{"id":"F2018L00513","name":"ASIC Market Integrity Rules (Securities Markets – Capital) Class Waiver 2018/259","slug":"asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439584,"registerId":"F2018L00513-fast-fetch-1775955554276","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets – Capital) Class Waiver 2018/259","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 (Securities Markets – Capital) Class Waiver 2018/259\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 20 April 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc511989618)\n\n[1 Name of legislative instrument](#_Toc511989619)\n\n[2 Commencement](#_Toc511989620)\n\n[3 Authority](#_Toc511989621)\n\n[4 Interpretation](#_Toc511989622)\n\n[Part 2—Waiver](#_Toc511989623)\n\n[5 Transitional arrangements for Participants of the NSXA Market](#_Toc511989624)\n\n[6 Period during which the relief applies](#_Toc511989625)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets – Capital) Class Waiver 2018/259.\n\n2 Commencement\n\nThis instrument commences 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) and Rule 1.2.3 of the ASIC Market Integrity Rules (Securities Markets – Capital) 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\n  \n\nPart 2—Waiver\n\n5 Transitional arrangements for Participants of the NSXA Market\n\n(1) Subject to subsection (2), a Participant of the NSXA Market does not have to comply with any provision of the Rules.\n\n(2) The relief in subsection (1) does not apply to a person who is:\n\n(a) an NSXA AOP Participant; or\n\n(b) a Participant of the NSXA Market and one or more other Markets.\n\n6 Period during which the relief applies\n\nThe relief in subsection 5(1) applies until 6 May 2019.\n","sortOrder":0}],"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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose: providing temporary transitional relief from capital requirements for a specific subset of NSXA Market participants. The scope has not expanded beyond this narrow, time-limited waiver."},"complexity_factors":["Extremely short document — only 6 sections across 2 Parts","Minimal defined terms — only references back to parent Rules for definitions ('capitalised terms have the same meaning as in the Rules')","Simple conditional structure — one main exemption in section 5(1) with two straightforward exceptions in section 5(2)","No cross-referencing maze — only references to the parent ASIC Market Integrity Rules (Securities Markets – Capital) 2017","Clear sunset clause — explicit end date of 6 May 2019 with no renewal mechanisms or nested conditions","Single purpose instrument — temporary class waiver with no ongoing administrative or operational provisions"],"plain_english_summary":"This instrument grants a temporary waiver of Australian Market Integrity Rules for stockbroking firms that are participants only of the NSXA Market, giving them a transitional grace period until 6 May 2019 to comply with ASIC’s new capital (financial buffer) requirements. It excludes NSXA AOP participants and any firm that also trades on other markets. The narrow waiver shields small, single‑market brokers from immediate compliance costs during the changeover."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"This waiver narrows the scope of who must comply with the Rules by suspending compliance obligations for most NSXA Market Participants (s5(1)), while expressly excluding NSXA AOP Participants and those also active on other markets (s5(2)(a)-(b)). The relief is time‑limited and ends 6 May 2019 (s6). The instrument relies on definitions in the Rules for key terms (s4(1)) and is made under delegated authority (s3), which shifts immediate compliance costs away from the covered Participants for the waiver period but preserves obligations for excluded groups."},"complexity_factors":["Narrow subject matter: a single-class waiver affecting only NSXA Market Participants (s5(1)).","Clear, limited exclusions: does not apply to NSXA AOP Participants or Participants also on other markets (s5(2)(a)-(b)).","Temporal limit is explicit and short: relief ends 6 May 2019 (s6).","Dependence on defined terms from the Rules: capitalised terms adopt meanings in the Rules (s4(1)), creating external definitional reliance.","Authority derived from specific Rules provisions and a delegate: made under subrule 1.2.1(1) and Rule 1.2.3 and signed by a delegate (s3 and instrument heading)."],"plain_english_summary":"This instrument temporarily frees most Participants of the NSXA Market from having to comply with the ASIC Market Integrity Rules (Securities Markets – Capital). It excludes NSXA AOP Participants and any participant who also trades on other markets, and the waiver runs only until 6 May 2019. Mechanically, it suspends compliance obligations for the defined class, reducing their immediate regulatory burdens while the relief is in force."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259","history":"/api/acts/asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-capital-class-waiver-2018-259/documents"}}