Singapore legislation
Regulation 4
of Securities and Futures (Financial Benchmarks) Regulations 2018
Regulation 4
Requirements for authorisation as authorised benchmark administrator
Subregulation 1
For the purposes of section 123F(5) of the Act, the corporation must meet the requirement of being able to maintain a base capital of $50,000.
Subregulation 2
In this regulation, “base capital” means the amount ascertained by the formula A + B + C – D – E, where —
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.