{"id":"F2018L00517","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/266","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2018-266","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439588,"registerId":"F2018L00517-fast-fetch-1775955556662","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/266","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) Class Waiver 2018/266\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 23 April 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512241447)\n\n[1 Name of legislative instrument](#_Toc512241448)\n\n[2 Commencement](#_Toc512241449)\n\n[3 Authority](#_Toc512241450)\n\n[4 Interpretation](#_Toc512241451)\n\n[Part 2—Waiver](#_Toc512241452)\n\n[5 Waiver from paragraph 5A.2.2(1)(a) of the Rules](#_Toc512241453)\n\n[6 Waiver from subrule 5A.2.2(2) of the Rules](#_Toc512241454)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/266.\n\n2 Commencement\n\nThis instrument commences on 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 (Securities 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\n \n\nPart 2—Waiver\n\n5 Waiver from paragraph 5A.2.2(1)(a) of the Rules\n\n(1) A Market Participant that operates a Crossing System does not have to comply with paragraph 5A.2.2(1)(a) of the Rules.\n\n(2) The relief in subsection (1) is subject to the condition that the Market Participant must, prior to accepting an Order from a client for the first time which may be matched on the Participant’s Crossing System, provide the client with a copy of the Publicly Available Crossing System Information or inform the client of the website address where that information is available.\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\n6 Waiver from subrule 5A.2.2(2) of the Rules\n\n(1) A Market Participant that operates a Crossing System does not have to comply with subrule 5A.2.2(2) of the Rules.\n\n(2) The relief in subsection (1) is subject to the condition that the Market Participant must:\n\n(a) prior to accepting an Order from a client for the first time which may be matched on the Participant’s Crossing System; and\n\n(b) prior to accepting an Order from a client which may be matched on the Participant’s Crossing System after the Non-Public Crossing System Information has been updated under subrule 5A.2.2(3) of the Rules;\n\nprovide that client with a document containing the Non-Public Crossing System Information, in relation to that Crossing System.\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\n \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 is a targeted class waiver that operates exactly as intended — it provides conditional relief from two specific disclosure obligations in the parent Rules. The scope remains narrow and purpose-built, with no evidence of scope creep or expansion beyond the original regulatory intent of allowing flexible client communication while maintaining disclosure standards."},"complexity_factors":["Very short document (only 6 sections, approximately 1 page)","Only 1 defined term used ('Rules' refers to the parent ASIC Market Integrity Rules)","Minimal cross-referencing (only references to specific subrules of the parent Rules)","Simple conditional structure: waiver granted, subject to straightforward conditions","No nested exceptions or complex logical operators","Plain language conditions using 'prior to' and basic timing triggers"],"plain_english_summary":"This instrument grants certain stockbrokers and licensed market participants a limited waiver from two pre-order disclosure rules for Crossing Systems, replacing them with alternative notification steps. It covers operators of private order-matching platforms and their clients.\n\nFirms may satisfy the public‑info obligation by giving a copy or directing clients to a website, and must provide a document containing confidential system details before a client’s first order and again after any update. The change adds communication flexibility while preserving client notice."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows the application of specific obligations in subrule 5A.2.2 by waiving those provisions for Crossing System operators and substituting conditional disclosure duties: provide Publicly Available Crossing System Information (s 5) and provide Non‑Public Crossing System Information documents before first orders and after updates (s 6). The waiver therefore alters the regulatory duties that apply to affected Market Participants."},"complexity_factors":["Short, tightly scoped waiver that targets only subrule 5A.2.2(1)(a) and subrule 5A.2.2(2) of the Rules (instrument ss 5–6).","Relies on defined terms and meanings from the Rules (instrument s 4), creating dependency on external text for full interpretation.","Timing conditions increase operational detail: disclosures must occur prior to a client’s first order and after Non‑Public Crossing System Information updates (instrument s 6(2)).","Differentiates between Publicly Available and Non‑Public Crossing System Information, imposing different delivery methods (s 5(2); s 6(2)).","Effectiveness of the waiver is conditional on complying with imposed conditions (note referencing subrule 1.2.1(2)), which creates a compliance‑verification point.","Minimal text leaves open practical details (format, delivery proof, scope of ‘first time’) that market participants must resolve operationally."],"plain_english_summary":"This instrument waives two specific obligations in the ASIC Market Integrity Rules for Market Participants that operate a Crossing System, but replaces them with conditional disclosure requirements: provide clients with the Publicly Available Crossing System Information (or its website) and, in specified circumstances, a document containing Non‑Public Crossing System Information (see ss 5–6). The Market Participant bears the compliance task of delivering those disclosures before a client’s first order and after certain updates; clients receive the information prior to trading on the Crossing System."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-266","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-266/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-266/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-266/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-266/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-266/documents"}}