Latest Posts
TechFinancials sells OptionFair binary options brand for $400K as it focuses on Blockchain and Crypto technologiesOSC denied in attempt to shut down equities trading platform Omega Securities ahead of hearingFoster Stockbroking called out by ASIC for IPO conflict of interestPepperstone adds crypto trading in Bitcoin, Ethereum, Dash and LitecoinEthereum with a new, all-time high of $400New Zealand based FX broker Fullerton Markets gets FMA warning for AML issuesFCA warns against NBLFX/ Niru Bala Limited / Numex Foreign Exchange Corporation clone firmExclusive: UBS FX executives leave to set up broker consultancy service FinoesisNasdaq Dubai and Nairobi Securities Exchange sign MoU to support creation of Sukuk sector in KenyaHSBC issues first corporate sustainable development bondFCA warns against MBQ International Incorporated firmIOSCO Good Practices for the Termination of Investment Funds seek to protect investorsChartIQ integrates Trading Central on WebTrader for MT4InvestCloud announces Freetrade as the first startup in its UK innovation centerFrench AMF appoints Moad Fahmi as Director of Fintech and InnovationExclusive: Former City Index COO Simon Bird joins Ikon Finance ahead of institutional FX relaunchEbury opens office in Brussels, second in BeneluxCySEC to suspend its Fast Track Examination CIF licensing schemeHong Kong SFC fines a former account executive of Fulbright Securities Ltd and bans him for lifeSwissquote launches first actively managed Bitcoin Certificate traded on SIX Swiss Exchange

ASIC consults on proposed financial benchmark regulatory regime


ASIC announced that is seeking feedback on proposed ASIC rules for the administration of licensed financial benchmarks and regulatory guidance on how we would administer the proposed financial benchmark regulatory regime.

The Government is currently consulting on draft legislation to implement financial benchmark regulatory reform. ASIC’s consultation is about the licensing regime for administrators of significant benchmarks and ASIC’s rule-making powers in the event the amendments to the Corporations Act are passed by Parliament. This early consultation and preparation will help Australia’s financial benchmark regulatory regime to be implemented more expediently.

Together, the draft legislation and ASIC’s proposals will help to ensure the robustness and reliability of financial benchmarks in the Australian economy in line with the IOSCO Principles for Financial Benchmarks. The proposals are also designed to facilitate equivalence assessments under overseas regimes including the European Benchmarks Regulation.

ASIC’s proposals are outlined in Consultation Paper 292 Implementing the financial benchmark regulatory regime (CP 292).

The consultation paper attaches:

  • draft ASIC Financial Benchmark (Administration) Rules 2017 which impose certain key obligations on licensed benchmark administrators and require contributors to licensed benchmarks to cooperate with ASIC;
  • draft ASIC Financial Benchmark (Compelled) Rules 2017 which enable ASIC to require, by written notice, the continued administration of a significant benchmark or compelled submissions to a significant benchmark; and
  • a proposed regulatory guide setting out how we would administer the licensing regime, our expectations on compliance with the ASIC Financial Benchmark Rules and when we may use our compulsion powers in relation to significant benchmarks.

ASIC is seeking the views of users, contributors and administrators of financial benchmarks and other interested parties.

Cathie Armour

ASIC Commissioner Cathie Armour said:

It is critical to market confidence that financial benchmarks are robust and reliable. This is especially true of benchmarks that are significant in the Australian financial system. These reforms should also facilitate the continued use of significant financial benchmarks, such as the Bank Bill Swap Rate, in the European Union.

Submissions to CP 292 are due by 21 August 2017.

Related News

arrow

ASIC consults on proposed financial benchmark regulatory regime

3

Send this to a friend

Subscribe to LeapRate
PGlmcmFtZSBzcmM9Ii93cC1jb250ZW50L2E0bHIvaGFuMTZyZXNfNjI1eDQwMC5odG1sIiB3aWR0aD0iNjI1IiBoZWlnaHQ9IjQwMCIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6bm9uZTsiIHNlYW1sZXNzPjwvaWZyYW1lPg==
PElGUkFNRSBTUkM9Imh0dHBzOi8vYWQuZG91YmxlY2xpY2submV0L2RkbS9hZGkvTjgwMTcuMTkxNDQzMkxFQVBSQVRFL0IxMDY0ODE4OS4xNDIxOTAzNjE7c3o9NjAweDQyNTtvcmQ9W3RpbWVzdGFtcF07ZGNfbGF0PTtkY19yZGlkPTt0YWdfZm9yX2NoaWxkX2RpcmVjdGVkX3RyZWF0bWVudD0/IiBXSURUSD02MDAgSEVJR0hUPTQyNSBNQVJHSU5XSURUSD0wIE1BUkdJTkhFSUdIVD0wIEhTUEFDRT0wIFZTUEFDRT0wIEZSQU1FQk9SREVSPTAgU0NST0xMSU5HPW5vIEJPUkRFUkNPTE9SPScjMDAwMDAwJz4=
Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry:
PGlmcmFtZSBzcmM9Ii8vY2RuLmJhbm5lcnNuYWNrLmNvbS9iYW5uZXJzL2JjaWVod29iOC9lbWJlZC9pbmRleC5odG1sP3VzZXJJZD0zMTU5MzQwNiZ0PTE1MTAxMzg3MTAiIHdpZHRoPSIxMDAlIiBoZWlnaHQ9IjEwMCUiIHNjcm9sbGluZz0ibm8iIGZyYW1lYm9yZGVyPSIwIiBhbGxvd3RyYW5zcGFyZW5jeT0idHJ1ZSIgYWxsb3dmdWxsc2NyZWVuPSJ0cnVlIj48L2lmcmFtZT4=