{"id":"F2018L00570","name":"ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/312","slug":"asic-market-integrity-rules-futures-markets-class-waiver-2018-312","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439611,"registerId":"F2018L00570-fast-fetch-1775955571515","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 2018/312","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 2018/312\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 30 April 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512848107)\n\n[1 Name of legislative instrument](#_Toc512848108)\n\n[2 Commencement](#_Toc512848109)\n\n[3 Authority](#_Toc512848110)\n\n[4 Interpretation](#_Toc512848111)\n\n[Part 2—Waiver](#_Toc512848112)\n\n[5 Waiver from requirements in paragraphs 2.2.1(1)(ab), (b), (c) and (e)](#_Toc512848113)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/312.\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\nIn this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Rules.\n\nPart 2—Waiver\n\n5 Waiver from requirements in paragraphs 2.2.1(1)(ab), (b), (c) and (e)\n\nA Principal Trader does not have to comply with paragraphs 2.2.1(1)(ab), (b), (c) (to the extent it relates to the limits determined in paragraphs (ab) and (b)) and (e) of the Rules where the Principal Trader is a Client of another Market Participant (the Second Market Participant) and the Second Market Participant either:\n\n(a) permits the Principal Trader to connect to a Terminal for the purposes of trading for the Principal Trader’s House Account; or\n\n(b) enters Orders on the Principal Trader’s House Account into the Trading Platform through the Second Market Participant’s Order System.\n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose — providing a targeted exemption for Principal Traders from specific position and order limit requirements when operating through another Market Participant. There is no evidence of scope creep; it is a discrete, single-purpose waiver instrument."},"complexity_factors":["Very short instrument — only 5 sections across 2 Parts","Only 1 substantive provision (section 5) containing the actual waiver","Minimal defined terms — relies entirely on definitions from parent Rules (ASIC Market Integrity Rules (Futures Markets) 2017)","Single conditional structure with two alternative limbs (paragraphs 5(a) and 5(b))","No nested exceptions or complex cross-referencing beyond the single reference to parent Rules","Straightforward administrative provisions (name, commencement, authority, interpretation)"],"plain_english_summary":"ASIC has issued a class waiver allowing Principal Traders (firms trading futures for their own account) to be exempted from four specific market rules — including certain position and order limits and technical connection requirements — when trading through another broker. It applies where the trader is a client of a broker that provides direct terminal access or enters orders through its system, reducing duplicated compliance and easing multi‑broker operations."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"This instrument narrows the Rules' application by waiving specified obligations in paragraphs 2.2.1(1)(ab), (b), (c) (insofar as tied to (ab)/(b)) and (e) for Principal Traders who are clients of a Second Market Participant that either provides terminal access for trading the Principal Trader’s House Account or enters orders for that House Account. In practical terms, it removes those compliance obligations from the Principal Trader in the two listed arrangements and shifts operational/compliance responsibilities to the Second Market Participant (see s5)."},"complexity_factors":["Narrow, targeted waiver addressing specific subparagraphs (2.2.1(1)(ab), (b), (c) to the extent linked to (ab)/(b), and (e)) rather than wholesale rule change.","Conditional application: waiver applies only when Principal Trader is a Client of another Market Participant and one of two specified operational arrangements exists.","Reliance on defined terms from the Rules (capitalised terms have Rules meanings), creating cross-references and dependency on external definitions (see s4).","Operational and compliance allocation shift: responsibility and risk move to the Second Market Participant under the permitted arrangements, requiring coordination and possible contractual controls.","Issued by an ASIC delegate under rule 1.2.1(1) of the Rules, introducing administrative discretion and potential for case-by-case reliance on waivers.","Partial waiver language ('to the extent it relates to the limits determined in paragraphs (ab) and (b)') creates interpretive nuance about scope of relief."],"plain_english_summary":"This ASIC class waiver lets a Principal Trader be exempt from certain trader-control and order-limit requirements in the Futures Market Integrity Rules when that Principal Trader is a client of another Market Participant that either permits the Principal Trader to use the Market Participant’s terminal to trade the Principal Trader’s House Account or enters orders for that House Account through its order system. It shifts compliance and operational responsibility toward the second Market Participant and is made by an ASIC delegate under the Rules."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-312","history":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-312/history","analysis":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-312/analysis","conflicts":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-312/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-312/important-cases","documents":"/api/acts/asic-market-integrity-rules-futures-markets-class-waiver-2018-312/documents"}}