is made available to users (whether or not for a fee); and

is calculated periodically from one or more:

transactions, instruments, currencies, prices, estimates, rates, indices, values, financial products, bank accepted bills or negotiable certificates of deposit; or

other interests or goods (whether tangible or intangible); and

is referenced or otherwise used for purposes that include one or more of the following:

calculating the interest, or other amounts, payable under financial products, bank accepted bills or negotiable certificates of deposit;

calculating the price at which a financial product, bank accepted bill or negotiable certificate of deposit may be traded, redeemed or dealt in;

calculating the value of a financial product, bank accepted bill or negotiable certificate of deposit;

measuring the performance of a financial product, bank accepted bill or negotiable certificate of deposit.

the benchmark is systemically important to the Australian financial system; or

there is a material risk of financial contagion, or systemic instability, in Australia if the availability or integrity of the benchmark were disrupted; or

there would be a material impact on retail or wholesale investors in Australia if the availability or integrity of the benchmark were disrupted.

the Australian economy; or

the efficiency, integrity and stability of the Australian financial system.

provide the Minister, on the following day, with a written explanation of the need for the declaration; and

revoke the declaration in accordance with any direction under subsection (3).

any declaration of the financial benchmark under subsection 908AC(2); or

any variation, or revocation, under subsection 908AC(2) of a declaration of the financial benchmark under that subsection; or

any revocation under subsection 908AD(2)(b) of a declaration of the financial benchmark under subsection 908AC(2).

that the regulatory regime that applies in relation to the financial benchmark in that country provides for adequate supervision of the financial benchmark; or

that adequate cooperative arrangements are in place with an appropriate authority of that country to ensure that the financial benchmark will be adequately supervised by that authority.

the person:

administers a significant financial benchmark; or

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

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

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

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

ends as described in subsection (3).

the 90th day after the start day;

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

the day the person withdraws the application; or

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

in Australia, the person holds out that:

the person holds a benchmark administrator licence; or

the administration of a financial benchmark by the person is authorised by a benchmark administrator licence; or

a financial benchmark is specified in a benchmark administrator licence; or

a financial benchmark is a significant financial benchmark; or

a financial benchmark is not a significant financial benchmark; and

this is not the case.

the application was made in accordance with section 908BD; and

the applicant will comply with the obligations that will apply if the licence is granted; and

no disqualified individual appears to be involved in the applicant.

42 days have passed since the application was made; and

if ASIC gives a notice under subsection 853D(2) to the applicant within those 42 days, ASIC decides not to make a declaration under section 853C about any individual who is involved in the applicant.

ASIC’s decision whether to grant the applicant a licence; and

if the licence is granted—any conditions to which the licence is subject.

refuse to consider the application; or

refuse to take any action, or any further action, in relation to the application.

the name of the licensee and of the financial benchmark specified in the licence; and

when the licence was granted; and

any conditions to which the licence is subject; and

when the licence takes effect.

impose conditions, or additional conditions, on a benchmark administrator licence; or

vary or revoke any conditions to which a benchmark administrator licence is subject (whether imposed under paragraph (a) or under subsection 908BC(1));

on its own initiative, subject to subsection (3); or

if the licensee lodges an application with ASIC, in a form approved by ASIC in writing, seeking:

the imposition of conditions; or

the variation or revocation of conditions.

ASIC considers it appropriate to do so having regard to:

the licensee’s obligations under this Part; and

the licensee’s obligations under rules made under Division 3; and

any change in the administration of the financial benchmark specified in the licence; and

ASIC gives the licensee written notice of the proposed action and an opportunity to make a submission before the proposed action is to take effect.

take account of a change in the licensee’s name; or

take account of a change in the financial benchmark specified in the licence; or

specify one or more further financial benchmarks;

the licensee ceases to carry on the business of administering the financial benchmark specified in the licence; or

the licensee is a Chapter 5 body corporate, or under a foreign law is in a similar position to a Chapter 5 body corporate; or

the licensee asks ASIC to do so; or

(d) in the case of a licensee that is a leviable entity (within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017)—the following have not been paid in full at least 12 months after the due date for payment:

an amount of levy (if any) payable in respect of the licensee;

the amount of late payment penalty payable (if any) in relation to the levy;

the amount of shortfall penalty payable (if any) in relation to the levy.

