{"id":"F2018L00728","name":"ASIC Financial Benchmark (Administration) Rules 2018","slug":"asic-financial-benchmark-administration-rules-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100103,"registerId":"commonwealth-F2018L00728-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"About this compilation","sectionType":"division","heading":"About this compilation","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Financial Benchmark (Administration) Rules 2018\n\n### About this compilation\n\n#### Compilation No. 1\n\nThis is a compilation of ASIC Financial Benchmark (Administration) Rules 2018 as in force on 10 March 2022. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Chapter 1: Introduction](#_Toc99978770)\n\n[Part 1.1 Preliminary](#_Toc99978771)\n\n[Part 1.2 Interpretation](#_Toc99978772)\n\n[Chapter 2: Obligations on benchmark administrator licensees and Contributors](#_Toc99978773)\n\n[Part 2.1 Governance, management and resources](#_Toc99978774)\n\n[Part 2.2 Financial benchmark design, data and method](#_Toc99978775)\n\n[Part 2.3 Business continuity and risk management](#_Toc99978776)\n\n[Part 2.4 Cessation of a financial benchmark](#_Toc99978777)\n\n[Part 2.5 Benchmark administrator licensee’s guidelines for Contributors](#_Toc99978778)\n\n[Part 2.6 Transparency of, and access to, financial benchmarks](#_Toc99978779)\n\n[Part 2.7 Accountability](#_Toc99978780)\n\n[Part 2.8 Cooperation with ASIC](#_Toc99978781)\n\n[Endnotes](#_Toc99978782)\n\n[Endnote 1 – Instrument history](#_Toc99978783)\n\n[Endnote 2 - Amendment history](#_Toc99978784)","sortOrder":0},{"sectionNumber":"Compilation No. 1","sectionType":"subdivision","heading":"Compilation No. 1","content":"#### Compilation No. 1\n\nThis is a compilation of ASIC Financial Benchmark (Administration) Rules 2018 as in force on 10 March 2022. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Chapter 1: Introduction](#_Toc99978770)\n\n[Part 1.1 Preliminary](#_Toc99978771)\n\n[Part 1.2 Interpretation](#_Toc99978772)\n\n[Chapter 2: Obligations on benchmark administrator licensees and Contributors](#_Toc99978773)\n\n[Part 2.1 Governance, management and resources](#_Toc99978774)\n\n[Part 2.2 Financial benchmark design, data and method](#_Toc99978775)\n\n[Part 2.3 Business continuity and risk management](#_Toc99978776)\n\n[Part 2.4 Cessation of a financial benchmark](#_Toc99978777)\n\n[Part 2.5 Benchmark administrator licensee’s guidelines for Contributors](#_Toc99978778)\n\n[Part 2.6 Transparency of, and access to, financial benchmarks](#_Toc99978779)\n\n[Part 2.7 Accountability](#_Toc99978780)\n\n[Part 2.8 Cooperation with ASIC](#_Toc99978781)\n\n[Endnotes](#_Toc99978782)\n\n[Endnote 1 – Instrument history](#_Toc99978783)\n\n[Endnote 2 - Amendment history](#_Toc99978784)","sortOrder":1}],"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":6,"scope_assessment":{"changed":false,"description":"The legislation appears consistent with its original purpose. The 2018 Rules were made following 2017 amendments to the Corporations Act that established the financial benchmark licensing regime. The structure covering governance, methodology, continuity, and cessation planning reflects the intended comprehensive regulatory framework for benchmark administration. No evidence of scope creep beyond the core purpose of ensuring integrity and reliability of systemically important financial benchmarks."},"complexity_factors":["Delegated legislation operating under multiple overlapping statutes (Corporations Act 2001, ASIC Act 2001, and International Monetary Agreements Act 1947)","Extensive cross-referencing to ASIC licensing conditions and broader financial services regulatory framework","Highly technical subject matter requiring specialised financial markets knowledge (benchmark methodologies, data sufficiency, cessation triggers)","Multiple stakeholder layers with differentiated obligations (administrators vs Contributors vs ASIC)","Substantive provisions spread across 8 Parts with nested operational requirements","Requires integration with international regulatory standards (IOSCO Principles for Financial Benchmarks)"],"plain_english_summary":"This law imposes binding operating rules on ASIC‑licensed financial benchmark administrators and their data contributors, setting standards for governance, methodology, business continuity, cessation planning, contributor controls, transparency, record‑keeping, and regulator cooperation. It aims to make Australian benchmarks reliable, hard to manipulate, and resilient so markets, borrowers and investors aren’t harmed by inaccurate rates or the sudden loss of critical reference rates."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This compilation incorporates any commenced amendments affecting the instrument up to 10 March 2022 and includes endnotes with amendment history. The presence of amendments in the compilation indicates the instrument has been altered since original enactment; consult the endnotes to identify which provisions or scope elements were changed."},"complexity_factors":["Multiple substantive Parts (2.1–2.8) dealing with governance, design/data/method, business continuity, cessation, Contributor guidelines, transparency, accountability and cooperation (Table of Contents).","Obligations apply to two distinct actor groups (benchmark administrator licensees and Contributors), creating interaction and compliance coordination costs.","Operational requirements (design, data, method, continuity and cessation) imply technical, procedural and record-keeping burdens for firms.","Transparency and access provisions likely require publication, reporting or disclosure processes.","Accountability and cooperation with ASIC introduce regulatory oversight and potential discretionary intervention by a regulator.","Compilation includes amendments and endnotes, meaning users must track amendment history and interpret current in-force text."],"plain_english_summary":"These Rules set out how licensed administrators and Contributors must run and manage financial benchmarks used in Australian markets. They impose requirements on governance, benchmark design, data and methods, business continuity and cessation, transparency, accountability and cooperation with ASIC, so administrators and Contributors must change processes and bear compliance costs while ASIC gains a framework for supervision."}},"importantCases":[],"_links":{"self":"/api/acts/asic-financial-benchmark-administration-rules-2018","history":"/api/acts/asic-financial-benchmark-administration-rules-2018/history","analysis":"/api/acts/asic-financial-benchmark-administration-rules-2018/analysis","conflicts":"/api/acts/asic-financial-benchmark-administration-rules-2018/conflicts","importantCases":"/api/acts/asic-financial-benchmark-administration-rules-2018/important-cases","documents":"/api/acts/asic-financial-benchmark-administration-rules-2018/documents"}}