CORPORATIONS ACT 2001 - SECT 908BA Administrators of significant financial benchmarks must be licensed

CORPORATIONS ACT 2001 - SECT 908BA

  (1)   A person commits an offence if:

  (a)   the person:

  (i)   administers a significant financial benchmark; or

  (ii)   holds out that the person administers a significant financial benchmark; and

  (b)   the person does not hold a benchmark administrator licence that specifies the financial benchmark; and

  (c)   the period applying under subsection   (2) for the financial benchmark has ended.

Penalty:   5 years imprisonment.

  (2)   The period for the purposes of paragraph   (1)(c):

  (a)   starts on the day (the start day ) the financial benchmark is declared under subsection   908AC(2) to be a significant financial benchmark; and

  (b)   ends as described in subsection   (3).

  (3)   The period ends at the end of the later of the following days:

  (a)   the 90th day after the start day;

  (b)   if, before the end of that 90th day, the person applies for a benchmark administrator licence specifying the financial benchmark--either:

  (i)   the day the person withdraws the application; or

  (ii)   the day the person is notified under subsection   908BC(4) of ASIC's decision to grant or refuse to grant the licence.

  (4)   Absolute liability applies to paragraph   (1)(c).

Note:   For absolute liability, see section   6.2 of the Criminal Code .