any conditions to which the licence is subject; or

any of its obligations under this Part; or

any of its obligations under rules made under Division 3;

the grounds on which it is proposed to suspend or cancel the licence; and

a reasonable time and place at which the hearing is to be held.

give the licensee an opportunity to be heard at the hearing; and

give ASIC:

a report about the hearing; and

a recommendation about the grounds in the notice on which it is proposed to suspend or cancel the licence.

decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or

suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.

suspend, or vary or revoke a suspension of, a benchmark administrator licence; or

cancel a benchmark administrator licence;

grant under section 908BC a benchmark administrator licence that specifies the financial benchmark;

impose, vary or revoke conditions on such a licence under section 908BC or 908BG;

vary such a licence under section 908BH for a change referred to in paragraph 908BH(b) or (c);

suspend or cancel such a licence under section 908BJ.

how the financial benchmark is, or is to be, administered;

the nature and purpose of the financial benchmark;

the manner in which the financial benchmark is, or is to be, used;

the persons who are, or may be, required to report data or other information to the licensee for the purposes of generating or administering the financial benchmark;

for an entity that is authorised to administer the same or a similar financial benchmark in the foreign country in which its principal place of business is located:

the criteria that the entity satisfied to obtain an authorisation to administer that financial benchmark in that country; and

the obligations the entity must continue to comply with to keep the authorisation; and

the level of supervision to which the administration of that financial benchmark in that country is subject; and

whether adequate arrangements exist for cooperation between ASIC and the authority that is responsible for that supervision;

whether it would be in the public interest to take the action referred to in subsection (1).

comply with the conditions on the licence; and

if the licensee is a foreign body corporate—be registered under Division 2 of Part 5B.2; and

take all reasonable steps to ensure that no disqualified individual becomes, or remains, involved in the administration of the financial benchmark specified in the licence.

the person is a benchmark administrator licensee; and

the licensee becomes aware of any of the following events:

that the licensee may no longer be able to comply with an obligation under section 908BP;

that the licensee has failed to comply with an obligation under section 908BP;

that a person becomes or ceases to be a director, secretary or senior manager of the licensee;

that a person becomes or ceases to be a director, secretary or senior manager of a holding company of the licensee; and

the licensee fails to give written notice to ASIC of:

the event; and

such related information (if any) as is prescribed by the regulations for the purposes of this subparagraph;

changes from one of the positions mentioned in that subparagraph to another; or

changes from a position mentioned in that subparagraph to a position mentioned in the other subparagraph.

the person is a benchmark administrator licensee; and

a regulator to which this section applies reasonably requests, in writing, the person to:

give the regulator access to the person’s books that relate to the person’s capacity as such a licensee; or

give other assistance to the regulator in relation to the performance of the regulator’s functions; and

the person fails to comply with the request.

the person is a benchmark administrator licensee; and

ASIC requests, in writing, the person to provide reasonable access to any of the person’s facilities for any of the purposes of this Part; and

the facilities relate to the person’s capacity as such a licensee; and

the person fails to comply with the request.

any of its obligations under this Part; or

any of its obligations under rules made under Division 3;

a direction under subsection 908BT(1); or

a notice of variation or revocation under subsection 908BT(4);

the consistency of the direction or notice with the licensee’s obligations referred to in subsection 908BT(1); and

the matters referred to in subsection 908BO(2).

deals with specified matters; and

if ASIC requires—includes an audit statement on the licensee’s report on those matters.

a reasonable period for giving ASIC the report; and

if paragraph (1)(b) applies—a person or body that is suitably qualified to prepare the audit statement.

the person is a benchmark administrator licensee; and

the person is given a direction under subsection (1); and

the person fails to comply with the direction.

under this Part; or

under rules made under Division 3.

