{"id":"F2018L00518","name":"ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/267","slug":"asic-market-integrity-rules-futures-markets-class-waiver-2018-267","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439590,"registerId":"F2018L00518-fast-fetch-1775955557291","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 2018/267","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 2018/267\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 23 April 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512243179)\n\n[1 Name of legislative instrument](#_Toc512243180)\n\n[2 Commencement](#_Toc512243181)\n\n[3 Authority](#_Toc512243182)\n\n[4 Interpretation](#_Toc512243183)\n\n[Part 2—Waiver](#_Toc512243184)\n\n[5 Waiver from paragraph 5.2.2(1)(a) of the Rules](#_Toc512243185)\n\n[6 Waiver from subrule 5.2.2(2) of the Rules](#_Toc512243186)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/267.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) 7 May 2018;\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 Interpretation\n\nIn this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Rules.\n\n \n\nPart 2—Waiver\n\n5 Waiver from paragraph 5.2.2(1)(a) of the Rules\n\n(1) A Market Participant that operates a Crossing System does not have to comply with paragraph 5.2.2(1)(a) of the Rules.\n\n(2) The relief in subsection (1) is subject to the condition that the Market Participant must, prior to accepting an Order from a client for the first time which may be matched on the Participant’s Crossing System, provide the client with a copy of the Publicly Available Crossing System Information or inform the client of the website address where that information is available.\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\n6 Waiver from subrule 5.2.2(2) of the Rules\n\n(1) A Market Participant that operates a Crossing System does not have to comply with subrule 5.2.2(2) of the Rules.\n\n(2) The relief in subsection (1) is subject to the condition that the Market Participant must:\n\n(a) prior to accepting an Order from a client for the first time which may be matched on the Participant’s Crossing System; and\n\n(b) prior to accepting an Order from a client which may be matched on the Participant’s Crossing System after the Non-Public Crossing System Information has been updated under subrule 5.2.2(3) of the Rules;\n\nprovide that client with a document containing the Non-Public Crossing System Information, in relation to that Crossing System.\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":3,"scope_assessment":{"changed":true,"description":"Modifies the scope of the Rules by exempting Crossing System operators from paragraph 5.2.2(1)(a) and subrule 5.2.2(2) and replacing those obligations with alternative pre‑trade disclosure conditions. The instrument narrows the original rule obligations for these operators while preserving a pre‑trade information flow to clients."},"complexity_factors":["Narrow subject-matter: applies only to Market Participants operating a Crossing System (limited universe of actors).","Conditional waivers: relief is granted subject to pre-trade disclosure conditions rather than an unconditional exemption.","Timing constraints: repeated ‘prior to accepting an Order’ requirement creates operational sequencing demands.","Cross-reference dependence: relies on defined terms and provisions in the Rules (eg. public vs non-public Crossing System Information).","Delegated instrument: made by an ASIC delegate under subrule 1.2.1(1), which affects review/appeal paths.","Compliance verification: enforcement depends on adherence to waiver conditions (see subrule 1.2.1(2)), requiring recordkeeping and proof of disclosure."],"plain_english_summary":"This instrument gives class waivers to market participants who operate a Crossing System, excusing them from two specified disclosure requirements in the ASIC Futures Market Integrity Rules. Instead of those rule requirements, the operator must, before accepting a client’s first order (and after certain updates), give the client either a copy or website address for publicly available Crossing System information and provide a document of the non‑public Crossing System information. It moves the compliance burden and timing of disclosure onto the Crossing System operator."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose—granting targeted relief from specific disclosure obligations for Crossing System operators. It does not expand beyond the futures market context or the specific rules mentioned (5.2.2(1)(a) and 5.2.2(2))."},"complexity_factors":["Very short instrument—only 6 sections across 2 Parts","No defined terms in the instrument itself; relies entirely on external definitions from the parent Rules ('capitalised terms have the same meaning as in the Rules')","Simple conditional structure: waiver granted + condition attached","Only two operative provisions (sections 5 and 6) with mirror structures","No cross-references beyond pointing to the parent Rules (1.2.1, 5.2.2)","No exceptions to exceptions or nested logic"],"plain_english_summary":"This ASIC waiver lets futures brokers who operate private “Crossing Systems” skip two routine disclosure obligations under the market integrity rules, easing paperwork for off‑exchange matching. It applies to brokers and their clients (mostly institutional traders) and preserves investor information while reducing repeated disclosures.\n\nThe waiver only applies if brokers provide required public details (or where to find them) before taking any first matchable order and supply updated non‑public information before accepting orders after changes. Noncompliance removes the relief."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-267","history":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-267/history","analysis":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-267/analysis","conflicts":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-267/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-267/important-cases","documents":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-267/documents"}}