Key Documents
On 4 October 2016, the Government announced that it would strengthen financial regulation to better protect Australians from the possible abuse and manipulation of financial benchmarks. These reforms are proposed to commence on 1 January 2018.
This consultation process seeks stakeholder views on the draft legislation to implement these reforms, which will require administrators of 'significant' benchmarks to obtain a 'benchmark administrator' license and comply with a number of new regulatory requirements.
There are two Bills for consideration, the:
- Corporations Amendment (Financial Benchmarks) Bill 2017; and
- ASIC Supervisory Cost Recovery Levy Amendment Bill 2017; as well as
- accompanying explanatory materials.
The proposed Bills establish the overarching framework for the regulatory regime. The Government and ASIC will continue to consult on the regulatory regime, with this detail to be included in subsequent draft ASIC rules.
The submission process on the draft Bills and explanatory materials will close on Monday, 24 July 2017.