{"id":"F2025L01483","name":"ASIC Market Integrity Rules (Securities Markets) Determination 2025/862","slug":"asic-market-integrity-rules-securities-markets-determination-2025-862","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107481,"registerId":"commonwealth-F2025L01483-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) Determination 2025/862","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Market Integrity Rules (Securities Markets) Determination 2025/862\n\nI, Jacqueline Cochrane, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 2 December 2025\n\nJacqueline Cochrane\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Interpretation.................................................3\n\nPart 2—Determination 4\n\n5 Tier 1 Equity Market Products and Tier 2 Equity Market Products........4\n\nSchedule 1—Tier 1 Equity Market Products 5\n\nSchedule 2—Tier 2 Equity Market Products 8\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Determination 2025/862.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n (a) 8 January 2026; and\n (b) 20 business days following the day this instrument 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 6.2.1(4) 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, stock code, in relation to an Equity Market Product, means the unique symbol assigned to the Equity Market Product under Rule 9.2.3 of the Rules.\n\nPart 2—Determination\n\n5 Tier 1 Equity Market Products and Tier 2 Equity Market Products\n\n(1) Each Equity Market Product whose stock code is set out in the table in Schedule 1 to this instrument is a Tier 1 Equity Market Product.\n\n(2) Each Equity Market Product whose stock code is set out in the table in Schedule 2 to this instrument is a Tier 2 Equity Market Product.\n\nSchedule 1—Tier 1 Equity Market Products\n\nTier 1 Equity Market Products\n\n| Item | Stock code | Issuer |\n| ---- | ---------- | ----------------------------------------------- |\n| 1 | 360 | LIFE360 INC |\n| 2 | ALL | ARISTOCRAT LEISURE LIMITED |\n| 3 | AMC | AMCOR PLC |\n| 4 | ANZ | AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |\n| 5 | BHP | BHP BILLITON LIMITED |\n| 6 | BSL | BLUESCOPE STEEL LIMITED |\n| 7 | BXB | BRAMBLES LIMITED |\n| 8 | CAR | CARSALES.COM LIMITED |\n| 9 | CBA | COMMONWEALTH BANK OF AUSTRALIA |\n| 10 | COH | COCHLEAR LIMITED |\n| 11 | COL | COLES GROUP LIMITED |\n| 12 | CPU | COMPUTERSHARE LIMITED |\n| 13 | CSL | CSL LIMITED |\n| 14 | DRO | DRONESHIELD LTD |\n| 15 | EVN | EVOLUTION MINING LIMITED |\n| 16 | FMG | FORTESCUE METALS GROUP LTD |\n| 17 | GMG | GOODMAN GROUP |\n| 18 | IAG | INSURANCE AUSTRALIA GROUP LIMITED |\n| 19 | JHX | JAMES HARDIE INDUSTRIES PLC |\n| 20 | LNW | LIGHT & WONDER INC. CDI |\n| 21 | LYC | LYNAS CORPORATION LIMITED |\n| 22 | MIN | MINERAL RESOURCES LIMITED |\n| 23 | MQG | MACQUARIE GROUP LIMITED |\n| 24 | NAB | NATIONAL AUSTRALIA BANK LIMITED |\n| 25 | NEM | NEWMONT CORPORATION |\n| 26 | NST | NORTHERN STAR RESOURCES LTD |\n| 27 | ORG | ORIGIN ENERGY LIMITED |\n| 28 | ORI | ORICA LIMITED |\n| 29 | PLS | PILBARA MINERALS LIMITED |\n| 30 | PME | PRO MEDICUS LIMITED |\n| 31 | QAN | QANTAS AIRWAYS LIMITED |\n| 32 | QBE | QBE INSURANCE GROUP LIMITED |\n| 33 | REA | REA GROUP LTD |\n| 34 | RIO | RIO TINTO LIMITED |\n| 35 | RMD | RESMED INC. |\n| 36 | RMS | RAMELIUS RESOURCES