{"id":"F2025L00936","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2025/512","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2025-512","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106679,"registerId":"commonwealth-F2025L00936-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2025/512","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Market Integrity Rules (Securities Markets) Class Waiver 2025/512\n\nI, Andrew James Templer, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 14 August 2025\n\nAndrew James Templer\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Definitions...................................................3\n\nPart 2—Waiver 6\n\n5 Operators....................................................6\n\n6 Participants...................................................6\n\nPart 3—Repeal 6\n\n7 Repeal of this instrument........................................6\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2025/512.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n> Note: The register may be accessed at 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.\n\n4 Definitions\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\nBusiness Continuity Plans:\n\n(a) in relation to an Operator—has the meaning given by Rule 8A.5.1 of the Rules; and\n\n(b) in relation to a Participant—has the meaning given by Rule 8B.4.1 of the Rules.\n\nCarriage Service means a service for carrying communications by means of guided and/or unguided electromagnetic energy.\n\nCommunications Service means a service that involves:\n\n(a) supplying a Carriage Service; or\n\n(b) owning or operating assets that are used in connection with the supply of a Carriage Service.\n\nCritical Business Services:\n\n(a) in relation to an Operator—has the meaning given by Rule 8A.1.2 of the Rules; and\n\n(b) in relation to a Participant—has the meaning given by Rule 8B.1.2 of the Rules.\n\nEnergy Service means a service that involves:\n\n(a) the production, transmission, distribution or supply of electricity; or\n\n(b) the production, processing, transmission, distribution or supply of gas; or\n\n(c) the production, processing, transmission, distribution or supply of liquid fuel.\n\nOperator has the meaning given by Rule 8A.1.2 of the Rules.\n\nOperator Waived Rules means following provisions of Chapter 8A of the Rules:\n\n(a) subparagraph 8A.3.3(1)(b)(ii);\n\n(b) subparagraph 8A.3.3(1)(b)(iv);\n\n(c) paragraph 8A.3.3(1)(c);\n\n(d) paragraph 8A.3.3(1)(d);\n\n(e) paragraph 8A.3.3(1)(f);\n\n(f) paragraph 8A.3.3(1)(g);\n\n(g) paragraph 8A.3.3(1)(h);\n\n(h) subrule 8A.3.3(3) to the extent it applies in relation to paragraph 8A.3.3(1)(a).\n\nOutsourcing Arrangement:\n\n(a) in relation to an Operator—has the meaning given by Rule 8A.1.2 of the Rules; and\n\n(b) in relation to a Participant—has the meaning given by Rule 8B.1.2 of the Rules.\n\nPartially Exempt Outsourcing Arrangement means an arrangement that is an Outsourcing Arrangement in relation to an Operator or a Participant only because the Service Provider provides one or both of the following services:\n\n(a) Communications Service;\n\n(b) Energy Service.\n\nParticipant has the meaning given by Rule 8B.1.2 of the Rules.\n\nParticipant Waived Rules means the following provisions of Chapter 8B of the Rules:\n\n(a) subparagraph 8B.2.3(1)(b)(ii);\n\n(b) subparagraph 8B.2.3(1)(b)(iv);\n\n(c) paragraph 8B.2.3(1)(c);\n\n(d) paragraph 8B.2.3(1)(d);\n\n(e) paragraph 8B.2.3(1)(f);\n\n(f) paragraph 8B.2.3(1)(g);\n\n(g) paragraph 8B.2.3(1)(h);\n\n(h) subrule 8B.2.3(3) to the extent it applies in relation to paragraph 8B.2.3(1)(a).\n\nRules means the ASIC Market Integrity Rules (Securities Markets) 2017.\n\nService Provider:\n\n(a) in relation to an Operator—has the meaning given by Rule 8A.1.2 of the Rules; and\n\n(b) in relation to a Participant—has the meaning given by Rule 8B.1.2 of the Rules.\n\nPart 2—Waiver\n\n5 Operators\n\nAn Operator does not have to comply with the Operator Waived Rules in relation to a Partially Exempt Outsourcing Arrangement.\n\n    Note: An Operator must still comply with the other provisions of Chapter 8A of the Rules in relation to the Partially Exempt Outsourcing Arrangement. For example, the Operator must have adequate arrangements to ensure compliance with the Act and the Rules in a manner that is appropriate for the Outsourcing Arrangement: paragraph 8A.3.3(1)(e) and subrule 8A.3.3(2) of the Rules.\n\n6 Participants\n\nA Participant does not have to comply with the Participant Waived Rules in relation to a Partially Exempt Outsourcing Arrangement.