ASIC Market supervision update Issue 4

Previous issues

ASIC consults on equity market structure – regulatory framework

Consultation on competition for market services

ASIC released a consultation package on enhancing regulation of Australia’s equity markets, including the introduction of competition between exchange markets on 4 November 2010. The consultation period closes on 21 January 2011.

ASIC held national industry information sessions with over 300 attendees in November and will continue to meet and receive feedback on the paper and its proposals. We encourage you to engage with the paper and it’s proposals and provide any feedback to us directly or via your industry association.

ADA Accreditation

As per ASIC/ASX Market Integrity Rule 2.4.1, a market participant must ensure that each of its representatives that provide financial product advice to retail clients in relation to options warrant contracts, futures market contracts or warrants, hold the relevant accreditation.

As participants would be aware, advisers that were accredited as at 31 July 2010 under the ASX Market Rules, are now deemed to be accredited by ASIC under the Market Integrity Rules, and will continue in their prior form and effect unless ASIC determines otherwise.

ASIC has become aware of uncertainty amongst some advisers suggesting that current accreditation lapses two years after the previous renewal date of 12 December 2008. While this was the assertion by ASX Circular 434/08 (3 September 2008), ASIC, which now has responsibility for the accreditation process, has decided that the ADA renewal process will take place in early Q2 of 2011.

As a result, existing accreditations will continue in their existing form and continue to have the same effect until ASIC sets a renewal date in 2011. ASIC will inform accredited advisers of the renewal period when appropriate and the manner in which it will receive applications for re-accreditation.

New forms for Accredited Derivatives Advisers

ASIC has recently released a set of forms which market participants can use to submit their various applications and notifications for Accredited Derivatives Advisers.

In particular, the forms cover applications for the accreditation or re-accreditation of persons as Level 1 or 2 Accredited Derivatives Advisers. The set also include forms for the withdrawal of accreditation. The following are links to the forms:

These forms are available on the ASIC website.

 

To find the forms on this page, click on 'more search options' to open the Advanced Search area, then from the 'Legislative reference' drop down list select 'ASIC Market Integrity Rules'.

For more information

Please see

www.asic.gov.au/market-supervision

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ASIC's Market supervision update is a periodic eNewsletter from the Australian Securities & Investments Commission, 100 Market Street, Sydney, NSW, Australia, 2000. You are receiving this because you asked to be put on the mailing list.

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Last updated: 30/03/2021 09:35