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 A - Power to make financial benchmark rules  

SECTION 908CB  

908CB   MAIN PERMITTED MATTERS THAT MAY BE DEALT WITH IN THE RULES  

The main permitted matters are the following:

(a) the responsibilities of benchmark administrator licensees, including for their oversight of internal and external parties who have a role in the generation and administration of the financial benchmarks specified in those licences;

(b) the generation and administration of financial benchmarks specified in benchmark administrator licences, including:

(i) the design of the financial benchmarks; and

(ii) the use of data or information in generating the financial benchmarks; and

(iii) the method for generating the financial benchmarks; and

(iv) the approach for changing the design referred to in subparagraph (i) or changing the method referred to in subparagraph (iii); and

(v) the public disclosure of one or more of the matters referred to in this paragraph;

(c) the manner in which benchmark administrator licensees may or must provide their services, including the manner and conditions (including fees) on which they provide access to the financial benchmarks specified in those licences;

(d) business continuity planning for financial benchmarks specified in benchmark administrator licences, including the possible transition of such benchmarks to new licensees;

(e) the governance, management and resources (including financial, technological and human resources) of benchmark administrator licensees, including the following:

(i) the handling of conflicts of interest;

(ii) the handling of complaints;

(iii) the monitoring and enforcing of compliance with obligations;

(iv) the resources that benchmark administrator licensees must have (including requirements relating to the experience, qualifications or fitness for office of their officers and employees);

(v) the integrity and security of computer systems and other systems;

(vi) operational reliability;

(vii) business continuity planning;

(viii) the operational separation of functions;

(ix) the outsourcing of functions to other entities;

(f) the public disclosure of conditions (including fees) on which benchmark administrator licensees provide their services;

(g) the handling or use of financial benchmark data by benchmark administrator licensees and their officers and employees, including the following:

(i) the acceptance and retention of such data;

(ii) the creation of statistical data from such data;

(iii) the use and disclosure of, and provision of access to, such data (including statistical data referred to in subparagraph (ii));

(h) the responsibilities of entities whose activities result in the provision of data or information to benchmark administrator licensees for the generation or administration of the financial benchmarks specified in those licences;

(i) the reporting to ASIC or other regulators of matters relating to:

(i) benchmark administrator licensees; or

(ii) the generation or administration of financial benchmarks specified in benchmark administrator licences;

(j) a matter prescribed by the regulations for the purposes of this paragraph.

Note: For paragraph (c), the rules may (for example) require benchmark administrator licensees to provide open and non-discriminatory access to their financial benchmarks, including as to price.