{"id":"F2018L00525","name":"ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/305","slug":"asic-market-integrity-rules-futures-markets-class-waiver-2018-305","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439591,"registerId":"F2018L00525-fast-fetch-1775955559350","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 2018/305","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 2018/305\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\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512503596)\n\n[1 Name of legislative instrument](#_Toc512503597)\n\n[2 Commencement](#_Toc512503598)\n\n[3 Authority](#_Toc512503599)\n\n[4 Interpretation](#_Toc512503600)\n\n[Part 2—Waiver](#_Toc512503601)\n\n[5 Waiver from obligations in subrules 5.1.1(1) and 5.2.1(1)](#_Toc512503602)\n\n[6 Conditions](#_Toc512503603)\n\n \n\n \n\n \n\n \n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/305.\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:\n\nReceived Aggregation Information means, in relation to a Market Participant, the following information that is required by item 5, column 3 of the table in subrule 5.2.1(2) of the Rules because Orders may be executed or matched in the Market Participant’s Crossing System with Orders received via another person (Aggregator) from a Crossing System operated by another Market Participant, or from a Market Participant that operates a Crossing System:\n\n(a) a code identifying the other Crossing System; and\n\n(b) the legal name of the Market Participant that operates the other Crossing System; and\n\n(c) for each Crossing System and Market Participant identified under paragraphs (a) and (b), that Orders are received from the other Crossing System or Market Participant.\n\n \n\n \n\nPart 2—Waiver\n\n5 Waiver from obligations in subrules 5.1.1(1) and 5.2.1(1)\n\nWaiver\n\n(1) A Market Participant does not have to comply with subrule 5.1.1(1) of the Rules to the extent that subrule requires the Market Participant to describe Received Aggregation Information in a Crossing System Initial Report.\n\n(2) A Market Participant does not have to comply with subrule 5.2.1(1) of the Rules to the extent that subrule requires the Market Participant to make Received Aggregation Information available on website that is publicly accessible and free of charge.\n\nWhere the relief applies\n\n(3) The relief in subsections (1) and (2) applies where the Market Participant is not reasonably able to identify the other Crossing System or Market Participant in relation to the Received Aggregation Information because Orders are received from that Crossing System or Market Participant via an Aggregator.\n\n6 Conditions\n\n(1) It is a condition of the relief in subsection 5(1) that the Market Participant must:\n\n(a) describe in the relevant Crossing System Initial Report lodged with ASIC under Rule 5.1.1 of the Rules:\n\n(i) the legal name of the Aggregator; and\n\n(ii) a statement that Orders in the Market Participant’s Crossing System may be executed or matched with Orders received via the Aggregator; and\n\n(iii) a unique code identifying each Crossing System operated by the Aggregator; and\n\n(b) for the purposes of the requirement in Rule 5.1.2 of the Rules to prepare and provide to ASIC a Crossing System Monthly Report, treat any change during a calendar month to the information provided in compliance with paragraph (a):\n\n(i) as a change required to be set out in a Crossing System Monthly Report; and\n\n(ii) if the Market Participant is not otherwise required to prepare and provide to ASIC a Crossing System Monthly Report in relation to that calendar month, as a change requiring the preparation and provision to ASIC of a Crossing System Monthly Report.\n\nNote:  Rule 5.1.2 requires a Market Participant that operates a Crossing System during a calendar month to prepare a Crossing System Monthly Report setting out any changes to the information last provided to ASIC in the Market Participant’s Crossing System Initial Report or Crossing System Monthly Report.\n\n(2) It is a condition of the relief in subsection 5(2) that the Market Participant must:\n\n(a) make available the information referred to in subparagraphs 6(1)(a)(i) to (iii) of this instrument:\n\n(i) on a website that is publicly accessible; and\n\n(ii) free of charge; and\n\n(b) comply with Rules 5.2.1 and 5.2.2 of the Rules as if the information referred to in subparagraphs 6(1)(a)(i) to (iii) of this instrument were Publicly Available Crossing System Information for the purposes of those Rules.\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":3,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose: providing targeted relief from specific reporting obligations in Rules 5.1.1 and 5.2.1 when identification of upstream sources is impractical. It does not expand beyond the original regulatory intent of the underlying Market Integrity Rules."},"complexity_factors":["Short document: only 6 sections across 2 Parts","Single defined term ('Received Aggregation Information') with a nested, multi-clause definition","Heavy cross-referencing to the ASIC Market Integrity Rules (Futures Markets) 2017 (Rules) — relies on external definitions for most key terms (Market Participant, Crossing System, Aggregator, Crossing System Initial Report, etc.)","Conditional logic limited to one main exception (subsection 5(3)) with two sub-conditions","Two conditional waivers (subsections 5(1) and 5(2)) each with their own specific conditions in section 6","No nested exceptions or 'exceptions to exceptions'"],"plain_english_summary":"This instrument lets operators of Crossing Systems skip detailed origin reporting when orders arrive via Aggregators and the operator genuinely cannot identify the original source. Instead they must report the Aggregator’s legal name, a statement that orders may come through it, and a unique code per Crossing System. It affects Crossing System operators, ASIC and public transparency; it’s a conditional, time-limited practical fix for tracing limits."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows the application of the Rules' identification and public-disclosure obligations by granting a conditional class waiver where identification is impracticable due to use of an Aggregator. It replaces the original requirement to identify counterparty Crossing Systems with alternative disclosure, update and website-publication duties, thus modifying the original scope of reporting obligations rather than expanding them to new categories of entities."},"complexity_factors":["Cross-reference dependency on the ASIC Market Integrity Rules (Futures Markets) 2017 rather than being standalone","Conditional waiver keyed to a reasonableness standard ('not reasonably able to identify') that requires judgment","Defined substitute disclosure obligations (Aggregator name, statement, unique codes) and interaction with existing monthly reporting rules","Public-website publication requirement and linkage to Rules 5.2.1 and 5.2.2 creates ongoing compliance duties","Potential operational complexity for firms using Aggregators to track and update codes and ensure timely monthly reporting"],"plain_english_summary":"This instrument waives parts of the ASIC Market Integrity Rules that require a Market Participant to identify other Crossing Systems or Participants and publicly post that information where orders arrive via an Aggregator and the other party cannot reasonably be identified. Affected participants must instead disclose the Aggregator's legal name, a statement that orders may be matched via the Aggregator, and unique codes, keep monthly reports current, and publish this material free online. The measure reduces identification burdens but substitutes continuing disclosure, updates and a public-website obligation."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-305","history":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-305/history","analysis":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-305/analysis","conflicts":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-305/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-305/important-cases","documents":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-305/documents"}}