{"id":"F2022L01309","name":"ASIC Market Integrity Rules (Securities Markets) BNP Paribas SA Waiver 2022/811","slug":"asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441557,"registerId":"F2022L01309-fast-fetch-1775956830403","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) BNP Paribas SA Waiver 2022/811","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Market Integrity Rules (Securities Markets) BNP Paribas SA Waiver 2022/811\n\nI, Natalie Boulizos, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 30 September 2022\n\n \n\nNatalie Boulizos\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc115428068)\n\n[1 Name of legislative instrument](#_Toc115428069)\n\n[2 Commencement](#_Toc115428070)\n\n[3 Authority](#_Toc115428071)\n\n[4 Definitions](#_Toc115428072)\n\n[Part 2—Waiver](#_Toc115428073)\n\n[5 Waiver](#_Toc115428074)\n\n[6 Where the waiver applies](#_Toc115428075)\n\n[7 Conditions](#_Toc115428076)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) BNP Paribas SA Waiver 2022/811.\n\n2 Commencement\n\nThis instrument commences on the day after it 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 (Securities Markets) 2017.\n\n4 Definitions\n\n(1) In this instrument:\n\nBNPP means BNP Paribas SA (ARBN 000 000 117).\n\nSecond Participant has the same meaning as in Rule 11.1.1 of the operating rules in force as at the date of this instrument of the clearing and settlement facility operated by ASX Clear Pty Ltd (ACN 001 314 503).\n\nSecurities Markets Rules means the ASIC Market Integrity Rules (Securities Markets) 2017.\n\n(2) In this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Securities Markets Rules.\n\n \n\nPart 2—Waiver\n\n5 Waiver\n\nBNPP does not have to comply with any of the provisions of the Securities Markets Rules.\n\n6 Where the waiver applies\n\nThe relief in section 5 applies where all of the following are satisfied:\n\n(a) BNPP’s Trading Permission in respect of Cash Market Products is restricted to reporting on a Trading Platform of ASX any Cash Market Transactions arising from the exercise of a Derivatives Market Contract;\n\n(b) BNPP is not permitted by ASX to have arrangements for connectivity to the Trading Platform of ASX;\n\n(c) BNPP’s Trading Permission and clearing arrangements in respect of Derivative Market Transactions is restricted to receiving allocations as Second Participant.\n\n7 Conditions\n\nThe relief in section 5 is subject to the following conditions:\n\n(a) BNPP must notify ASIC of any changes to:\n\n(i) the conditions imposed by ASX on the admission or Trading Permission of BNPP; and\n\n(ii) the business model for the business that BNPP carries on in relation to the ASX Market;\n\n(b) BNPP must notify ASIC of any changes referred to in paragraph (a) at least 10 Business Days before those changes take effect, or if it is not reasonably practicable to notify ASIC by that time, as soon as reasonably practicable after that time.\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 Securities Markets Rules.  \n\n \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 is a discrete, single-entity waiver instrument made under the specific waiver power in subrule 1.2.1(1) of the Market Integrity Rules. It has not expanded beyond its original purpose of granting conditional relief to BNP Paribas SA for specific restricted activities."},"complexity_factors":["Very short document (7 sections, approximately 1.5 pages)","Only 3 defined terms in section 4, plus standard incorporation by reference of defined terms from the parent rules","Simple conditional structure: one blanket waiver (section 5) with three specific limitations (section 6) and two notification conditions (section 7)","No nested exceptions or complex cross-referencing beyond the basic authority citation (subrule 1.2.1(1))","Single-purpose instrument applying to one specific entity (BNP Paribas SA) for a narrowly defined activity"],"plain_english_summary":"This ASIC waiver lets BNP Paribas SA be excused from the ASIC Market Integrity Rules (Securities Markets) 2017 for a very narrow Australian role: reporting cash trades that arise from exercising derivatives, operating without direct ASX system connections, and acting only as a secondary clearing participant. It enables limited clearing/settlement activity without full market-participant compliance, subject to notice obligations to ASIC about ASX trading permissions or business-model changes; breaches void the waiver."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the application of the Securities Markets Rules to BNP Paribas SA by exempting it from all rule provisions where three operational conditions are met (limited ASX reporting role, no ASX connectivity, and receiving allocations only as a Second Participant). It replaces routine compliance obligations with a continuing notification duty to ASIC."},"complexity_factors":["Blanket waiver language: removes obligation to comply with “any of the provisions” of the Securities Markets Rules (broad legal effect).","Conditional applicability: waiver operates only if three specific operational criteria are simultaneously met (clauses in section 6).","Cross-references to external rules/definitions: relies on the Securities Markets Rules for capitalised terms and on ASX Clear operating rules for the meaning of “Second Participant”.","Notification requirement: BNPP must report changes to ASX-imposed conditions or its ASX business model at least 10 Business Days prior, or as soon as reasonably practicable (section 7) — this creates timing and practical-compliance considerations.","Delegated authority: instrument is made under a subrule of the Securities Markets Rules, so interpretation and future variation depends on that enabling provision.","Narrow stakeholder set: the waiver targets a single entity (BNPP), which limits distributional complexity but concentrates legal effect and need for case-specific factual verification."],"plain_english_summary":"This instrument exempts BNP Paribas SA from complying with the ASIC Market Integrity Rules (Securities Markets) when its ASX activity is limited to reporting Cash Market transactions that arise from exercising derivatives, it has no ASX connectivity, and it receives allocations only as a Second Participant. BNP Paribas must notify ASIC of any changes to ASX-imposed conditions or its ASX business model at least 10 business days beforehand (or as soon as reasonably practicable), keeping ASIC informed while removing routine rule compliance in those narrow circumstances."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811","history":"/api/acts/asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-bnp-paribas-sa-waiver-2022-811/documents"}}