Authorised Benchmark Administrator (ABA), Designated Benchmark Administrator (DBS) and Authorised Benchmark Submitter (ABS)

Benchmark administrators and submitters of designated benchmarks are licensed by MAS as authorised benchmark administrators (ABA), designated benchmark administrators (DBS) and authorised benchmark submitters (ABS) under the Securities and Futures Act 2001 (SFA) .

Who needs to apply?

An entity administering a designated benchmark must be authorised by MAS before it can commence operations, unless exempted. An entity that provides information to the benchmark administrator in connection with a designated benchmark must also be subject to MAS’ regulations as a benchmark submitter, unless exempted. The definitions for the above regulated activities can be found in Part 6AA of the SFA .

Entities may also be designated as a DBS by MAS. 

What are the admission criteria and applicable requirements?

When assessing an application for an ABA or ABS licence, MAS takes into account factors such as:

  • Track record, management expertise and financial soundness of the applicant.
  • Ability to meet the minimum financial requirements prescribed under the SFA.
  • Strength of risk management and accompanying internal controls and systems.
  • Business plans and projections.
  • Corporate governance, fitness, and propriety


What are the applicable financial requirements?

The base capital requirement for an ABA is $50,000. There are no base capital requirements for DBS and ABS.

Who can apply?

An ABA or ABS licence is granted only to a corporation.

How to apply?

How much is the application fee and how do I make payment?

A non-refundable application fee of $4,000 is required. Please refer to payment instructions contained within the application form. 

What is the processing time required?

It will take approximately 6 months to process and approve an application where the applicant meets all relevant admission criteria, and the submission is complete and clear. MAS will require a longer time for complex cases, or where the submission is assessed to be incomplete or inaccurate.

Ensure that your application is complete, accurate, and accompanied by the requisite supporting documents.

What is the annual fee to be paid by a holder of an ABA, ABS or DBS licence?

The annual fee for an ABA is $10,000. ABS and DBS are not subject to annual fees.

What is the validity of the ABA, ABS or DBS licence?

An ABA, ABS or DBS licence does not need to be renewed.

The licence is valid until it is revoked, suspended or withdrawn by MAS pursuant to section 123J or 123ZG of the SFA.

What if an ABA, ABS or DBS licencee wants to conduct other regulated activities under the SFA?

The entity should:

  • inform its MAS liaison officer of its intention to conduct other regulated activities;
  • assess if it will require additional licence(s), or be eligible for any exemptions, to conduct other regulated activities and submit the relevant application(s).