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CORPORATIONS ACT 2001 - SECT 908AC Meaning of significant financial benchmark

CORPORATIONS ACT 2001 - SECT 908AC

Meaning of significant financial benchmark

  (1)   A significant financial benchmark is a financial benchmark that is declared under subsection   (2).

  (2)   ASIC may, by legislative instrument, declare a financial benchmark to be a significant financial benchmark if ASIC is satisfied that:

  (a)   the benchmark is systemically important to the Australian financial system; or

  (b)   there is a material risk of financial contagion, or systemic instability, in Australia if the availability or integrity of the benchmark were disrupted; or

  (c)   there would be a material impact on retail or wholesale investors in Australia if the availability or integrity of the benchmark were disrupted.

Note 1:   For declaration by class, see subsection   13(3) of the Legislation Act 2003 .

Note 2:   For variation and revocation of a declaration, see subsection   33(3) of the Acts Interpretation Act 1901 .

  (3)   ASIC must not make a declaration under subsection   (2) unless consent for it has been given under subsection   (4).

  (4)   The Minister may, in writing, consent to the making of a declaration under subsection   (2).

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