{"id":"F2018L00527","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/298","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2018-298","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439593,"registerId":"F2018L00527-fast-fetch-1775955559382","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 2018/298","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 2018/298\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 26 April 2018\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512505139)\n\n[1 Name of legislative instrument](#_Toc512505140)\n\n[2 Commencement](#_Toc512505141)\n\n[3 Authority](#_Toc512505142)\n\n[4 Interpretation](#_Toc512505143)\n\n[Part 2—Waiver](#_Toc512505144)\n\n[5 Time for reconciliation of clients’ segregated accounts](#_Toc512505145)\n\n[6 Time for notifying ASIC in respect of reconciliation](#_Toc512505146)\n\n[7 Conditions](#_Toc512505147)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/298.\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\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 Time for reconciliation of clients’ segregated accounts\n\n (1) A Market Participant does not have to comply with subrule 3.5.8(1) of the Rules for so long as the Market Participant performs the reconciliation referred to in that subrule by 12.00 pm on the second Trading Day after the Trading Day to which the reconciliation relates.\n\n(2) The relief in subsection (1) applies where the Market Participant is ordinarily unable to perform the reconciliation referred to in subrule 3.5.8(1) of the Rules by 7.00 pm on the Trading Day after the Trading Day to which the reconciliation relates, because the Market Participant relies on information obtained from a person located outside Australia to perform the reconciliation referred to in that subrule.\n\n6 Time for notifying ASIC in respect of reconciliation\n\nA Market Participant does not have to comply with paragraph 3.5.10(a) of the Rules for so long as the Market Participant notifies ASIC, in writing, within one Business Day if a reconciliation has not been performed by 12.00 pm on the second Trading Day after the Trading Day to which the reconciliation relates.\n\n 7 Conditions\n\nIt is a condition of the relief in subsection 5(1) that where the Market Participant performs the reconciliation referred to in subrule 3.5.8(1) on the second Trading Day after the Trading Day to which the reconciliation relates, the Market Participant  must notify ASIC, in writing, within one Business Day if:\n\n(a) the reconciliation has not been performed in accordance with Rule 3.5.8 (except to the extent that Rule requires the Market Participant to perform the reconciliation by 7.00 pm on the Trading Day after the Trading Day to which the reconciliation relates); or\n\n(b) according to the reconciliation, Total Deposits is less than Total Third Party Client Monies.\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","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument maintains its original narrow purpose: providing a time-limited, conditional waiver for specific reconciliation obligations. It has not expanded beyond addressing practical time zone constraints for market participants relying on overseas information sources."},"complexity_factors":["Very short instrument (7 sections, ~2 pages)","Only 2 defined terms effectively used (Market Participant, Trading Day — both imported by reference from parent Rules)","Simple conditional structure: relief applies only where specific operational constraint exists (overseas information dependency)","Minimal cross-referencing (only to specific subrules of parent Rules: 3.5.8(1), 3.5.10(a), and 1.2.1)","Clear time-based conditions (12:00 pm Sydney time, second Trading Day, one Business Day notification)","Single nested condition in section 7 (notification requirements contingent on timing of reconciliation)"],"plain_english_summary":"This instrument lets stockbrokers and similar market participants who rely on overseas sources delay the required reconciliation of clients’ segregated accounts from 7:00pm next‑day to 12:00pm on the second trading day, provided they notify ASIC in writing if they miss the extended deadline and immediately report any discrepancies. It addresses cross‑border timing issues while keeping reporting safeguards in place."},"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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument relaxes the timing requirement in the original Rules for reconciling clients’ segregated accounts by extending the deadline to 12:00 pm on the second Trading Day for Market Participants who rely on overseas information, and it adds specific written notification conditions to ASIC if the later reconciliation is missed or reveals a shortfall (ss5–7). The waiver is targeted to timing and reporting; it does not alter the substantive reconciliation obligations beyond those temporal and notification changes."},"complexity_factors":["Cross‑references to the ASIC Market Integrity Rules (capitalised terms and Rule 3.5.8/3.5.10) create dependency on external definitions and obligations (s4; s5–6).","Time definitions and multiple deadlines (Trading Day, Business Day, specific clock times) require precise operational alignment (s4; s5–6).","Relief is conditional on reliance on information from persons outside Australia, introducing fact‑specific eligibility assessments (s5(2)).","Notification requirements and conditions attach to the waiver, adding discrete compliance and reporting steps (s6; s7).","Instrument is made by ASIC under a delegate power, so administrative discretion and interaction with existing Rules determine practical effect (s3)."],"plain_english_summary":"This waiver lets Market Participants perform the required reconciliation of clients’ segregated accounts by 12:00 pm on the second Trading Day after the relevant Trading Day instead of by 7:00 pm the next Trading Day when they rely on information from a person outside Australia (s5). It also requires written notifications to ASIC if the later reconciliation deadline is missed or shows a shortfall, shifting some timing flexibility to firms while adding reporting obligations (ss6–7)."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-298","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-298/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-298/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-298/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-298/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-298/documents"}}