{"id":"F2018L00723","name":"ASIC Financial Benchmark (Compelled) Rules 2018","slug":"asic-financial-benchmark-compelled-rules-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100098,"registerId":"commonwealth-F2018L00723-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 (Compelled) Rules 2018\n\n### About this compilation\n\n#### Compilation No. 1\n\nThis is a compilation of ASIC Financial Benchmark (Compelled) 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](#_Toc99468132)\n\n[Part 1.1 Preliminary](#_Toc99468133)\n\n[Part 1.2 Interpretation](#_Toc99468134)\n\n[Chapter 2: Mandatory generation or administration of a significant financial benchmark](#_Toc99468135)\n\n[Chapter 3: Mandatory submissions to a significant financial benchmark](#_Toc99468136)\n\n[Endnotes](#_Toc99468137)\n\n[Endnote 1 – Instrument history](#_Toc99468138)\n\n[Endnote 2 - Amendment history](#_Toc99468139)","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 (Compelled) 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](#_Toc99468132)\n\n[Part 1.1 Preliminary](#_Toc99468133)\n\n[Part 1.2 Interpretation](#_Toc99468134)\n\n[Chapter 2: Mandatory generation or administration of a significant financial benchmark](#_Toc99468135)\n\n[Chapter 3: Mandatory submissions to a significant financial benchmark](#_Toc99468136)\n\n[Endnotes](#_Toc99468137)\n\n[Endnote 1 – Instrument history](#_Toc99468138)\n\n[Endnote 2 - Amendment history](#_Toc99468139)","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":4,"scope_assessment":{"changed":false,"description":"The instrument appears consistent with its original purpose. The enabling legislation (Corporations Act, Part 7.5B) was introduced following the LIBOR manipulation scandal and Wheatley Review recommendations to ensure benchmark continuity. These rules implement the specific 'compelled participation' power without significant expansion beyond the original policy intent of protecting critical financial infrastructure."},"complexity_factors":["Relatively short instrument with only 3 chapters and 2 substantive parts","Limited defined terms — core definitions rely on the enabling legislation (Corporations Act 2001) rather than extensive local definitions","Straightforward conditional structure: ASIC 'may' compel if certain threshold tests are met (significant financial benchmark, reasonable steps taken, etc.)","No nested exceptions or highly technical mathematical formulas in the visible structure","Cross-references primarily to the Corporations Act for definitions rather than complex internal cross-referencing","Administrative process requirements (notice periods, consultation) are procedural rather than substantively complex"],"plain_english_summary":"This instrument lets ASIC legally compel large banks and financial firms to keep key financial benchmarks running — by forcing them to run the calculation/publishing or to provide the underlying pricing data. It targets firms whose participation is essential to benchmarks’ reliability, acting as a backstop to prevent market disruption if participants withdraw and to protect the integrity of rates used across the economy."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"This compilation states it incorporates commenced amendments up to 10 March 2022 but the provided text does not indicate a substantive change to the instrument’s original scope. The instrument continues to address compelled generation/administration and compelled submissions (Part 1.1; Chapters 2–3)."},"complexity_factors":["Mandatory obligations to generate or administer benchmarks (Chapter 2) create operational and governance requirements for administrators.","Mandatory submission rules impose ongoing reporting, validation and record‑keeping burdens on submitters (Chapter 3).","Definitions and scope decisions (Part 1.2) determine which benchmarks and entities are captured; precision of definitions affects compliance scope.","Regulatory discretion by ASIC to compel activity and specify requirements (Part 1.1; Chapters 2–3) increases legal uncertainty and requires administrative guidance.","Interplay with other financial services and market integrity laws increases interpretive complexity and potential overlapping obligations.","Amendment and compilation history (as noted in the compilation) requires tracking changes across instruments and commencement dates."],"plain_english_summary":"These Rules let ASIC require certain firms to create or run a “significant financial benchmark” and to require market participants to provide submissions used in those benchmarks. Affected parties are benchmark administrators and entities that make submissions; they bear the compliance and reporting burden and must change operational and record‑keeping practices to meet ASIC’s compulsion powers (see Part 1.1; Chapters 2–3). The measure matters because it shifts costs and regulatory decisions onto named market participants and gives ASIC authority to determine when compulsion applies."}},"importantCases":[],"_links":{"self":"/api/acts/asic-financial-benchmark-compelled-rules-2018","history":"/api/acts/asic-financial-benchmark-compelled-rules-2018/history","analysis":"/api/acts/asic-financial-benchmark-compelled-rules-2018/analysis","conflicts":"/api/acts/asic-financial-benchmark-compelled-rules-2018/conflicts","importantCases":"/api/acts/asic-financial-benchmark-compelled-rules-2018/important-cases","documents":"/api/acts/asic-financial-benchmark-compelled-rules-2018/documents"}}