the Australian Federal Police; or

(b) the Chief Executive Officer of the Australian Crime Commission or a member of the staff of the ACC (within the meaning of the Australian Crime Commission Act 2002); or

the Director of Public Prosecutions; or

a person or body prescribed by the regulations for the purposes of this paragraph.

the licence may be varied, suspended or cancelled, or made subject to conditions (or additional conditions), by or under:

this Division; or

later legislation; and

no compensation is payable if the licence is varied, suspended or cancelled, or made subject to conditions (or additional conditions), as mentioned in paragraph (a).

of this Act; or

of an instrument made under this Act.

the responsibilities of benchmark administrator licensees, including for their oversight of internal and external parties who have a role in the generation and administration of the financial benchmarks specified in those licences;

the generation and administration of financial benchmarks specified in benchmark administrator licences, including:

the design of the financial benchmarks; and

the use of data or information in generating the financial benchmarks; and

the method for generating the financial benchmarks; and

the approach for changing the design referred to in subparagraph (i) or changing the method referred to in subparagraph (iii); and

the public disclosure of one or more of the matters referred to in this paragraph;

the manner in which benchmark administrator licensees may or must provide their services, including the manner and conditions (including fees) on which they provide access to the financial benchmarks specified in those licences;

business continuity planning for financial benchmarks specified in benchmark administrator licences, including the possible transition of such benchmarks to new licensees;

the governance, management and resources (including financial, technological and human resources) of benchmark administrator licensees, including the following:

the handling of conflicts of interest;

the handling of complaints;

the monitoring and enforcing of compliance with obligations;

the resources that benchmark administrator licensees must have (including requirements relating to the experience, qualifications or fitness for office of their officers and employees);

the integrity and security of computer systems and other systems;

operational reliability;

business continuity planning;

the operational separation of functions;

the outsourcing of functions to other entities;

the public disclosure of conditions (including fees) on which benchmark administrator licensees provide their services;

the handling or use of financial benchmark data by benchmark administrator licensees and their officers and employees, including the following:

the acceptance and retention of such data;

the creation of statistical data from such data;

(iii) the use and disclosure of, and provision of access to, such data (including statistical data referred to in subparagraph (ii));

the responsibilities of entities whose activities result in the provision of data or information to benchmark administrator licensees for the generation or administration of the financial benchmarks specified in those licences;

the reporting to ASIC or other regulators of matters relating to:

benchmark administrator licensees; or

the generation or administration of financial benchmarks specified in benchmark administrator licences;

a matter prescribed by the regulations for the purposes of this paragraph.

subject to section 908CP, the persons who are obliged to comply with requirements imposed by the rules;

the manner and form in which persons must comply with requirements imposed by the rules;

the circumstances in which persons are, or may be, relieved from complying with requirements in the rules that would otherwise apply to them;

the keeping of records, or the provision of records or other information, relating to compliance with (or determining whether there has been compliance with) the rules;

any other matters that the provisions of this Act provide may be dealt with in the financial benchmark rules.

the power for ASIC to require, by written notice, an entity referred to in paragraph 908CB(h):

to provide data or information to a benchmark administrator licensee, or to another entity, for the generation or administration of a significant financial benchmark specified in that licence; and

to provide ASIC with some or all of that data or information for purposes relating to the generation or administration of that significant financial benchmark;

the power for ASIC to require, by written notice, a benchmark administrator licensee:

to continue to generate or administer a significant financial benchmark specified in that licence; or

to generate or administer in a particular way a significant financial benchmark specified in that licence;

powers or matters incidental or related to:

one or more of the above powers; or

the compulsory generation or administration of a significant financial benchmark specified in a benchmark administrator licence;

ASIC reasonably believes it is in the public interest to do so; and

in the case of paragraph (1)(a)—the activities of the entity concerned have previously resulted in the provision of data or information to that licensee for the generation or administration of that significant financial benchmark.

provisions of the financial benchmark rules; and

provisions of the compelled financial benchmark rules;

pay a penalty to the Commonwealth;

undertake or institute remedial measures (including education programs);

accept sanctions other than the payment of a penalty to the Commonwealth.

the Federal Court of Australia;

the Federal Circuit Court of Australia;

a court of a State or Territory that has jurisdiction in relation to the matter.

