ASIC's approach to exercising delegated powers

ASIC's role in exercising delegated powers

On 22 April 2016, Assistant Treasurer Kelly O'Dwyer delegated some of her powers to ASIC relating to financial market and clearing and settlement facility licensing, operating rules and compensation arrangements (see media release). Read the current instrument.

In exercising the delegated powers, ASIC delegates will have regard to:

  • the matters the Minister is required to consider under chapter 7 of the Corporations Act 2001;
  • the guidelines issued by the Minister for delegates;
  • advice provided by ASIC and, where relevant, the Reserve Bank of Australia (e.g. in relation to clearing and settlement facility matters); and
  • feedback from any industry consultation undertaken on specific matters.

We will make details of matters determined under the delegation for the last year available on this website on a quarterly basis.

Determined matters during the period 1 October to 31 December 2023

Entity Matter type Corporations Act (delegated power) Description Legislated timeframes
FEX Global Pty Ltd Changes to operating rules s793E Large-scale generation certificate futures contract (monthly) 28 days
ASX Clear Pty Limited Changes to operating rules s 822E Capital measures for participants 28 days

Determined matters during the period 1 July to 30 September 2023

Entity Matter type Corporations Act (delegated power) Description Legislated timeframes
FEX Global Pty Ltd Changes to operating rules s793E Change of Price Reporting Agency for Iron Ore contract 28 days
Refinitiv (SEF) LLC Overseas AML application s795B(2) Application for an overseas Australian market licence to provide an electronic platform for the trading of NDFs and FX options. N/A
SwapEx LLC AML cancellation 797B SwapEx notified ASIC in its 792F report that it intends to seek deregistration as a SEF following planned cessation of trading on 29 September 2023 and cease operating in Australia on the same date. N/A
Yieldbroker Pty Limited AML Variation s796A(2)(b) AML variation in relation to Yieldbroker's RMO status in Singapore and aligning/updating conditions with other AMLs. N/A
Cboe SEF, LLC Overseas AML application s795B(2) Application for an overseas Australian market licence to provide an electronic platform for the trading of FX NDFs. N/A
Yieldbroker Pty Limited Changes to operating rules s793E Rule changes to incorporate Singapore activities as a Recognised Market Operator 28 days

Determined matters during the period 1 April to 30 June 2023

Entity Matter type Corporations Act (delegated power) Description Legislated timeframes
Canvas Digital Pty Ltd AML Exemption s791C(1) Exemption from requirement to hold an Australian market licence N/A
Canvas Digital Pty Ltd AML Exemption variation s791C(2) The Corporations (Canvas Digital Pty Ltd) Australian Market Licence Exemption Notice 2023 is varied to extend the repeal date of 31 July 2023 N/A
PO Capital Markets Pty Ltd Domestic AML Application s795B(1) Application for a domestic Australian market licence to provide an electronic platform for the trading of interest rate derivatives. N/A
BrokerTec Europe Limited Revocation of AML Exemption s791C(2) Revocation of the Corporations (BrokerTec Europe Limited) Exemption Notice 2015. N/A

Determined matters during the period 1 January to 31 March 2023

Entity Matter type Corporations Act (delegated power) Description Legislated timeframes
ASX Limited, ASX Clear Pty Limited and ASX Settlement Pty Limited Minister's Power to require a special report ss794B(1) and ss823B(1) Notices issued to these licensees requesting two special reports covering:
  1. how the ASX Licensees will respond to the findings and recommendations of the External Review (the External Review Special Report - due 30 June 2023); and
  2. the ASX Licensees’ current portfolio, program and project management frameworks and an assessment of those frameworks against internationally recognised standards (PPPM Special Report - due 29 September 2023).

Both special reports will be audited by Ernst & Young.

N/A
Cboe Australia Pty Ltd (formerly Chi-X Australia Pty Ltd) Changes to operating rules s793E Changes to enable the Cboe BIDS Australia service on the Cboe Market 28 days
Participants in RBA / DFCRC Pilot Clearing & Settlement facility licence exemption application ss820C(1) Application to exempt a class of CS Facilities from specified provisions of Part 7.3 of the Act N/A

ASIC's role in advising the Minister/delegate on matters

The delegation arrangements will speed up the process for obtaining regulatory approvals. It does not otherwise change the way ASIC engages with stakeholders and the matters that ASIC considers in preparing its advice to the Minister (or delegate). For example, ASIC, in its advisory function, will continue to have regard to:

  • the requirements in the Corporations Act;
  • ASIC's strategic objectives;
  • advice from other government agencies (including the Reserve Bank of Australia);
  • international developments; and
  • the nature and extent of the public consultation process undertaken in relation to a matter and the feedback provided from that process.
Last updated: 21/03/2024 01:21