{"id":"F2018L00582","name":"ASIC Market Integrity Rules (Securities Markets) Determination 2018/317","slug":"asic-market-integrity-rules-securities-markets-determination-2018-317","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439615,"registerId":"F2018L00582-fast-fetch-1775955574049","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) Determination 2018/317","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) Determination 2018/317\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 1 May 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512933736)\n\n[1 Name of legislative instrument](#_Toc512933737)\n\n[2 Commencement](#_Toc512933738)\n\n[3 Authority](#_Toc512933739)\n\n[4 Interpretation](#_Toc512933740)\n\n[Part 2—Determination](#_Toc512933741)\n\n[5 Accredited Futures Advisers—Approved educational modules and subjects](#_Toc512933742)\n\n[6 Level One Accredited Derivatives Advisers—Approved examinations, educational modules and subjects](#_Toc512933743)\n\n[7 Level Two Accredited Derivatives Advisers—Approved examinations](#_Toc512933744)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Determination 2018/317.\n\n2 Commencement\n\nThis instrument commences on the day after it 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 subrules 2.4.6(4), 2.4.7(4) and 2.4.8(4) of the ASIC Market Integrity Rules (Securities Markets) 2017 (Rules). \n\n4 Interpretation\n\n In this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Rules.\n\nPart 2—Determination\n\n5 Accredited Futures Advisers—Approved educational modules and subjects\n\n The Futures Markets module of the AFMA Financial Markets Accreditation Program offered by the Australian Financial Markets Association is an educational module and subject approved by ASIC for the purposes of subparagraph 2.4.6(1)(b)(ii) of the Rules.\n\n6 Level One Accredited Derivatives Advisers—Approved examinations, educational modules and subjects\n\n(1) The ASX Level One Accreditation Examination administered by Kaplan Education Pty Ltd (offered before 1 August 2010) is an examination approved by ASIC for the purposes of subparagraph 2.4.7(1)(b)(i) of the Rules.\n\n(2) The Accredited Derivatives Adviser Level 1 (ADA1) course offered by Kaplan Education Pty Ltd (offered after 1 August 2010) is an educational module and subject approved by ASIC for the purposes of subparagraph 2.4.7(1)(b)(ii) of the Rules.\n\n7 Level Two Accredited Derivatives Advisers—Approved examinations\n\n(1) For the purposes of paragraph 2.4.8(1)(b) of the Rules, the ASX Level One Accreditation Examination administered by Kaplan Education Pty Ltd (offered before 1 August 2010) is an examination approved by ASIC as an Accreditation Examination for Level One Accredited Derivatives Advisers that is relevant to financial product advice of the kind covered by Rules 2.4.2 and 2.4.3 of the Rules.\n\n(2) For the purposes of paragraph 2.4.8(1)(b) of the Rules, the ASX Level Two Accreditation Examination administered by Kaplan Education Pty Ltd (offered before 1 August 2010) is an examination approved by ASIC as an Accreditation Examination for Level Two Accredited Derivatives Advisers that is relevant to financial product advice of the kind covered by Rule 2.4.4 of the Rules.\n\nNote: Unless a person is applying for, or has been granted an exemption under subrule 2.4.11(1) of the Rules, ASIC may not accredit the person as a Level Two Accredited Derivatives Adviser unless the person has obtained a score of 80% or more for each of the Accreditation Examinations for Level One Accredited Derivatives Advisers and Level Two Accredited Derivatives Advisers approved by ASIC in accordance with subrule 2.4.8(4) of the Rules: paragraph 2.4.8(1)(b) of the Rules.\n","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"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument does not change who or what activities are covered by the Rules; it only specifies which educational modules and examinations ASIC approves to satisfy the Rules’ training requirements (see s3; determinations in s5–s7). Interpretation depends on defined terms in the Rules (s4)."},"complexity_factors":["Instrument operates by cross-reference to the ASIC Market Integrity Rules (requires reading Rules to understand full effect) (s3, s4).","Approvals are provider- and date-specific (AFMA module; Kaplan exams/courses, with 'before 1 August 2010' and 'after 1 August 2010' distinctions) (s5; s6(1),(2); s7(1),(2)).","Accreditation outcome depends on examination scoring rules set out in the Rules (80% score requirement referenced in the post-s7 note and linked to subrule 2.4.8(4)) (note after s7).","Delegated administrative instrument: made by ASIC delegate under specific subrules—limits the instrument to listing approvals rather than changing substantive accreditation criteria (s3).","Commencement and interpretation mechanics affect when approvals take effect and rely on defined terms in the Rules (s2, s4)."],"plain_english_summary":"This instrument designates specific courses and exams that ASIC accepts as meeting the training requirements for Accredited Futures Advisers and Level One and Two Accredited Derivatives Advisers. It names AFMA’s Futures Markets module and several Kaplan-administered exams/courses (with date cut‑offs). It matters because completing or passing these approved items is a precondition for obtaining ASIC accreditation under the Rules."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the narrow function it was designed for: approving specific educational modules and examinations under the parent Market Integrity Rules. It has not expanded beyond its original purpose of specifying which training courses satisfy the accreditation requirements."},"complexity_factors":["Very short instrument (7 sections, approximately 1 page)","Only 1 defined term reference (capitalised terms refer to parent Rules)","No conditional logic or nested exceptions","Simple declarative structure ('X is approved for purposes of Y')","Minimal cross-referencing (only to specific subrules of parent Rules)","Contains only lists of approved providers and courses with date cut-offs"],"plain_english_summary":"This ASIC rule formally approves specific courses and exams as the required training for advisers on futures and derivatives: AFMA’s Financial Markets Accreditation for Accredited Futures Advisers; either ASX Level One (pre‑Aug 2010) or Kaplan’s ADA1 (post‑Aug 2010) for Level One; and ASX Level One and Level Two (pre‑Aug 2010) as pathways to Level Two. It affects advisers, brokers, training providers and firms—only those with these approved qualifications can legally give advice on these high‑risk products."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-317","history":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-317/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-317/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-317/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-317/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-317/documents"}}