{"id":"F2018L00523","name":"ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/264","slug":"asic-market-integrity-rules-futures-markets-class-waiver-2018-264","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439594,"registerId":"F2018L00523-fast-fetch-1775955559388","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/264","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 Market Integrity Rules (Futures Markets) Class Waiver 2018/264\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 24 April 2018\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512341488)\n\n[1 Name of legislative instrument](#_Toc512341489)\n\n[2 Commencement](#_Toc512341490)\n\n[3 Authority](#_Toc512341491)\n\n[4 Definitions](#_Toc512341492)\n\n[Part 2—Waiver](#_Toc512341493)\n\n[5 Waiver from requirement in subparagraph 2.2.5(1)(b)(vi)](#_Toc512341494)\n\n[6 Where this waiver applies](#_Toc512341495)\n\n[7 Condition](#_Toc512341496)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/264.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) 7 May 2018; and\n\n(b) the day after this instrument 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 subrule 1.2.1(1) of the ASIC Market Integrity Rules (Futures Markets) 2017 (Rules).\n\n4 Definitions\n\n(1) In this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Rules.\n\n(2) In this instrument:\n\nClient Agreement means the agreement required by subrule 2.2.5(1) of the Rules.\n\nPart 2—Waiver\n\n5 Waiver from requirement in subparagraph 2.2.5(1)(b)(vi)\n\nA Market Participant does not have to comply with subrule 2.2.5(1) of the Rules to the extent that it requires a Client Agreement with a Client that is a trustee of a trust or an operator of a managed investment scheme to contain the acknowledgment specified in subparagraph 2.2.5(1)(b)(vi) of the Rules.\n\n6 Where this waiver applies\n\nThe waiver in section 5 applies where the Market Participant and the Client have entered into an agreement (which may be the Client Agreement or another agreement) that contains provisions to the following effect:\n\n(a) subject to paragraph (b):\n\n(i) the Client is responsible to pay in cash any deficit owing to the Market Participant after the Closing Out of a Contract of the Client but only to the extent the deficit can be satisfied from the assets of the trust or managed investment scheme and the Client has the right to be indemnified out of those assets; and\n\n(ii) if the Client defaults in payment of such a deficit, the Market Participant may realise any securities held by the Market Participant which form part of the assets of the trust or managed investment scheme, and apply the proceeds against that deficiency; and\n\n(b) if, as a result of an act or omission of the Client, the Client does not have a right to be indemnified out of the assets of the trust or managed investment scheme, the Client is responsible to pay in cash any deficit owing to the Market Participant after the Closing Out of a Contract of the Client; and\n\n(c) the Market Participant has a right of reasonable access to the accounts and records of the Client in its capacity as trustee or operator of a managed investment scheme, to enable the Market Participant to, at any point in time, assess its exposure to the trust or managed investment scheme.\n\n \n\n7 Condition\n\nA Market Participant must keep a written record of each Client in relation to which this instrument applies.\n\nNote:  The conditions imposed on a waiver must be complied with in order for the waiver to be effective: subrule 1.2.1(2) of the Rules.\n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument narrows the mandatory content of client agreements under the Rules by creating a class waiver: it removes the need for a specific acknowledgement (subparagraph 2.2.5(1)(b)(vi)) where the agreement instead contains specified alternative terms that assign cash responsibility for deficits, permit realisation of scheme securities, and grant access to records (s 5–6). It does not remove other Rule obligations and adds a condition requiring written records of each exempted client (s 7)."},"complexity_factors":["Narrow technical amendment: waives one subparagraph of the Rules rather than redesigning the regime","Conditional waiver: only applies where alternative contractual provisions are present (s 6)","Cross-reference dependence: effectiveness depends on interpretation of the referenced Rules (subrule 2.2.5(1)(b)(vi))","Private‑law interaction: terms hinge on trust/managed investment scheme indemnity rights and asset availability (s 6(a)–(b))","Enforcement and operational burden: requires Market Participants to maintain written records of each applicable client (s 7)","Potential ambiguity in phrases like 'right to be indemnified' and 'reasonable access', which may require factual or legal assessment"],"plain_english_summary":"This instrument lets futures Market Participants omit a specific required acknowledgement from client agreements with clients who are trustees of trusts or operators of managed investment schemes. Instead, those agreements must make the client cash‑responsible for post‑close deficits (to the extent indemnifiable from scheme assets), allow the participant to realise scheme securities to cover shortfalls, and give the participant reasonable access to the client’s trust or scheme records; the participant must keep a written record of each such client (ss 5–7)."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument is a targeted class waiver made under specific rule-making power (subrule 1.2.1(1)). It addresses a discrete operational issue (documentation requirements for trustees/scheme operators) without expanding beyond the original regulatory framework of the ASIC Market Integrity Rules. The scope remains tightly confined to the specific exemption and its conditions."},"complexity_factors":["Very short instrument (7 sections, ~2 pages)","Only 2 defined terms, both referencing external rules ('Client Agreement' and standard capitalised terms from parent Rules)","Single waiver with three specific alternative conditions in section 6","No nested exceptions or complex conditional logic — just a straightforward 'if you do X, you don't have to do Y' structure","Clear cross-reference to parent Rules (ASIC Market Integrity Rules (Futures Markets) 2017) but no convoluted layering","One simple record-keeping condition in section 7"],"plain_english_summary":"ASIC’s class waiver lets futures brokers skip a required client acknowledgment when their client is a trustee or managed investment scheme operator — provided the broker instead has an agreement that (1) makes any shortfall payable from the trust/scheme with an indemnity back to the client, (2) makes the client personally liable if they lose that indemnity through their own fault, and (3) gives the broker access to the trust/scheme’s books.  \n\nIt reduces paperwork for institutional clients while keeping protections, but brokers must keep written records of every client using the waiver."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-264","history":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-264/history","analysis":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-264/analysis","conflicts":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-264/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-264/important-cases","documents":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-264/documents"}}