(5)The Securities and Futures Act (‘SFA’) and the Securities and Futures (Financial Benchmarks) Regulations 2018 (‘SFA Benchmarks Regulations’) set out the legal and supervisory framework in Singapore for administrators of designated benchmarks and contributors to those benchmarks. When developing requirements under the SFA and SFA Benchmarks Regulations, the Monetary Authority of Singapore (‘MAS’) considered the benchmark regimes in overseas regimes, including the Regulation (EU) 2016/1011.