer’s office for the purposes of section 123Y(2)(c) of the Act, have regard to the following criteria:
whether the director or executive officer has taken reasonable steps to ensure the proper functioning of the authorised benchmark administrator;
whether the director or executive officer has taken reasonable steps to ensure that the authorised benchmark administrator complies with all written laws and the laws of each jurisdiction in which the authorised benchmark administrator operates or is incorporated; (c)whether the director or executive officer has taken reasonable steps to ensure that the authorised benchmark administrator complies with the authorised benchmark administrator’s written policies;
whether the director or executive officer has taken reasonable steps to identify, monitor and address any risk associated with the business activities of the authorised benchmark administrator; (e)whether the director or executive officer has taken reasonable steps to ensure that the business activities of the authorised benchmark administrator are subject to adequate internal audit; (f)whether the director or executive officer has taken reasonable steps to oversee the financial undertakings of the authorised benchmark administrator, and limit the exposure of the authorised benchmark administrator to risks of any nature, by setting out proper delegation limits and risk management controls; (g)whether the director or executive officer has taken reasonable steps to ensure that —
the authorised benchmark administrator maintains written records of the steps it takes to monitor compliance with its policies, the limits on discretionary powers and its accounting and operating procedures; and
every report, return or statement submitted by the authorised benchmark administrator to the Authority is complete and accurate.