Regulatory Alerts2019-02-20
Added
Notice on Submission of Periodic Reports for Benchmark Administrators
The Monetary Authority of Singapore issued Notice SFA 06AA-N01 to require authorized and exempt benchmark administrators to submit periodic reports under the Securities and Futures Act. The notice mandates that these reports be prepared by external auditors and submitted alongside Appendix 1, which details findings on non-compliance with policies, statutory provisions, or Authority directions, as well as internal control assessments. This regulatory requirement took effect on 8 October 2018 to ensure ongoing oversight of designated benchmark administration.
Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) NOTICE ON SUBMISSION OF PERIODIC REPORTS FOR BENCHMARK ADMINISTRATORS
2 Notice No: SFA 06AA-N01 Issue Date: 4 October 2018 NOTICE ON SUBMISSION OF PERIODIC REPORTS FOR BENCHMARK ADMINISTRATORS 1 Purpose 1.1 This Notice is issued pursuant to section 123ZZB(1) of the Securities and Futures Act (Cap. 289) (“the Act”) and applies to all – (a) authorised benchmark administrators; and (b) exempt benchmark administrators. 2 Definitions 2.1 For the purposes of this Notice – “benchmark administrator” refers to an authorised benchmark administrator, or exempt benchmark administrator, as the case may be; and “report” means the report referred to in regulation 13(2) of Securities and Futures (Financial Benchmarks) Regulations (the “Regulations”). 2.2 The expressions used in this Notice, except where defined in this Notice or where the context otherwise requires, have the same meanings as in section 2 of the Act. 3 Reports to be submitted by benchmark administrators 3.1 A benchmark administrator must ensure that the report is prepared by one or more external auditors. 4 Submission of Appendix 1 4.1 A benchmark administrator must complete and submit to the Authority Appendix 1 together with its submission of the report. 5 Effective Date 5.1 This Notice shall take effect on 8 October 2018.
APPENDIX 1 SECURITIES AND FUTURES ACT (CAP. 289) SECURITIES AND FUTURES (FINANCIAL BENCHMARKS) REGULATIONS 2018 REGULATION 13(2) SUBMISSION OF PERIODIC REPORT FOR BENCHMARK ADMINISTRATORS This report is submitted pursuant to section 123S of the Securities and Futures Act (Cap. 289) (“the Act”) read with regulation 13(2) of the Securities and Futures (Financial Benchmarks) Regulations 2018 and sets out – (a) findings of any non-compliance by the authorised benchmark administrator or exempt benchmark administrator (each called the administrator) with its policies and procedures relating to its business of administering a designated benchmark or, if there is no such finding, that fact; (b) findings on any non-compliance by the administrator with any provision of Part VIAA of the Act or, if there is no such finding, that fact; (c) findings on any non-compliance by the administrator with any direction issued by the Authority under Part VIAA of the Act or, if there is no such finding, that fact; and (d) findings and recommendations on the internal controls of the administrator, or if there is no such finding or recommendation, that fact. Name of authorised / exempt* benchmark administrator:
(* delete where inapplicable) Designated benchmark (e.g. SIBOR, SOR): _______________________________________ Financial year ended: ________________________________________________________ Date of submission: __________________________________________________________ This report is prepared by: ____________________________ (Name of audit firm or auditor)