Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 3 - Financial benchmark rules and compelled financial benchmark rules  

Subdivision B - Power to make compelled financial benchmark rules  

SECTION 908CE   PERMITTED POWERS AND MATTERS THAT MAY BE DEALT WITH IN THE RULES  

908CE(1)    
The permitted powers and matters are the following:

(a) the power for ASIC to require, by written notice, an entity referred to in paragraph 908CB(h) :

(i) to provide data or information to a benchmark administrator licensee, or to another entity, for the generation or administration of a significant financial benchmark specified in that licence; and

(ii) to provide ASIC with some or all of that data or information for purposes relating to the generation or administration of that significant financial benchmark;

(b) the power for ASIC to require, by written notice, a benchmark administrator licensee:

(i) to continue to generate or administer a significant financial benchmark specified in that licence; or

(ii) to generate or administer in a particular way a significant financial benchmark specified in that licence;

(c) powers or matters incidental or related to:

(i) one or more of the above powers; or

(ii) the compulsory generation or administration of a significant financial benchmark specified in a benchmark administrator licence;

including a power or matter prescribed by the regulations for the purposes of this paragraph.

908CE(2)    
However, ASIC may only require something under a power referred to in subsection (1) if:

(a) ASIC reasonably believes it is in the public interest to do so; and

(b) in the case of paragraph (1)(a) - the activities of the entity concerned have previously resulted in the provision of data or information to that licensee for the generation or administration of that significant financial benchmark.