Securities and Futures (Financial Benchmarks) Regulations 2018

Statute Details

• Title: Securities and Futures (Financial Benchmarks) Regulations 2018
• Act Code: SFA2001-S642-2018
• Type: Subsidiary legislation (SL)
• Status: Current version (as at 27 Mar 2026)
• Enacting Authority: Monetary Authority of Singapore (MAS)
• Authorising Act: Securities and Futures Act (SFA) (Cap. 289)
• Enacting Powers: Sections 123ZZA and 337(1) of the SFA
• Commencement: 8 October 2018 (with specified later commencement for certain provisions)
• Key Parts: Part 1 (Preliminary); Part 2 (Benchmark Administrators of Designated Benchmarks); Part 3 (Benchmark Submitters of Designated Benchmarks); Part 4 (Miscellaneous)
• Key Provisions (from extract): Regulation 1 (Citation and commencement); Regulation 2 (Forms); Regulations 3–16 (authorisation/obligations/approvals for benchmark administrators); Regulations 17–24 (authorisation/obligations/approvals for benchmark submitters); Regulation 25 (Offences)

What Is This Legislation About?

The Securities and Futures (Financial Benchmarks) Regulations 2018 (“FBR 2018”) are Singapore’s regulatory rules that operationalise the Securities and Futures Act framework for financial benchmarks. In practical terms, the Regulations set out how MAS authorises and supervises key market participants involved in designated benchmarks—namely, benchmark administrators and benchmark submitters.

Financial benchmarks are reference rates used in financial contracts and markets (for example, to price derivatives, loans, or other instruments). Because benchmarks can influence large volumes of transactions, the law aims to reduce manipulation risk, improve governance, and ensure that benchmark processes are robust, transparent, and properly controlled.

While the parent Securities and Futures Act provides the overarching statutory architecture, the FBR 2018 fills in the operational details: application processes, ongoing obligations (including record-keeping and reporting), governance requirements (such as oversight committees), and MAS approval requirements for certain key officers and changes. The Regulations also address exemptions for certain entities, and they contain a “miscellaneous” offences provision to support enforcement.

What Are the Key Provisions?

Part 1: Preliminary—citation, commencement, and forms. Regulation 1 provides the citation and commencement. Most of the Regulations came into operation on 8 October 2018, but the extract indicates that regulations 9(2), 13(2) and 21 commenced on 8 October 2020. This staggered commencement is important for practitioners because it affects compliance timelines for particular obligations—especially those tied to oversight committee responsibilities, periodic reporting, or submitter obligations (depending on how those specific provisions operate in the full text).

Regulation 2 clarifies that references to “numbered forms” in the Regulations mean the current version of the form displayed on MAS’s website. This is a practical drafting mechanism: it allows MAS to update forms without amending the Regulations, while still ensuring that regulated entities use the latest prescribed templates.

Part 2: Benchmark administrators of designated benchmarks. The Regulations create a structured regime for benchmark administrators. They distinguish between authorised benchmark administrators and exempt benchmark administrators, and they impose different obligations accordingly.

Authorisation (Regulations 3–5). Regulation 3 sets out the application for authorisation. Regulation 4 then specifies requirements for authorisation as an authorised benchmark administrator. While the extract does not reproduce the detailed requirements, the structure indicates that MAS will assess whether the applicant can meet governance, operational, and compliance expectations. Regulation 5 provides for an annual fee, which is a common feature of authorisation regimes and signals that ongoing supervision is expected.

Exemptions (Regulation 6). Regulation 6 provides an annual fee for exempt benchmark administrators. Exempt entities may not be subject to the full authorisation regime, but they are still within the regulatory orbit and likely must meet conditions or continue to comply with specified obligations.

Code on designated benchmark (Regulation 7). Regulation 7 addresses matters dealt with by a code on designated benchmark. In benchmark regulation, a “code” typically functions as a governance and procedural document describing how the benchmark is calculated, how inputs are sourced, how conflicts are managed, and how the administrator ensures integrity. For practitioners, this is a key compliance artefact: the code is often where day-to-day operational controls are documented.

Ongoing obligations and governance (Regulations 8–14). Division 4 imposes obligations on both authorised and exempt benchmark administrators. The Regulations include:

• Oversight committee (Regulation 8): administrators must establish an oversight committee (or equivalent governance body) to oversee benchmark-related activities.
• Responsibilities of the oversight committee (Regulation 9): the committee’s duties are specified, and the extract’s later commencement for regulation 9(2) suggests that some committee responsibilities were phased in from 2020.
• Resources for contingencies/disasters (Regulation 10): administrators must ensure they have adequate resources to deal with operational disruptions.
• Notification to MAS (Regulation 11): administrators must notify the Authority of certain matters—typically events that could affect benchmark integrity, governance, or compliance.
• Record-keeping (Regulation 12): a duty to maintain proper records is imposed, which is essential for auditability and enforcement.
• Periodic reports (Regulation 13): administrators must submit periodic reports to MAS. The extract’s later commencement for regulation 13(2) indicates that reporting requirements may have been phased.
• Change of particulars (Regulation 14): administrators must notify MAS of changes to particulars (such as contact details, key personnel, or other registered information).

