{"id":"F2018L00722","name":"ASIC Corporations (Significant Financial Benchmarks) Instrument 2018/420","slug":"asic-corporations-significant-financial-benchmarks-instrument-2018-420","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439640,"registerId":"F2018L00722-fast-fetch-1775955589551","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Significant Financial Benchmarks) Instrument 2018/420","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Significant Financial Benchmarks) Instrument 2018/420\n\nI, Oliver Harvey, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 6 June 2018\n\n \n\n \n\n \n\nOliver Harvey\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512326594)\n\n[1 Name of legislative instrument](#_Toc512326595)\n\n[2 Commencement](#_Toc512326596)\n\n[3 Authority](#_Toc512326597)\n\n[4 Definitions](#_Toc512326598)\n\n[Part 3—Declaration](#_Toc512326599)\n\n[5 Significant financial benchmarks](#_Toc512326600)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Significant Financial Benchmarks) Instrument 2018/420.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under section 908AC of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nfinancial benchmark has the meaning given by section 908AB of the Corporations Act 2001.\n\nPart 3—Declaration\n\n5 Significant financial benchmarks\n\nEach of the following financial benchmarks is a significant financial benchmark:\n\n(a) the Australian Bank Bill Swap Rate;\n\n(b) the S&P/ASX 200 Index;\n\n(c) the ASX Bond Futures Settlement Price;\n\n(d) the Australian Interbank Overnight Cash Rate;\n\n(e) the Australian Consumer Price Index.\n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the narrow function it was designed for: declaring specific benchmarks as 'significant' under the benchmark regulatory regime. It has not expanded beyond this original purpose."},"complexity_factors":["Extremely short: only 5 operative sections across 2 Parts","Minimal defined terms: only 1 definition ('financial benchmark'), which simply points to the parent Act","No conditional logic, exceptions, or nested provisions","Single substantive provision (section 5) containing a simple declarative list","No cross-references beyond the single definition pointing to section 908AB of the Corporations Act","Straightforward administrative instrument with no operative machinery of its own"],"plain_english_summary":"ASIC officially declares five key Australian market reference rates — including BBSW, the S&P/ASX 200, ASX bond futures settlement prices, the interbank overnight cash rate, and the CPI — as “significant financial benchmarks” under the Corporations Act 2001.\n\nThat designation brings these benchmarks and their administrators, contributors, and users under stricter regulatory rules to guard against manipulation, improve calculation and governance standards, and protect market participants who rely on them."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument simply designates the five listed benchmarks as 'significant financial benchmarks' under section 908AC (section 5). The text does not state it replaces or amends any prior instrument and contains no indication of a change to scope beyond the declaration in this instrument."},"complexity_factors":["Single operative provision listing five benchmarks (section 5).","Made under delegated authority referencing Corporations Act section 908AC (section 3).","Relies on the statutory definition of 'financial benchmark' from Corporations Act section 908AB (section 4).","Simple commencement rule: takes effect the day after registration (section 2).","No procedural, criteria, transitional or enforcement detail included in the instrument itself."],"plain_english_summary":"Mechanically, this instrument declares five named measures — Australian Bank Bill Swap Rate; S&P/ASX 200 Index; ASX Bond Futures Settlement Price; Australian Interbank Overnight Cash Rate; and the Australian Consumer Price Index — to be “significant financial benchmarks” under the Corporations Act, effective the day after registration. ASIC (by delegate) makes the designation under section 908AC and relies on the definition in section 908AB. The designation determines which benchmarks fall within the Act’s benchmark regime, affecting benchmark administrators and market participants' compliance and oversight exposure."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-significant-financial-benchmarks-instrument-2018-420","history":"/api/acts/asic-corporations-significant-financial-benchmarks-instrument-2018-420/history","analysis":"/api/acts/asic-corporations-significant-financial-benchmarks-instrument-2018-420/analysis","conflicts":"/api/acts/asic-corporations-significant-financial-benchmarks-instrument-2018-420/conflicts","importantCases":"/api/acts/asic-corporations-significant-financial-benchmarks-instrument-2018-420/important-cases","documents":"/api/acts/asic-corporations-significant-financial-benchmarks-instrument-2018-420/documents"}}