s 123ZA Objection to control of authorised benchmark administrator
123ZA.—(1) The Authority may serve a written notice of objection on —(a) any person required to obtain the Authority’s approval or who has obtained the approval under section 123Z; or (b) any person who, whether before, on or after 8 October 2018, either alone or together with any connected person, holds, directly or indirectly, 20% or more of the issued share capital of the authorised benchmark administrator or controls, directly or indirectly, 20% or more of the voting power in the authorised benchmark administrator, if the Authority is satisfied that — (c) any condition of approval imposed on the person under section 123Z(4) has not been complied with; (d) the person is not or ceases to be a fit and proper person to have effective control of the authorised benchmark administrator; (e) having regard to the likely influence of the person, the authorised benchmark administrator is not able to or is no longer likely to conduct the activity of administering a designated benchmark prudently or to comply with the provisions of this Act or any direction made thereunder; (f) the person does not or ceases to satisfy such criteria as may be prescribed by regulations made under section 123ZZA; (g) the person has provided false or misleading information or documents in connection with an application under section 123Z; or (h) the Authority would not have granted its approval under section 123Z had it been aware, at that time, of circumstances relevant to the person’s application for such approval.[4/2017] (2) The Authority must not serve a notice of objection on any person without giving the person an opportunity to be heard, except in the following circumstances:(a) the person is in the course of being wound up or otherwise dissolved or, in the case of an individual, is an undischarged bankrupt whether in Singapore or elsewhere; (b) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person; (c) a section 123ZZC prohibition order or an FSMA prohibition order has been made, and remains in force, against the person;[Act 18 of 2022 wef 31/07/2024] (d) the person has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the person had acted fraudulently or dishonestly.[4/2017] (3) The Authority must, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection must —(a) take such steps as are necessary to ensure that the person ceases to be a party to the arrangement described in section 123Z(2), ceases to hold 20% or more of the issued share capital of the authorised benchmark administrator in the manner described in subsection (1)(b), or ceases to control 20% or more of the voting power in the authorised benchmark administrator in the manner described in subsection (1)(b); or (b) comply with such other requirements as the Authority may specify in written directions.[4/2017] (4) Any person served with a notice of objection under this section must comply with the notice.[4/2017] (5) Any person who contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 or to imprisonment for a term not exceeding 3 years or to both.[4/2017]