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 1 - Preliminary  

SECTION 908AC   MEANING OF SIGNIFICANT FINANCIAL BENCHMARK  

908AC(1)  
A significant financial benchmark is a financial benchmark that is declared under subsection (2).

908AC(2)  
ASIC may, by legislative instrument, declare a financial benchmark to be a significant financial benchmark if ASIC is satisfied that:

(a) the benchmark is systemically important to the Australian financial system; or

(b) there is a material risk of financial contagion, or systemic instability, in Australia if the availability or integrity of the benchmark were disrupted; or

(c) there would be a material impact on retail or wholesale investors in Australia if the availability or integrity of the benchmark were disrupted.

Note 1: For declaration by class, see subsection 13(3) of the Legislation Act 2003 .

Note 2: For variation and revocation of a declaration, see subsection 33(3) of the Acts Interpretation Act 1901 .

908AC(3)  
ASIC must not make a declaration under subsection (2) unless consent for it has been given under subsection (4).

908AC(4)  
The Minister may, in writing, consent to the making of a declaration under subsection (2).