(a) a person (the protected person):

provides financial benchmark data, or other information, to another person; or

otherwise allows another person access to financial benchmark data, or other information; or

generates or administers in a particular way a significant financial benchmark specified in a benchmark administrator licence; and

the protected person does so, in good faith, in compliance with a requirement imposed by the compelled financial benchmark rules;

must have regard to:

the final report titled “Principles for Financial Benchmarks”, dated July 2013 and published by the Board of the International Organization of Securities Commissions, as amended from time to time; and

the likely effect of the proposed rule on the Australian economy, and on the efficiency, integrity and stability of the Australian financial system; and

the likely regulatory impact of the proposed rule; and

may have regard to any other matters that ASIC considers relevant.

has consulted the public about the proposed rule; and

has also consulted any other person or body as required by regulations made for the purposes of this paragraph.

makes the proposed rule, or a description of the content of the proposed rule, available; and

invites the public to comment on the proposed rule.

the Australian economy; or

the efficiency, integrity or stability of the Australian financial system; or

the security or confidentiality of financial benchmark data.

provide the Minister, on the following day, with a written explanation of the need for the rule; and

vary or revoke the rule in accordance with any direction under subsection (3).

deal with a matter by imposing requirements; or

specify a penalty amount for a rule.

the extent to which, or the way in which, the financial benchmark rules may deal with matters permitted by Subdivision A; or

the classes of persons on whom those rules may impose requirements; or

the extent to which those rules may impose requirements (or certain kinds of requirements) on certain classes of persons.

the extent to which, or the way in which, the compelled financial benchmark rules may deal with matters permitted by Subdivision B; or

the classes of persons on whom those rules may impose requirements; or

the extent to which those rules may impose requirements (or certain kinds of requirements) on certain classes of persons.

the person does, or omits to do, one or more acts; and

the acts or omissions have or are likely to have the effect of influencing the level at which a financial benchmark is generated or administered; and

the person intends for the acts or omissions to have that effect (whether or not the person also intends for the acts or omissions to have another effect).

paragraphs (1)(a) to (c) apply in relation to the person, one or more acts or omissions, and a financial benchmark; and

the acts or omissions result, or are likely to result, in an Australian entity suffering financial or other disadvantage from use of the financial benchmark.

the person makes one or more statements, or disseminates information; and

the statements or information:

are false or misleading; or

omit any matter or thing without which the statements or information are misleading; and

the person knows the statements or information could be used in the generation or administration of a financial benchmark.

paragraphs (1)(a) to (c) apply in relation to the person, one or more statements or information, and a financial benchmark; and

making the statements or disseminating the information results, or is likely to result, in an Australian entity suffering financial or other disadvantage from use of the financial benchmark.

imprisonment for not more than 10 years;

a fine of not more than the greater of:

4,500 penalty units; and

if the court can determine the total value of the benefits that have been obtained by one or more persons and are reasonably attributable to the commission of the offence—3 times that total value.

45,000 penalty units; and

if the court can determine the total value of the benefits that have been obtained by one or more persons and are reasonably attributable to the commission of the offence—3 times that total value; and

if the court cannot determine the total value of those benefits—10% of the body corporate’s annual turnover during the 12-month period ending at the end of the month in which the body corporate committed, or began committing, the offence.

the person’s conduct that allegedly contravenes the provision occurs:

wholly or partly in ; or

wholly or partly on board an Australian aircraft or an Australian ship; or

the person’s conduct that allegedly contravenes the provision occurs wholly outside Australia and a result of the conduct occurs:

wholly or partly in Australia; or

wholly or partly on board an Australian aircraft or an Australian ship; or

the person’s conduct that allegedly contravenes the provision occurs wholly outside Australia and, at the time of the alleged contravention, the person is an Australian entity.