LIMITED |\n| 37 | S32 | SOUTH32 LIMITED |\n| 38 | SCG | SCENTRE GROUP |\n| 39 | SGP | STOCKLAND |\n| 40 | SHL | SONIC HEALTHCARE LIMITED |\n| 41 | SIG | SIGMA HEALTHCARE LIMITED |\n| 42 | STO | SANTOS LIMITED |\n| 43 | SUN | SUNCORP GROUP LIMITED |\n| 44 | TCL | TRANSURBAN GROUP |\n| 45 | TLS | TELSTRA CORPORATION LIMITED |\n| 46 | TLX | TELIX PHARMACEUTICALS LTD |\n| 47 | TNE | TECHNOLOGY ONE LIMITED |\n| 48 | TWE | TREASURY WINE ESTATES LIMITED |\n| 49 | VAS | VANGUARD AUSTRALIAN SHARES INDEX ETF |\n| 50 | WBC | WESTPAC BANKING CORPORATION |\n| 51 | WDS | WOODSIDE ENERGY GROUP LTD |\n| 52 | WES | WESFARMERS LIMITED |\n| 53 | WOW | WOOLWORTHS LIMITED |\n| 54 | WTC | WISETECH GLOBAL LIMITED |\n| 55 | XRO | XERO LIMITED |\n| 56 | ZIP | ZIP CO LIMITED |\n\n \n\nSchedule 2—Tier 2 Equity Market Products\n\nTier 2 Equity Market Products \n\n| Item | Stock code | Issuer |\n| ---- | ---------- | ---------------------------------------------- |\n| 1 | A200 | BETASHARES AUSTRALIA 200 ETF |\n| 2 | A2M | THE A2 MILK COMPANY LIMITED |\n| 3 | AAA | BETASHARES AUSTRALIAN HIGH INTEREST CASH ETF |\n| 4 | AGL | AGL ENERGY LIMITED. |\n| 5 | ALD | AMPOL LIMITED |\n| 6 | ALQ | ALS LIMITED |\n| 7 | APA | APA GROUP |\n| 8 | ASX | ASX LIMITED |\n| 9 | AZJ | AURIZON HOLDINGS LIMITED |\n| 10 | BOE | BOSS RESOURCES LIMITED |\n| 11 | CGF | CHALLENGER LIMITED |\n| 12 | CHC | CHARTER HALL GROUP |\n| 13 | CMM | CAPRICORN METALS LTD |\n| 14 | CSC | CAPSTONE COPPER CORP |\n| 15 | CWY | CLEANAWAY WASTE MANAGEMENT LIMITED |\n| 16 | DMP | DOMINO'S PIZZA ENTERPRISES LIMITED |\n| 17 | DXS | DEXUS PROPERTY GROUP |\n| 18 | EOS | ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED |\n| 19 | FLT | FLIGHT CENTRE TRAVEL GROUP LIMITED |\n| 20 | FPH | FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED |\n| 21 | GGP | GREATLAND RESOURCES LIMITED |\n| 22 | GMD | GENESIS MINERALS LIMITED |\n| 23 | GPT | GPT GROUP |\n| 24 | HUB | HUB24 LIMITED |\n| 25 | IEL | IDP EDUCATION LIMITED |\n| 26 | IGO | INDEPENDENCE GROUP NL |\n| 27 | ILU | ILUKA RESOURCES LIMITED |\n| 28 | IOZ | ISHARES CORE S&P/ASX 200 ETF |\n| 29 | IVV | ISHARES S&P 500 ETF |\n| 30 | JBH | JB HI-FI LIMITED |\n| 31 | LTR | LIONTOWN RESOURCES LIMITED |\n| 32 | MGR | MIRVAC GROUP |\n| 33 | MPL | MEDIBANK PRIVATE LIMITED |\n| 34 | NWL | NETWEALTH GROUP LIMITED |\n| 35 | NXT | NEXTDC LIMITED |\n| 36 | PDN | PALADIN ENERGY LTD |\n| 37 | PNI | PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED |\n| 38 | PRU | PERSEUS MINING LIMITED |\n| 39 | QUB | QUBE HOLDINGS LIMITED |\n| 40 | REH | REECE LIMITED |\n| 41 | RHC | RAMSAY HEALTH CARE LIMITED |\n| 42 | RRL | REGIS RESOURCES LIMITED |\n| 43 | SDF | STEADFAST GROUP LIMITED |\n| 44 | SEK | SEEK LIMITED |\n| 45 | SFR | SANDFIRE RESOURCES LIMITED |\n| 46 | SGH | SGH LIMITED |\n| 47 | SOL | WASHINGTON H SOUL PATTINSON & COMPANY LIMITED |\n| 48 | TLC | THE LOTTERY CORPORATION LIMITED |\n| 49 | VAU | VAULT MINERALS LIMITED |\n| 50 | VCX | VICINITY CENTRES |\n| 51 | VGS | VANGUARD MSCI INDEX INTERNATIONAL SHARES ETF |\n| 52 | WAF | WEST AFRICAN RESOURCES LIMITED |\n| 53 | WGX | WESTGOLD RESOURCES LIMITED |\n| 54 | WHC | WHITEHAVEN COAL LIMITED |\n| 55 | WOR | WORLEYPARSONS LIMITED |\n| 56 | XYZ | BLOCK INC |","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":2,"scope_assessment":{"changed":false,"description":"The instrument performs exactly the function intended by its enabling rule (subrule 6.2.1(4) of the parent Rules): specifying which equity market products fall into Tier 1 and Tier 2. There is no scope creep or expansion beyond this list-making purpose."