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

A company will need an ABA licence if it wishes to administer a designated benchmark, unless exempted. A company will need an ABS licence if it wishes to submit information to a designated benchmark, 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.

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.

MAS may also designate a benchmark submitter as a DBS if the benchmark submitter’s participation and information submission is important to the functioning of a designated benchmark.

The definitions for the above regulated activities can be found in Part 6AA of the SFA .

The following are exempt from the requirement to be authorised as an ABS:

• If a company is already licensed by MAS as a
  
  • bank;
  • merchant bank;
  • finance company;
  • insurance company;
  • approved exchange or recognised market operator;
  • approved holding company;
  • approved clearing house or recognised clearing house;
  • holder of a capital markets services licence;
  • authorised benchmark administrator; and
  • financial adviser licensed under the Financial Advisers Act 2001.

More information on licensing exemptions for benchmark submitters can be found in Section 123ZH of the SFA .

For more details on key requirements, see the regulations, notices and guidelines below:

• Securities and Futures (Financial Benchmarks) Regulations 2018
• Notice on Submission of Period Reports for Benchmark Administrators (SFA 06AA-N01)
• Notice on Submission of Period Reports for Benchmark Submitters (SFA 06AA-N02)
• Notice on Technology Risk Management (CMG-N02)
• Guidelines on Business Continuity Management
• Guidelines on Technology Risk Management
• Guidelines on Fit and Proper Criteria
• Guidelines on Outsourcing