CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5B - REGULATION OF FINANCIAL BENCHMARKS  

Division 2 - Licensing of financial benchmarks  

Subdivision A - Requirement to be licensed  

SECTION 908BA   ADMINISTRATORS OF SIGNIFICANT FINANCIAL BENCHMARKS MUST BE LICENSED  

908BA(1)  
A person commits an offence if:


(a) the person:


(i) administers a significant financial benchmark; or

(ii) holds out that the person administers a significant financial benchmark; and


(b) the person does not hold a benchmark administrator licence that specifies the financial benchmark; and


(c) the period applying under subsection (2) for the financial benchmark has ended.

Penalty: 5 years imprisonment.

908BA(2)  
The period for the purposes of paragraph (1)(c):


(a) starts on the day (the start day ) the financial benchmark is declared under subsection 908AC(2) to be a significant financial benchmark; and


(b) ends as described in subsection (3).

908BA(3)  
The period ends at the end of the later of the following days:


(a) the 90th day after the start day;


(b) if, before the end of that 90th day, the person applies for a benchmark administrator licence specifying the financial benchmark - either:


(i) the day the person withdraws the application; or

(ii) the day the person is notified under subsection 908BC(4) of ASIC ' s decision to grant or refuse to grant the licence.

908BA(4)  
Absolute liability applies to paragraph (1)(c).

Note: For absolute liability, see section 6.2 of the Criminal Code .


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