Commonwealth legislation

ASIC Class Rule Waiver [CW 13/972]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This waiver lets proprietary derivatives traders (Principal Traders) skip certain Market Integrity Rules about trading infrastructure and supervision when they trade through another broker that either gives them direct terminal access to the broker’s house account or places orders on their behalf using the broker’s order systems.

It reduces duplicate compliance where the broker’s oversight already applies, affecting Principal Traders and the brokers providing that market access.

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Current sections

Direct links to the current provisions in ASIC Class Rule Waiver [CW 13/972].

ASIC Class Rule Waiver [CW 13/972]

Australian Securities and Investments Commission
ASIC Market Integrity Rules (ASX 24 Market) 2010 –

Subrule 1.2.1(1) – Class Rule Waiver

Enabling provision

The Australian Securities and Investments Commission (ASIC) makes this instrument under subrule 1.2.1(1) of the ASIC Market Integrity Rules (ASX 24 Market) 2010 (the ASX 24 Rules).

Title

This instrument is ASIC Class Rule Waiver [CW 13/972].

Commencement

This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

Waiver

ASIC relieves a Principal Trader from the obligation to comply with Rules 2.2.1(1)(ab), (b), (c) and (e) of the ASX 24 Rules, in the case where the Principal Trader is a Client of another Market Participant (the Second Market Participant) and the Second Market Participant either:

(a) permits the Principal Trader to connect to a Terminal for the purposes of Trading for the Principal Trader’s House Account; or

(b) enters Orders on the Principal Trader’s House Account into the Trading Platform through the Second Market Participant’s Order System.

Interpretation

In this instrument, unless the contrary intention appears, capitalised terms have the meaning given by the ASX 24 Rules.

Dated this 19th day of August 2013

Signed by Greg Yanco

as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 ASIC Class Rule Waiver [CW 13/972]