{"id":"F2018L00522","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/304","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2018-304","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439589,"registerId":"F2018L00522-fast-fetch-1775955556697","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 2018/304","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 2018/304\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](#_Toc512503566)\n\n[1 Name of legislative instrument](#_Toc512503567)\n\n[2 Commencement](#_Toc512503568)\n\n[3 Authority](#_Toc512503569)\n\n[4 Interpretation](#_Toc512503570)\n\n[Part 2—Waiver](#_Toc512503571)\n\n[5 Waiver from obligations in subrules 5A.1.1(1) and 5A.2.1(1)](#_Toc512503572)\n\n[6 Conditions](#_Toc512503573)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/304.\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:\n\nReceived Aggregation Information means, in relation to a Market Participant, the following information that is required by item 5, column 3 of the table in subrule 5A.2.1(2) of the Rules because Orders may be executed or matched in the Market Participant’s Crossing System with Orders received via another person (Aggregator) from a Crossing System operated by another Market Participant, or from a Market Participant that operates a Crossing System:\n\n(a) a code identifying the other Crossing System; and\n\n(b) the legal name of the Market Participant that operates the other Crossing System; and\n\n(c) for each Crossing System and Market Participant identified under paragraphs (a) and (b), that Orders are received from the other Crossing System or Market Participant.\n\n \n\n \n\nPart 2—Waiver\n\n5 Waiver from obligations in subrules 5A.1.1(1) and 5A.2.1(1)\n\nWaiver\n\n(1) A Market Participant does not have to comply with subrule 5A.1.1(1) of the Rules to the extent that subrule requires the Market Participant to describe Received Aggregation Information in a Crossing System Initial Report.\n\n(2) A Market Participant does not have to comply with subrule 5A.2.1(1) of the Rules to the extent that subrule requires the Market Participant to make Received Aggregation Information available on a website that is publicly accessible and free of charge.\n\nWhere the relief applies\n\n(3) The relief in subsections (1) and (2) applies where the Market Participant is not reasonably able to identify the other Crossing System or Market Participant in relation to the Received Aggregation Information because Orders are received from that Crossing System or Market Participant via an Aggregator.\n\n6 Conditions\n\n(1) It is a condition of the relief in subsection 5(1) that the Market Participant must:\n\n(a) describe in the relevant Crossing System Initial Report lodged with ASIC under Rule 5A.1.1 of the Rules:\n\n(i) the legal name of the Aggregator; and\n\n(ii) a statement that Orders in the Market Participant’s Crossing System may be executed or matched with Orders received via the Aggregator; and\n\n(iii) a unique code identifying each Crossing System operated by the Aggregator; and\n\n(b) for the purposes of the requirement in Rule 5A.1.2 of the Rules to prepare and provide to ASIC a Crossing System Monthly Report, treat any change during a calendar month to the information provided in compliance with paragraph (a):\n\n(i) as a change required to be set out in a Crossing System Monthly Report; and\n\n(ii) if the Market Participant is not otherwise required to prepare and provide to ASIC a Crossing System Monthly Report in relation to that calendar month, as a change requiring the preparation and provision to ASIC of a Crossing System Monthly Report.\n\n \n\nNote:  Rule 5A.1.2 requires a Market Participant that operates a Crossing System during a calendar month to prepare a Crossing System Monthly Report setting out any changes to the information last provided to ASIC in the Market Participant’s Crossing System Initial Report or Crossing System Monthly Report.\n\n(2) It is a condition of the relief in subsection 5(2) that the Market Participant must:\n\n(a) make available the information referred to in subparagraphs 6(1)(a)(i) to (iii):\n\n(i) on a website that is publicly accessible; and\n\n(ii) free of charge; and\n\n(b) comply with Rules 5A.2.1 and 5A.2.2 of the Rules as if the information referred to in subparagraphs 6(1)(a)(i) to (iii) were Publicly Available Crossing System Information for the purposes of those Rules.\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"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the application of two identification and public‑disclosure requirements in the Rules where an Aggregator prevents identification (s5), but replaces them with targeted substitute obligations: disclose the Aggregator's legal name, a statement that orders may be matched via the Aggregator, unique codes for the Aggregator's crossing systems, update ASIC via monthly reports for changes, and publish that information free on a public website (s6)."},"complexity_factors":["Cross-references to the ASIC Market Integrity Rules (the Rules) — requires reading this waiver alongside the Rules to understand full obligations (see ss3, 5, 6).","Defined-term dependency: the waiver operates only where 'Received Aggregation Information' and inability to identify the other Crossing System arise (s4(2), s5(3)).","Conditional relief: waiver applies 'to the extent' of specific subrules, creating partial rather than absolute exceptions (s5).","Substitute reporting obligations: requires both initial-report content changes and treating intra-month changes as triggering monthly reports (s6(1)(a)–(b)).","Public‑availability requirement: the alternative information must be published free on a publicly accessible website and treated as Publicly Available Crossing System Information for Rules purposes (s6(2)).","Judgement-based trigger: 'not reasonably able to identify' is fact-specific and creates compliance judgment and possible enforcement discretion (s5(3))."],"plain_english_summary":"This instrument lets a Market Participant skip two identification and public‑disclosure requirements in the ASIC Market Integrity Rules when it cannot reasonably identify another crossing system or participant because orders arrive via an Aggregator (s5). Instead the participant must give ASIC the Aggregator’s legal name, confirm that orders may be matched via that Aggregator, supply unique codes for the Aggregator’s crossing systems, update monthly reports for any changes, and publish that information free on a public website (s6)."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a targeted class waiver that operates exactly as intended — providing conditional relief from specific reporting obligations in the parent Rules. It does not expand beyond its original purpose of addressing practical identification limitations where Aggregators are involved."},"complexity_factors":["Only 6 sections total, with straightforward structure (Preliminary + Waiver)","Single defined term ('Received Aggregation Information') with a specific, contained definition","Clear conditional logic: relief applies only where Market Participant 'is not reasonably able to identify' the source","Two specific conditions in section 6 that mirror the waived obligations with substitute requirements","Heavy cross-referencing to the underlying ASIC Market Integrity Rules (Securities Markets) 2017, requiring external knowledge of Rules 5A.1.1, 5A.1.2, 5A.2.1, and 5A.2.2","Nested subparagraphs (e.g., 6(1)(a)(i)-(iii)) create some structural density despite short length"],"plain_english_summary":"This instrument lets stockbrokers and other Market Participants operating private Crossing Systems omit the original source of orders when those orders arrive via an intermediary Aggregator and the source genuinely can’t be identified. Instead, participants must disclose the Aggregator, provide its system code, update changes monthly, and publish this substitute information online for free. It affects Market Participants, ASIC, and investors by balancing practical limits on source identification with continued regulator and public transparency."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-304","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-304/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-304/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-304/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-304/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-304/documents"}}