MAS approval and removal of officers (Regulations 15–16). Division 5 requires MAS approval for certain governance changes. Regulation 15 requires approval of the chief executive officer or director of an authorised benchmark administrator. Regulation 16 provides for removal of an officer of an authorised benchmark administrator. These provisions underscore that MAS retains direct control over key individuals who influence benchmark governance and compliance culture.

Part 3: Benchmark submitters of designated benchmarks. The Regulations also regulate benchmark submitters, which are entities that provide inputs or submissions used in calculating designated benchmarks. This is crucial because manipulation risk can arise not only from administrators but also from submitters.

Authorisation and exemptions (Regulations 17–18). Regulation 17 provides for application for authorisation as an authorised benchmark submitter. Regulation 18 sets out the condition of exemption under section 123ZH(1) of the Act. This indicates that exemption is not automatic; it depends on meeting statutory conditions in the parent Act.

Obligations (Regulations 19–22). Division 3 imposes duties on authorised benchmark submitters, exempt benchmark submitters, and designated benchmark submitters. The obligations mirror those for administrators in several respects:

• Notification to MAS (Regulation 19): submitters must notify MAS of certain matters.
• Record-keeping (Regulation 20): submitters must maintain proper records.
• Periodic reporting (Regulation 21): submitters must submit periodic reports; the extract’s later commencement for regulation 21 supports the view that reporting obligations were phased in.
• Change of particulars (Regulation 22): submitters must notify MAS of changes to particulars.

MAS approval and removal of officers (Regulations 23–24). Division 4 requires MAS approval for the chief executive officer or director of an authorised benchmark submitter or designated benchmark submitter (Regulation 23) and provides for removal of officers (Regulation 24). This again reflects MAS’s focus on accountability at the senior leadership level.

Part 4: Miscellaneous—offences. Regulation 25 provides for offences. Although the extract does not set out the offence wording, the presence of an offences provision indicates that failure to comply with key regulatory duties—such as authorisation requirements, record-keeping, notification, reporting, or governance obligations—can trigger criminal or regulatory penalties as provided under the subsidiary legislation and the parent Act.

How Is This Legislation Structured?

The Regulations are organised into four Parts:

Part 1 (Preliminary) contains the citation and commencement provisions and explains how to interpret references to MAS forms.

Part 2 (Benchmark Administrators of Designated Benchmarks) is divided into five Divisions: (i) authorisation of benchmark administrators; (ii) exemptions; (iii) the code on designated benchmarks; (iv) ongoing obligations (including oversight committee governance, notifications, records, and reporting); and (v) matters requiring MAS approval (notably key officers and removal powers).

Part 3 (Benchmark Submitters of Designated Benchmarks) similarly contains Divisions for authorisation, exemptions, ongoing obligations, and MAS approval/removal of key officers.

Part 4 (Miscellaneous) includes enforcement-related provisions, including offences. The extract also shows deleted regulations (26–28), which indicates that the legislative instrument has been amended over time and some earlier provisions were removed.

Who Does This Legislation Apply To?

The Regulations apply to entities involved in designated benchmarks under the Securities and Futures Act framework. In practice, this includes:

• Benchmark administrators (entities that oversee the benchmark’s production and governance), whether authorised or exempt; and
• Benchmark submitters (entities that submit inputs used in benchmark calculation), whether authorised, exempt, or designated.

Applicability is therefore role-based rather than purely entity-type-based. A bank, trading firm, data provider, or other market participant may fall within the regime depending on whether it administers or submits to a designated benchmark.

Additionally, the Regulations impose obligations on key officers indirectly through MAS approval and removal mechanisms. This means that senior leadership governance is relevant even where day-to-day compliance is handled by compliance or operations teams.

Why Is This Legislation Important?

The FBR 2018 is important because benchmark integrity is foundational to Singapore’s financial markets. Benchmarks affect pricing, risk management, hedging, and settlement across multiple products. By requiring governance structures (such as oversight committees), record-keeping, and periodic reporting, the Regulations aim to make benchmark processes auditable and resilient.

For practitioners, the most significant practical impact lies in compliance design and regulatory readiness. Entities must be able to demonstrate that they have:

• implemented governance and oversight mechanisms;
• maintained proper records sufficient for MAS review and investigations;
• submitted periodic reports and notifications on time; and
• managed changes in particulars and key officers in accordance with MAS approval requirements.

Finally, the Regulations’ offences provision underscores that non-compliance is not merely administrative. It can lead to enforcement consequences. Given the phased commencement of certain provisions (notably those tied to oversight committee responsibilities and periodic reporting), lawyers should also pay close attention to which obligations were in force at which times, particularly when assessing historical compliance or responding to regulatory inquiries.

Related Legislation

• Securities and Futures Act (Cap. 289) — the authorising Act, including sections 123ZZA and the benchmark-related provisions (including section 123ZH(1) referenced in the Regulations).
• Futures Act — referenced in the provided metadata as related legislation (contextual linkage may be relevant depending on how benchmark regulation interacts with futures market conduct).

Source Documents

• Official Text — Singapore Statutes Online
• Archived Copy — Litt Law CDN

This article provides an overview of the Securities and Futures (Financial Benchmarks) Regulations 2018 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.