the conduct constituting the alleged contravention occurs wholly in a foreign country, but not on board an Australian aircraft or an Australian ship; and

the person is neither:

an Australian citizen; nor

a body corporate incorporated by or under a law of the Commonwealth or of a State or Territory; and

there is not in force in:

the foreign country where the conduct constituting the alleged contravention occurs; or

the part of the foreign country where the conduct constituting the alleged contravention occurs;

the conduct constituting the alleged contravention occurs wholly in a foreign country; and

at the time of the alleged contravention, the person is neither:

an Australian citizen; nor

a body corporate incorporated by or under a law of the Commonwealth or of a State or Territory.

from a point outside Australia to a point in Australia; or

from a point in Australia to a point outside Australia;

from a point outside Australia to a point in Australia; or

from a point in Australia to a point outside Australia;

regulations made for the purposes of a provision of this Part;

rules made under Division 3.

as in force or existing at a particular time; or

as in force or existing from time to time.

the following provisions:

the provisions of this Part;

the provisions of regulations made for the purposes of provisions of this Part;

the provisions of rules made under Division 3; and

definitions in this Act, or in the regulations, as they apply to references in provisions referred to in paragraph (a).

exempt a person or class of persons from all or specified provisions covered by this section; or

exempt a financial benchmark or class of financial benchmarks from all or specified provisions covered by this section.

a class of persons; or

a class of financial benchmarks;

an exemption prescribed by regulations made for the purposes of subsection (2); and

an exemption by ASIC under that subsection;

information obtained to generate or administer a financial benchmark; or

information (including statistical data) that is created or derived from information referred to in paragraph (a).

an Australian citizen; or

(b) a resident of Australia (within the meaning of the Criminal Code); or

a body corporate incorporated by or under a law of the Commonwealth or of a State or Territory.

financial products; and

Division 3 financial products (within the meaning of Division 3).

bank accepted bills;

negotiable certificates of deposit.

of this Act; or

of an instrument made under this Act.

subsection 908DA(3) or 908DB(3);

a decision by ASIC to make a declaration under subsection 908AC(2), or to vary or revoke such a declaration (about significant financial benchmarks); or

a decision by the Minister under:

subsection 908AC(4) to consent to the making of a declaration under subsection 908AC(2); or

subsection 908AD(3) to direct ASIC to revoke a declaration made under subsection 908AC(2); or

a decision of the Minister under subsection 908BU(2) to disallow a direction or notice given by ASIC under section 908BT (about compliance directions or notices given to benchmark administrator licensees); or

a decision by ASIC to make rules under Division 3 of Part 7.5B, or to vary or revoke such rules; or

a decision by ASIC to do or not do anything under regulations made for the purposes of subsection 908CG(1) (alternatives to civil proceedings for contraventions of rules about financial benchmarks); or

a decision by the Minister:

under subsection 908CM(2) to consent to the making of rules under Division 3 of Part 7.5B; or

under subsection 908CN(3) to direct ASIC to vary or revoke rules made under Division 3 of Part 7.5B; or

a decision by ASIC to require something, by giving written notice, under the compelled financial benchmark rules; or

a declaration of contravention by the person has been made under section 1317E; and

the contravention is of subsection 908CF(1) (complying with rules about financial benchmarks).

a declaration of contravention by the person has been made under section 1317E; and

the contravention is of subsection 908DA(1) or (2) or 908DB(1) or (2).

$200,000 for an individual; or

$1 million for a body corporate.

the liable person has contravened subsection 908CF(1) (complying with rules about financial benchmarks); and

the damage resulted from the contravention.

1 January 2018; and

(b) the day after the Treasury Laws Amendment (2017 Measures No. 5) Act 2018 receives the Royal Assent.

the lack of a Commissioner who meets the requirements of subsection 24(3), (4), (5) or (6) for a period of not more than 4 months.

have extensive skills and experience in dealing with policies and programs that have an impact on Indigenous persons; and

have experience in dealing with one or more communities of Indigenous persons.