{"id":"F2018L00534","name":"ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/302","slug":"asic-market-integrity-rules-futures-markets-class-waiver-2018-302","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439601,"registerId":"F2018L00534-fast-fetch-1775955563857","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 2018/302","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 2018/302\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 26 April 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512500067)\n\n[1 Name of legislative instrument](#_Toc512500068)\n\n[2 Commencement](#_Toc512500069)\n\n[3 Authority](#_Toc512500070)\n\n[4 Interpretation](#_Toc512500071)\n\n[Part 2—Waiver](#_Toc512500072)\n\n[5 Time for reconciliation of clients’ segregated accounts](#_Toc512500073)\n\n[6 Time for notifying ASIC about daily reconciliation](#_Toc512500074)\n\n[7 Conditions](#_Toc512500075)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/302.\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 Interpretation\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 a reference to time is to the time in Sydney, Australia.\n\nPart 2—Waiver\n\n5 Time for reconciliation of clients’ segregated accounts\n\n (1) A Market Participant does not have to comply with subrule 2.3.2(1) of the Rules for so long as the Market Participant performs the reconciliation referred to in that subrule by 12.00 pm on the second business day after the business day to which the reconciliation relates.\n\n(2) The relief in subsection 5(1) applies where the Market Participant is ordinarily unable to perform the reconciliation referred to in subrule 2.3.2(1) of the Rules by 7.00 pm on the business day after the business day to which the reconciliation relates, because the Market Participant relies on information obtained from a person located outside Australia to perform the reconciliation referred to in that subrule.\n\n6 Time for notifying ASIC about daily reconciliation\n\nA Market Participant does not have to comply with paragraph 2.3.4(a) of the Rules for so long as the Market Participant notifies ASIC, in writing, within one business day if a reconciliation has not been performed by 12.00 pm on the second business day after the business day to which the reconciliation relates.\n\n7 Conditions\n\nIt is a condition of the relief in subsection 5(1) that where the Market Participant performs the reconciliation referred to in subrule 2.3.2(1) on the second business day after the business day to which the reconciliation relates, the Market Participant  must notify ASIC, in writing, within one business day if:\n\n(a) the reconciliation has not been performed in accordance with Rule 2.3.2 (except to the extent that Rule requires the Market Participant to perform the reconciliation by 7.00 pm on the business day after the business day to which the reconciliation relates); or\n\n(b) according to the reconciliation, Total Deposits is less than Total Third Party Client Monies; or\n\n(c) it is unable to reconcile its clients’ segregated accounts under Rule 2.3.2.\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","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 remains tightly scoped to its original purpose: providing time zone relief for daily reconciliation obligations. It does not expand beyond the specific operational constraint (overseas data dependency) it was designed to address."},"complexity_factors":["Very short instrument (only 7 sections across 2 Parts)","Minimal defined terms (only references back to parent Rules for definitions)","Simple conditional structure (single eligibility criterion in section 5(2))","Only 2 substantive operative provisions (sections 5 and 6) plus conditions in section 7","No nested exceptions or complex cross-referencing beyond references to specific subrules of the parent Rules","Straightforward temporal calculations ('second business day after the business day')"],"plain_english_summary":"This ASIC class waiver lets futures market brokers who rely on overseas data delay their daily reconciliation of clients’ segregated accounts from 7:00 pm on the next business day to 12:00 pm on the second business day. It preserves investor protection by requiring written notification to ASIC if the reconciliation isn’t completed by the extended deadline or reveals discrepancies. It prevents automatic breaches where time‑zone delays make the original deadline impractical."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument relaxes the timing obligation for performing client-segregated-account reconciliations and adjusts notification timing for affected Market Participants who rely on offshore information (see ss 5–7). It does not change which accounts must be reconciled or the substance of reconciliation obligations under Rule 2.3.2, but it temporarily modifies when the tasks and ASIC notifications must occur and imposes reporting conditions if reconciliations are late, fail, or reveal shortfalls."},"complexity_factors":["Narrow legislative change: waiver amends timing and notification only (limited scope).","Interplay with existing Rules: relief applies by reference to Rules 2.3.2(1) and 2.3.4(a), requiring users to read both instruments together.","Conditional relief: relief is subject to specific written-notification conditions (see s 7).","Time-zone specificity: all times are Sydney time (s 4(2)), affecting cross-border operations.","Reliance on external information: applicability depends on ordinarily being unable to reconcile by earlier deadline because of offshore data reliance (s 5(2)).","Commencement mechanics: starts on later of two dates (s 2), relevant for transitional compliance planning.","Legal effect rests on compliance with formal waiver conditions (note referencing subrule 1.2.1(2))."],"plain_english_summary":"This instrument lets a futures market participant delay the routine reconciliation of clients’ segregated accounts until 12:00 pm on the second business day after the trading day (instead of by 7:00 pm the next business day) when the participant relies on information from outside Australia. It also allows a short delay in notifying ASIC about missed reconciliations but requires written notice to ASIC if reconciliations are late, fail, or show a shortfall. The stated purpose is to accommodate reliance on overseas data while preserving ASIC oversight."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-302","history":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-302/history","analysis":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-302/analysis","conflicts":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-302/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-302/important-cases","documents":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-302/documents"}}