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Friday 4 May 2018

18-130MR ASIC consolidates guidance on market integrity rules for market participants

ASIC has today published two regulatory guides that consolidate and replace guidance in seven regulatory guides for securities and futures markets participants.

Regulatory Guide 265 Guidance on ASIC market integrity rules for participants of securities markets (RG 265) consolidates relevant guidance in:

  • Regulatory Guide 214 Guidance on market integrity rules for ASX and ASX 24 Markets (RG 214)
  • Regulatory Guide 215 Guidance on ASIC market integrity rules for IMB, NSXA and SIM VSE markets (RG 215)
  • Regulatory Guide 223 Guidance on ASIC market integrity rules for competition in exchange markets (RG 223)
  • Regulatory Guide 224 Guidance on market integrity rules for Chi-X and APX markets (RG 224)
  • Regulatory Guide 226 Guidance on ASIC market integrity rules for capital and related requirements: ASX, ASX 24, Chi-X and APX markets (RG 226) and
  • Regulatory Guide 238 Suspicious activity reporting (RG 238)

Regulatory Guide 266 Guidance on ASIC market integrity rules for participants of futures markets (RG 266) consolidates relevant guidance in:

  • RG 214
  • RG 223
  • RG 226 and
  • RG 250 Guidance on ASIC market integrity rules for risk management and other requirements: ASX 24 market.

As part of the consolidation process ASIC has:

  • merged guidance from the various regulatory guides where appropriate
  • made minimal changes to reflect updated market integrity rule references as contained in the four consolidated market integrity rulebooks
  • removed information that is purely descriptive or no longer relevant
  • introduced new guidance on management structures as noted in Report 547 Response to submissions on CP 277 Proposals to consolidate the ASIC market integrity rules (REP 547)
  • tailored information to make guidance market neutral or, where required, more appropriately relate to relevant markets and participants.

The guidance in RG 223 for market operators has been consolidated into Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172) issued today, see 18-131MR.

The seven regulatory guides that were consolidated into RG 265, RG 266 and RG 172 will be retired.

ASIC has also reissued Regulatory Guide 241 Electronic trading today, which has been updated to reflect the consolidated market integrity rule books.

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Background

ASIC is responsible for supervising domestic licensed markets and making market integrity rules.

In November 2017 ASIC made market integrity rules which consolidated 13 of the 14 rule books into four rule books to create a common set of rules for securities markets and a common set of rules for futures markets.

  • The ASIC Market Integrity Rules (Securities Markets) 2017 (Securities Markets rules) set out obligations and prohibitions applying to activities and conduct on the ASX, Chi-X, NSXA, SSX, IR Plus securities markets as well as competition between securities markets.
  • The ASIC Market Integrity Rules (Futures Markets) 2017 (Futures Markets rules) apply to activities and conduct on the ASX 24 and FEX futures markets.
  • The ASIC Market Integrity Rules (Securities Markets – Capital) 2017 (Securities Capital rules) set out capital and reporting requirements for participants of the securities markets.
  • The ASIC Market Integrity Rules (Futures Markets – Capital) 2017 (Futures Capital rules) set out capital and reporting requirements for participants of the futures markets.

Report 547 Response to submissions on CP 277 Proposals to consolidate the ASIC market integrity rules (REP 547) sets out feedback on the consultation that preceded the making of the four rulebooks.

Most market operators and market participants will have to comply with the consolidated market integrity rules from Monday, 7 May 2018.

Some transitional arrangements apply for the NSXA, IR Plus and SSX markets (refer: 17-392MR).

ASIC is committed to reducing red tape for market participants by administering the law efficiently with a minimum of procedural requirements. Our previous work in this area includes repealing a number of market integrity rules in May 2015 (refer: 15-097MR).

Last updated: 30/03/2021 09:28