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Reform of the Regulation of Financial Benchmarks

26 June 2017 | Exposure Draft

On 4 October 2016, the Government announced that it would strengthen financial regulation to better protect Australians from the possible abuse and manipulation of financial benchmarks. These reforms are proposed to commence on 1 January 2018.

This consultation process seeks stakeholder views on the draft legislation to implement these reforms, which will require administrators of 'significant' benchmarks to obtain a 'benchmark administrator' license and comply with a number of new regulatory requirements.

There are two Bills for consideration, the:

  • Corporations Amendment (Financial Benchmarks) Bill 2017; and
  • ASIC Supervisory Cost Recovery Levy Amendment Bill 2017; as well as
  • accompanying explanatory materials.

The proposed Bills establish the overarching framework for the regulatory regime. The Government and ASIC will continue to consult on the regulatory regime, with this detail to be included in subsequent draft ASIC rules.

The submission process on the draft Bills and explanatory materials will close on Monday, 24 July 2017.

Making a Submission

Interested parties are invited to comment on the draft Bills and explanatory materials.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Monday, 24 July 2017

Address written submissions to:

Banking, Insurance and Capital Markets Unit
Financial System Division
The Treasury
Langton Crescent

For postal submissions please include the submission cover sheet [PDF 60KB]

For enquiries please call Ryan Walsh +61 2 6263 3562.

Key Documents

  • ASIC Cost Recovery Amendments - Exposure Draft 264KB 219KB
  • ASIC Cost Recovery Amendments - Exposure Draft Explanatory Materials 80KB
  • Corporations Amendment (Financial Benchmarks) - Exposure Draft 622KB 339KB
  • Corporations Amendment (Financial Benchmarks) - Exposure Draft Explanatory Materials 152KB
Ref Num: {8B024286-EE7A-4CCD-925B-A2362D9D0387}
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