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. 

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

 

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

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

An ABA or ABS licence is granted only to a corporation. To apply for a licence, submit:

• Form 7 - Application for Authorisation as an Authorised Benchmark Administrator
• Form 9 - Application for Authorisation as an Authorised Benchmark Submitter

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

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.

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

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The licence is valid until it is revoked, suspended or withdrawn by MAS pursuant to section 123J or 123ZG of the SFA.

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).