{"id":"F2010L02207","name":"ASIC Market Integrity Rules (IMB Market) 2010","slug":"asic-market-integrity-rules-imb-market-2010","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":124835,"registerId":"commonwealth-F2010L02207-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1.1.6 Conduct by officers, employees or ","sectionType":"division","heading":"1.1.6 Conduct by officers, employees or agents","content":"### 1.1.6 Conduct by officers, employees or agents\n\nIn these Rules, conduct engaged in on behalf of a person:\n\n    by an officer, employee, or other agent of the person, and whether or not within the scope of the actual or apparent authority of the officer, employee, or other agent; or\n    by any other person at the direction or with the consent or agreement (whether express or implied) of an officer, employee, or other agent of the person, and whether or not the giving of the direction, consent or agreement is within the scope of the actual or apparent authority of the officer, employee, or other agent,\n\nis deemed to have been engaged in by the person.","sortOrder":0},{"sectionNumber":"1.1.7 State of mind of a person","sectionType":"division","heading":"1.1.7 State of mind of a person","content":"### 1.1.7 State of mind of a person\n\n(1) If for the purposes of these Rules in respect of conduct engaged in by a person, it is necessary to establish the state of mind of the person, it is sufficient to show that an officer, employee, or other agent of the person, being an officer, employee, or other agent by whom the conduct was engaged in and whether or not the conduct was within the scope of the actual or apparent authority of that officer, employee, or other agent, had that state of mind.\n\n(2) In subrule (1), a reference to the state of mind of a person includes a reference to the knowledge, intention, opinion, belief or purpose of the person and the person’s reasons for the person’s intention, opinion, belief or purpose.\n\n1.1.8 Application for review by Administrative Review Tribunal of certain decisions made under these Rules\n\n(1) Subject to this Rule, applications may be made to the Tribunal for review of a decision made by ASIC under:\n\n      (a) subrule 1.2.1(1); or\n\n      (b) subrule 1.2.1(3).\n\n(2) An application made under subrule (1) may only be made by:\n\n      (a) the Market Participant that made the application for a waiver of a Rule under Rule 1.2.1; or\n\n      (b) the person in respect of which the application was made.\n\n(3) In this Rule:\n\ndecision and Tribunal have the same meaning as in the Administrative Review Tribunal Act 2024.\n\n1.1.9 Notice of reviewable decision and review rights\n\n(1) This Rule applies if ASIC makes a decision to which Rule 1.1.8 applies.\n\n(2) ASIC must take such steps as are reasonable in the circumstances to give to each person who may make an application for review of the decision under Rule 1.1.8 notice, in writing or otherwise:\n\n      (a) of the making of the decision; and\n\n      (b) of the person’s right to have the decision reviewed by the Tribunal.\n\n(3) A failure to comply with this Rule does not affect the validity of the decision.\n\nPart 1.2 Waiver of the Rules\n\n1.2.1 Waiver of Rules\n\n(1) Subject to Rule 1.2.3, ASIC may, by legislative instrument, relieve any person or class of persons from the obligation to comply with a provision of these Rules, either generally or in a particular case or category, and either unconditionally or subject to such conditions as ASIC thinks fit.\n\n(2) If any conditions on a waiver given under subrule (1) are imposed, all of the conditions must be complied with for the waiver to be effective.\n\n(3) ASIC may withdraw, by legislative instrument, a waiver given under subrule (1) at any time.\n\n(4) Any request by a person for a waiver under subrule (1) must be in writing.\n\nNote: Legislative instruments made under this rule are available on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au.\n\n1.2.2 Compliance with conditions\n\nFailure to comply with a condition imposed under Rule 1.2.1 is a contravention of this Rule.\n\n1.2.3 Period during which relief applies\n\nASIC may specify that a waiver applies for a specified period.\n\n1.2.4 Register\n\n(1) ASIC may establish and maintain a register for recording details of relief granted under Rule 1.2.1 and may enter the following details in the register:\n\n    the date that the relief takes effect;\n\n    the person or class of person relieved from the obligation;\n    the provision to which the relief applies;\n    brief reasons for the relief; and\n    any conditions that apply to the relief.\n\n(2) ASIC may publish the register referred to in subrule (1).\n\nPart 1.3 Definitions\n\n1.3.1 Definitions\n\n“ASIC” means the Australian Securities and Investments Commission.\n\n“Corporations Act” means the Corporations Act 2001 (Cth).\n\n“IMB” means IMB Ltd (ACN 087 651 974).\n\n“Australian Financial Services Licence” means a licence granted under section 913B of the Corporations Act.\n\n“Market” means the market operated by the Market Operator under the Australian Market Licence (IMB Ltd) 2005.\n\n“Operating Rules” has the meaning given by section 761A of the Corporations Act.\n\n“Other Regulated Entities” means entities prescribed by regulations made for the purposes of paragraph 798H(1)(c) of the Corporations Act, that must comply with these Rules.\n\n“Market Operator” means IMB.\n\n“Market Operating Rules” means the Operating Rules of the Market.\n\n“Market Participant” means a participant in the Market admitted under the Market Operating Rules.