Singapore legislation

Regulation 24

of Securities and Futures (Financial Benchmarks) Regulations 2018

Regulation 24

Removal of officer of authorised benchmark submitter or designated benchmark submitter

For the purposes of section 123ZU(3) of the Act, the Authority may, when determining whether a director or an executive officer of an authorised benchmark submitter or designated benchmark submitter (each called in this regulation the submitter) has failed to discharge the duties of the director’s or executive officer’s office for the purposes of section 123ZU(2)(c) of the Act, have regard to the following criteria:

(a)

whether the director or executive officer has taken reasonable steps to ensure the proper functioning of the submitter;

(b)

whether the director or executive officer has taken reasonable steps to ensure that the submitter complies with all written laws and the laws of each jurisdiction in which the submitter operates or is incorporated; (c)whether the director or executive officer has taken reasonable steps to ensure that the submitter complies with the submitter’s written policies;

(d)

whether the director or executive officer has taken reasonable steps to identify, monitor and address any risk associated with the business activities of the submitter; (e)whether the director or executive officer has taken reasonable steps to ensure that the business activities of the submitter are subject to adequate internal audit; (f)whether the director or executive officer has taken reasonable steps to oversee the financial undertakings of the submitter, and limit the exposure of the submitter 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 —

(i)

the submitter 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

(ii)

every report, return or statement submitted by the submitter to the Authority is complete and accurate.

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