\n\n    Note: A Participant must still comply with the other provisions of Chapter 8B of the Rules in relation to the Partially Exempt Outsourcing Arrangement. For example, the Participant must have adequate arrangements to ensure compliance with the Act and the Rules in a manner that is appropriate for the Outsourcing Arrangement: paragraph 8B.2.3(1)(e) and subrule 8B.2.3(2) of the Rules.\n\nPart 3—Repeal\n\n7 Repeal of this instrument\n\nThis instrument is repealed at the start of 30 July 2030.","sortOrder":0}],"analysis":{"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"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument maintains its original narrow purpose. It is a targeted, time-limited waiver addressing a specific regulatory burden (outsourcing of communications and energy services) without expanding into broader exemptions or permanent rule changes."},"complexity_factors":["17 defined terms in section 4, many of which cross-reference external rules (ASIC Market Integrity Rules (Securities Markets) 2017)","Nested definitions where terms like 'Business Continuity Plans' and 'Critical Business Services' have different meanings for Operators vs Participants","Precise enumeration of waived provisions through 8 specific subparagraphs/paragraphs for Operators and 8 for Participants","Conditional limitation in definitions: 'Partially Exempt Outsourcing Arrangement' only applies when outsourcing is 'only because' the provider supplies communications or energy services","Partial waivers with extent limitations (e.g., subrule 8A.3.3(3) only waived 'to the extent it applies in relation to paragraph 8A.3.3(1)(a)')","Sunset clause with automatic repeal mechanism in Part 3"],"plain_english_summary":"This temporary ASIC class waiver lets stock-exchange operators and market participants relax certain outsourcing rules when they contract basic telecommunications or energy services from external providers. It reduces duplicate regulatory burden by recognising those utilities are already regulated, while keeping core legal and risk-management responsibilities intact. The relief is limited in scope and expires automatically on 30 July 2030."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument narrows the operational scope of specified Chapter 8A and 8B obligations by exempting named subrules for Outsourcing Arrangements that are limited to Communications or Energy Services (Partially Exempt Outsourcing Arrangements). It therefore reduces the set of immediate compliance obligations for Operators and Participants in those narrow cases while leaving other Rule duties and Act compliance requirements intact (see ss.4–6 and repeal s.7)."},"complexity_factors":["Heavy cross‑references to the ASIC Market Integrity Rules (Securities Markets) 2017 (Chapters 8A and 8B) requiring users to consult the primary Rules to see full effect.","Multiple defined terms (Operator, Participant, Outsourcing Arrangement, Partially Exempt Outsourcing Arrangement, Service Provider, Business Continuity Plans, Critical Business Services) that change interpretive scope.","List of specific subrules and subparagraphs waived (detailed enumeration) increases drafting precision and interpretive burden.","Partial exemption design — waiver applies only where the Outsourcing Arrangement exists solely because the Service Provider supplies Communications or Energy Services — adds factual inquiry to determine applicability.","Operational interplay: instrument expressly preserves other Chapter obligations (e.g. duty to ensure compliance with the Act), requiring careful compliance mapping.","Time limit (repeal at start of 30 July 2030) creates temporal compliance management tasks."],"plain_english_summary":"This instrument waives specified Chapter 8A and 8B rule obligations for market Operators and Participants when an Outsourcing Arrangement involves only communications or energy services (a \"Partially Exempt Outsourcing Arrangement\"). It removes compliance requirements listed as Operator Waived Rules and Participant Waived Rules while keeping other Chapter obligations — including duties to ensure compliance with the Act — in force.\n\nIt affects Operators, Participants and their service providers by lowering compliance steps for those specific outsourced services; ASIC (by delegate) implements the waiver; firms must update governance, contracts and risk controls accordingly."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2025-512","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2025-512/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2025-512/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2025-512/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2025-512/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2025-512/documents"}}