{"id":"F2018L00566","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/311","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2018-311","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439613,"registerId":"F2018L00566-fast-fetch-1775955571546","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 2018/311","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 2018/311\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 30 April 2018\n\n \n\n \n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512847901)\n\n[1 Name of legislative instrument](#_Toc512847902)\n\n[2 Commencement](#_Toc512847903)\n\n[3 Authority](#_Toc512847904)\n\n[4 Interpretation](#_Toc512847905)\n\n[Part 2—Waiver](#_Toc512847906)\n\n[5 Waivers from subrule 6.1.1(1)](#_Toc512847907)\n\n[6 Expiry](#_Toc512847908)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/311.\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) and rule 1.2.3 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\nPart 2—Waiver\n\n5 Waivers from subrule 6.1.1(1)\n\n (1) A Participant of the ASX Market does not have to comply with subrule 6.1.1(1) of the Rules in the case where the Participant enters into a transaction:\n\n(a) as an “ETF Special Trade” in accordance with rule [3310] of the operating rules of the ASX Market as in force at the date of this instrument (ASX Operating Rules); or\n\n(b) as a “Crossing of a Derivative/Cash Combination” in accordance with rule [4060] of the ASX Operating Rules; or\n\n(c) as a result of a “Derived Order”, within the meaning of the ASX Operating Rules, relating to a component leg of a Derivative/Cash Combination or a Cash Only Combination that is traded as a Tailor-Made Combination in accordance with rule [4111] of the ASX Operating Rules and Procedure 4111 of the procedures to the ASX Operating Rules; or\n\n(d) as part of a “contingent equity transaction” in accordance with Procedure 3002 of the procedures to the ASX Operating Rules.\n\n(2) A Participant of the Chi-X Market does not have to comply with subrule 6.1.1(1) of the Rules in the case where the Participant enters into a transaction as an “Exchange-Traded Fund Special Trade” in accordance with rule 14.36 of the operating rules of the Chi-X Market as in force at the date of this instrument.\n\n(3) A Market Participant does not have to comply with subrule 6.1.1(1) of the Rules in the case where the Market Participant enters into a transaction in an Equity Market Product or CGS Depository Interest other than by matching of Orders on an Order Book and that transaction would be a Trade With Price Improvement if Orders on the Order Book maintained by or on behalf of ASX and known as “PureMatch” were disregarded in calculating the Best Available Bid, Best Available Offer or Best Mid-Point (as applicable).\n\n6 Expiry\n\nThe relief in paragraph 5(1)(d) applies until 4 May 2020.\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":3,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: providing targeted exemptions from the best execution rule for specific transactional types. The scope has not expanded beyond the four ASX trade types and one Chi-X trade type originally contemplated, plus the PureMatch-related exemption. The contingent equity exemption includes a sunset clause (expiry 4 May 2020), suggesting deliberate temporal limitation rather than scope creep."},"complexity_factors":["Short document (only 6 sections across 2 Parts)","Minimal defined terms — relies on external definitions from the parent ASIC Market Integrity Rules (Securities Markets) 2017","Four specific transactional exemptions in subrule 5(1), each referencing specific ASX Operating Rules by number ([3310], [4060], [4111], Procedure 3002/4111)","One conditional expiry date (paragraph 5(1)(d) expires 4 May 2020)","Single cross-reference to subrule 6.1.1(1) of the parent Rules (the rule being waived)","No nested exceptions or complex conditional logic — straightforward 'if X, then exemption applies' structure"],"plain_english_summary":"This ASIC class waiver lets certain market participants depart from the Market Integrity Rules’ “best execution” requirement for specified, non‑standard trades so brokers can execute complex transactions without breaching the rule. \n\nIt affects ASX participants (exceptions for ETF special trades, derivative/cash combinations, derived orders and contingent equity transactions — the contingent equity exemption expires 4 May 2020), Chi‑X participants (ETF special trades), and all participants for specified “price improvement” trades ignoring the PureMatch book."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not alter the Rules themselves; it narrowly waives compliance with subrule 6.1.1(1) in specified situations (see s 5) and time-limits one waiver (see s 6). It reduces the practical scope of that subrule for certain transactions but does not expand the Rules’ ambit or create new regulatory powers."},"complexity_factors":["Cross-references to the primary Rules (subrule 6.1.1(1)) — users must read the Rules to know the substantive obligation being waived.","Dependence on external market operating rules and procedures (ASX and Chi‑X rules and ASX procedures) to define eligible trade types.","Multiple distinct trade categories covered (ETF special trades, derivative/cash combinations, derived orders, contingent equity transactions, off‑book price‑improvement trades).","One time-limited element (expiry for the contingent equity transaction waiver) adds a temporal compliance issue (s 6).","Use of capitalised defined terms from the Rules increases cross-document navigation (s 4).","Reference to market structure detail (PureMatch order book) requires market-structure knowledge to apply waiver conditions (s 5(3))."],"plain_english_summary":"This instrument grants class waivers from subrule 6.1.1(1) of the ASIC Market Integrity Rules for specified ASX and Chi‑X trade types (ETF/Exchange‑Traded Fund special trades, certain crosses and derived orders, contingent equity transactions, and certain off‑book trades). It means Participants and Market Participants do not have to follow that particular subrule when executing those transactions. ASIC’s delegate makes the waiver (see ss 3–5); one waiver for contingent equity transactions expires on 4 May 2020 (see s 6)."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-311","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-311/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-311/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-311/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-311/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-311/documents"}}