},"complexity_factors":["Only 4 substantive provisions (sections 1-5) plus two schedules of tabular data","Single cross-reference to the parent ASIC Market Integrity Rules (Securities Markets) 2017 for defined terms","No conditional logic, exceptions, or nested definitions","Interpretation section contains only one defined term ('stock code')","Operative provision (section 5) is a straightforward lookup table mechanism","Schedules contain simple two-column tables (stock code + issuer name) with no sub-conditions"],"plain_english_summary":"This instrument is a roster by ASIC that assigns 56 listed shares/ETFs to Tier 1 and 56 to Tier 2, determining how strictly market operators (like the ASX) must apply surveillance, position limits and other integrity controls. It affects investors, brokers/trading platforms and market operators by changing which enforcement settings apply to specific securities.\n\nKey point: it updates which products get tighter or lighter oversight — it doesn’t change the underlying rules."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"By naming specific Equity Market Products as Tier 1 or Tier 2 (s5 and Schedules 1–2) the instrument alters which products are subject to the Rules' tiered obligations. It does not change the Rules' wording but changes their practical scope by classification; effectiveness is governed by the commencement clause (s2)."},"complexity_factors":["Solely a classification instrument: mechanically assigns stock codes to Tier 1 or Tier 2 (s5, Schedules 1–2)","Relies on external definitions and obligations in the ASIC Market Integrity Rules (capitalised terms and Rule 9.2.3) (s4(1), s4(2))","Commencement has two-trigger condition (calendar date and post‑registration waiting period) creating timing dependence (s2)","Large discrete lists (112 items) increase operational/administrative burden for market participants to map obligations","No selection criteria or rationale in the text — classification is discretionary, requiring users to infer basis from outside sources (s3 authority)","Errors or changes to stock codes would create compliance uncertainty and require further determinations or amendments"],"plain_english_summary":"This instrument lists specific listed equity products and assigns each to either “Tier 1” or “Tier 2” under the ASIC Market Integrity Rules (Securities Markets). It changes which tier-specific obligations in the Rules apply to particular stocks, affecting issuers, exchanges, brokers and traders who must meet different compliance and reporting requirements. The determination takes effect on the later of 8 January 2026 or 20 business days after registration."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2025-862","history":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2025-862/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2025-862/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2025-862/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2025-862/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2025-862/documents"}}