(4)According to the first condition, CRAs in third countries must be subject to authorisation or registration and to effective supervision and enforcement on an ongoing basis. The Singaporean legal and regulatory framework for CRAs came into force on 17 January 2012. The Monetary Authority of Singapore (MAS), which is the central bank of Singapore, has the power to issue secondary legislation on the basis of the Securities and Futures Act (SFA). CRAs are required to obtain a capital markets services (CMS) licence under the SFA to carry out credit rating services in Singapore and are supervised on an ongoing basis by MAS. MAS regulations applicable to CRAs, as CMS licensees, include the Securities and Futures (Licensing and Conduct of Business) Regulations and the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licenses) Regulations, as well as a legally binding Code of Conduct for CRAs. The Singaporean legal and supervisory framework endows MAS with a comprehensive range of powers allowing it to investigate whether CRAs comply with their legal obligations, in addition to the obligations of the CRAs to inform MAS of any changes in its particulars on an ongoing basis and to file financial information with MAS. The MAS has the power to inspect a CMS licensee and CRAs must allow MAS full access to their books, accounts and documents and give such information and facilities as may be required to conduct the inspection. The MAS has the authority to make copies or take possession of any of the books produced and can invoke investigation powers to require the production of documents. By April 2012, three CRAs were licensed in Singapore and in the first eight months of 2013, MAS carried out one on-site inspection. In addition, MAS is empowered to issue written instructions to a CRA not pertaining to the content of a credit rating, rating outlook or methodologies, if it considers it necessary or expedient in the interests of the public or for the protection of investors, revoke the licence or suspend the activities of a CRA, publish information relating to any breach by a CRA of its regulatory obligations. MAS can refer matters to the relevant national authorities for criminal investigation and prosecution. The cooperation agreement concluded between ESMA and MAS provides for information exchange with regard to enforcement and supervisory measures taken against cross border CRAs. On this basis, it should be considered that CRAs in Singapore are subject to authorisation or registration requirements equivalent to those laid down in Regulation (EC) No 1060/2009 and the Singaporean supervisory and enforcement arrangements applicable to CRAs are effectively applied and enforced.