Singapore legislation

Regulation 19

of Securities and Futures (Financial Benchmarks) Regulations 2018

Regulation 19

Obligation to notify Authority of certain matters

Subregulation 1

For the purposes of section 123ZM(1)(e)(i) of the Act, the other matters that an authorised benchmark submitter or designated benchmark submitter (each called in this paragraph and paragraph (3)(a) and (b) the submitter) must notify the Authority of are as follows:

(a)

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

(b)

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

(c)

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

Subregulation 2

For the purposes of section 123ZM(1)(e)(i) of the Act, the other matters that an authorised benchmark submitter, exempt benchmark submitter or designated benchmark submitter (each called in this paragraph and paragraph (3)(c) and (d) the submitter) must notify the Authority of are as follows:

(a)

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;

(b)

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.

Subregulation 3

For the purposes of section 123ZM(4) of the Act —

(a)

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 —

(i)

the circumstances leading to those proceedings; and

(ii)

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

(b)

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 —

(i)

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;

(c)

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 —

(i)

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

(d)

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).

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