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:
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.