Singapore legislation
Regulation 8
of Securities and Futures (Financial Benchmarks) Regulations 2018
Regulation 8
Oversight committee
Subregulation 1
Every authorised benchmark administrator and exempt benchmark administrator must, for each designated benchmark that it carries on a business of administering, appoint, and have at all times, an oversight committee.
Subregulation 2
The oversight committee for a designated benchmark must —
consist of at least 3 individuals; and
include —
at least one individual who is nominated by the authorised benchmark administrator or exempt benchmark administrator that administers that designated benchmark; (ii)at least one individual who is nominated, by the authorised benchmark administrator or exempt benchmark administrator that administers that designated benchmark, to represent the interests of the authorised benchmark submitters, exempt benchmark submitters and designated benchmark submitters that provide information in relation to that designated benchmark; and
at least one individual who is nominated, by the authorised benchmark administrator or exempt benchmark administrator that administers that designated benchmark, to represent the interests of the users of that designated benchmark.
Subregulation 3
No more than one‑third in number of the members of an oversight committee for a designated benchmark may be any of the following:
a director, key management officer or substantial shareholder of the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering that designated benchmark;
a director, key management officer or substantial shareholder of any authorised benchmark submitter, exempt benchmark submitter or designated benchmark submitter that provides information in relation to that designated benchmark.
Subregulation 4
An authorised benchmark administrator or exempt benchmark administrator must, before appointing any individual as a member of an oversight committee for a designated benchmark, apply to the Authority in Form 1 for approval of the appointment.
Subregulation 5
The Authority may have regard to the following criteria in determining whether to approve the appointment of an individual as a member of an oversight committee for a designated benchmark:
whether the individual is a fit and proper person to be a member of that oversight committee;
whether there will be over‑representation of any of the following persons on that oversight committee:
the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering that designated benchmark;
the authorised benchmark submitters, exempt benchmark submitters and designated benchmark submitters that provide information in relation to that designated benchmark;
the users of that designated benchmark.
Subregulation 6
If a member of an oversight committee for a designated benchmark resigns or for any other reason ceases to be a member of that oversight committee, the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering that designated benchmark must, as soon as practicable, notify the Authority in writing of the resignation or cessation of membership.
Subregulation 7
If the resignation, or cessation of membership, of a member of an oversight committee for a designated benchmark results in that oversight committee failing to comply with paragraph (2)(b) or (3), the authorised benchmark administrator or exempt benchmark administrator that carries on the business of administering that designated benchmark must, within 6 months (or such longer period as may be allowed by the Authority) after the date of the notification mentioned in paragraph (6), appoint such number of new members to that oversight committee as to enable compliance with paragraphs (2)(b) and (3).