\n\n“Rules” means these Market Integrity Rules.\n\n“Share” means an ordinary share in IMB.","sortOrder":1},{"sectionNumber":"2.1.1 Conduct of Market Participants","sectionType":"division","heading":"2.1.1 Conduct of Market Participants","content":"### 2.1.1 Conduct of Market Participants\n\nMarket Participants must act honestly and fairly at all times when trading in the Market\n\nPart 2.2 Market Participant Obligations","sortOrder":2},{"sectionNumber":"2.2.1 Market Participant Obligations","sectionType":"division","heading":"2.2.1 Market Participant Obligations","content":"### 2.2.1 Market Participant Obligations\n\nA Market Participant must not:\n\n    do anything which results in the Market not being both fair and orderly;\n\n    take advantage of any situation arising as a result of a breakdown or malfunction in the Market or any error in a confirmation of trade sent to the Market Participant; and\n    do anything else in relation to the Market which may be regarded by a reasonable person as inconsistent with just and equitable principles in the transaction of business.","sortOrder":3}],"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":5,"scope_assessment":{"changed":false,"description":"Based on the text provided, the Rules apply specifically to the IMB Market, Market Participants and prescribed regulated entities and do not expand regulatory scope beyond that market or add new categories of regulated persons. The instrument centralises certain administrative powers with ASIC (waivers, register, withdrawal) and provides a limited Tribunal review route, but the text shows no indication of an expanded substantive scope of persons or activities."},"complexity_factors":["Imputation of conduct and state of mind to the entity via agents creates vicarious-liability style analysis (rr.1.1.6–1.1.7).","Open-textured behavioural standards (\"honestly and fairly\", \"just and equitable\", \"reasonable person\") require interpretive judgments by regulators, courts or tribunals (rr.2.1.1, 2.2.1).","ASIC’s wide discretionary power to grant, condition, withdraw and time-limit waivers by legislative instrument introduces administrative-law complexity and compliance uncertainty (r.1.2.1, r.1.2.3).","Failure to comply with waiver conditions is itself a contravention, raising enforcement and compliance-risk stakes for regulated entities (r.1.2.2).","Limited but specific review route to the Administrative Review Tribunal for certain ASIC decisions requires careful navigation of standing and procedural rules (rr.1.1.8–1.1.9).","Cross-references to the Corporations Act and defined terms (e.g. Market, Market Participant, Operating Rules) create interaction effects with broader corporate and market law (r.1.3.1).","Register and publication powers for ASIC add transparency requirements but create records-management and disclosure considerations (r.1.2.4)."],"plain_english_summary":"These Rules set conduct standards for trading on IMB’s market: they attribute acts and mental states of officers, employees or agents to the person (rr.1.1.6–1.1.7), require Market Participants to act honestly and fairly and not exploit malfunctions (rr.2.1.1, 2.2.1), and make failure to meet waiver conditions a contravention.\n\nASIC may grant, condition, withdraw and record waivers by legislative instrument and certain ASIC decisions can be reviewed by the Administrative Review Tribunal (rr.1.2.1–1.2.4; 1.1.8–1.1.9). Market Participants bear compliance costs and legal risk."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This appears to be a complete, focused set of market integrity rules specifically tailored for the IMB Market (a single financial market operated by IMB Ltd). The scope remains tightly constrained to: (a) attribution of corporate conduct, (b) administrative review procedures, (c) waiver mechanisms, and (d) basic conduct obligations for market participants. There is no evidence of scope creep; the rules maintain their original purpose of ensuring fair and orderly trading on this specific market."},"complexity_factors":["Short document (approximately 1,500 words across 12 operative rules)","Minimal cross-referencing (only references to Corporations Act sections 761A, 798H, 913B and the Administrative Review Tribunal Act 2024)","Straightforward conditional logic (simple 'if-then' structures in attribution rules)","11 defined terms in a single definitions section (Rule 1.3.1)","No nested exceptions or complex temporal provisions","Standard administrative law mechanisms (waiver provisions, review rights) using familiar templates"],"plain_english_summary":"This legislation sets out rules for IMB Ltd’s share market, assigning responsibility to the Market Operator and its participants for misconduct (including employees’ knowledge or acts), and giving ASIC power to grant or withdraw waivers subject to review. It requires participants to trade honestly, keep the market orderly, and not exploit errors.\n\nIt matters because it protects investors and market integrity by deterring manipulation, negligence, and unfair trading practices."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-imb-market-2010","history":"/api/acts/asic-market-integrity-rules-imb-market-2010/history","analysis":"/api/acts/asic-market-integrity-rules-imb-market-2010/analysis","conflicts":"/api/acts/asic-market-integrity-rules-imb-market-2010/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-imb-market-2010/important-cases","documents":"/api/acts/asic-market-integrity-rules-imb-market-2010/documents"}}