Federal Register of Legislation - Australian Government

Primary content

ASIC Market Integrity Rules (IMB Market) 2010

Authoritative Version
Rules/Other as amended, taking into account amendments up to ASIC Market Integrity Rules (Securities Markets and other ASIC-Made Rules) Amendment Instrument 2022/117
Administered by: Treasury
Registered 04 May 2022
Start Date 06 Apr 2022
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Market Integrity Rules (IMB Market) 2010

About this compilation

Compilation No. 2

 

This is a compilation of ASIC Market Integrity Rules (IMB Market) 2010 as in force on 6 April 2022.  It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

 

The notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.

Contents

Chapter 1: Introduction. 3

Part 1.1     Preliminary. 3

Part 1.2     Waiver of the Rules. 5

Part 1.3     Definitions. 5

Chapter 2: Market Participants. 7

Part 2.1     Conduct of Market Participants. 7

Part 2.2     Market Participant Obligations. 7

Endnotes. 8

Endnote 1 – Instrument history. 8

Endnote 2 – Amendment history. 8


Chapter 1: Introduction

Part 1.1 Preliminary

1.1.1      Enabling legislation

ASIC makes this instrument under subsection 798G(1) of the Corporations Act.

1.1.2      Title

This instrument is ASIC Market Integrity Rules (IMB Market) 2010.

1.1.4      Scope of these Rules

These Rules apply to:

(a)        the activities or conduct of the Market;

(b)       the activities or conduct of persons in relation to the Market;

(c)        the activities or conduct of persons in relation to financial products traded on the Market.

1.1.5      Entities that must comply with these Rules

The following entities must comply with these Rules:

(a)        the Market Operator;

(b)       Market Participants; and

(c)        Other Regulated Entities;

as specified in each Rule.

1.1.5A    Penalties for a contravention of these Rules

The maximum pecuniary penalty payable for a contravention of a provision of these Rules is an amount determined by the Court under section 1317G of the Corporations Act.

1.1.6     Conduct by officers, employees or agents

In these Rules, conduct engaged in on behalf of a person:

(a)        by an officer, employee, or other agent of the person, and whether or not within the scope of the actual or apparent authority of the officer, employee, or other agent; or

(b)       by any other person at the direction or with the consent or agreement (whether express or implied) of an officer, employee, or other agent of the person, and whether or not the giving of the direction, consent or agreement is within the scope of the actual or apparent authority of the officer, employee, or other agent,

is deemed to have been engaged in by the person.

1.1.7     State of mind of a person

(1) If for the purposes of these Rules in respect of conduct engaged in by a person, it is necessary to establish the state of mind of the person, it is sufficient to show that an officer, employee, or other agent of the person, being an officer, employee, or other agent by whom the conduct was engaged in and whether or not the conduct was within the scope of the actual or apparent authority of that officer, employee, or other agent, had that state of mind.

(2) In subrule (1), a reference to the state of mind of a person includes a reference to the knowledge, intention, opinion, belief or purpose of the person and the person’s reasons for the person’s intention, opinion, belief or purpose.

1.1.8       Application for review by Administrative Appeals Tribunal of certain decisions made under these Rules

(1) Subject to this Rule, applications may be made to the Tribunal for review of a decision made by ASIC under:

(a)        subrule 1.2.1(1); or

(b)       subrule 1.2.1(3).

(2) An application made under subrule (1) may only be made by:

(a)        the Market Participant that made the application for a waiver of a Rule under Rule 1.2.1; or

(b)       the person in respect of which the application was made.

(3) In this Rule:

decision and Tribunal have the same meaning as in the Administrative Appeals Tribunal Act 1975.

 1.1.9  Notice of reviewable decision and review rights

(1) This Rule applies if ASIC makes a decision to which Rule 1.1.8 applies.

(2) ASIC must take such steps as are reasonable in the circumstances to give to each person who may make an application for review of the decision under Rule 1.1.8 notice, in writing or otherwise:

(a)        of the making of the decision; and

(b)       of the person’s right to have the decision reviewed by the Tribunal.

(3) A failure to comply with this Rule does not affect the validity of the decision.

Part 1.2 Waiver of the Rules

1.2.1      Waiver of Rules

(1) Subject to Rule 1.2.3, ASIC may, by legislative instrument, relieve any person or class of persons from the obligation to comply with a provision of these Rules, either generally or in a particular case or category, and either unconditionally or subject to such conditions as ASIC thinks fit.

(2) If any conditions on a waiver given under subrule (1) are imposed, all of the conditions must be complied with for the waiver to be effective.

(3) ASIC may withdraw, by legislative instrument, a waiver given under subrule (1) at any time.

(4) Any request by a person for a waiver under subrule (1) must be in writing.

Note: Legislative instruments made under this rule are available on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au.

1.2.2      Compliance with conditions

Failure to comply with a condition imposed under Rule 1.2.1 is a contravention of this Rule.

1.2.3      Period during which relief applies

ASIC may specify that a waiver applies for a specified period.

1.2.4      Register

(1) ASIC may establish and maintain a register for recording details of relief granted under Rule 1.2.1 and may enter the following details in the register:

(a)        the date that the relief takes effect;

(b)       the person or class of person relieved from the obligation;

(c)        the provision to which the relief applies;

(d)       brief reasons for the relief; and

(e)        any conditions that apply to the relief.

(2) ASIC may publish the register referred to in subrule (1).

Part 1.3 Definitions

1.3.1      Definitions

ASIC” means the Australian Securities and Investments Commission.

Corporations Act” means the Corporations Act 2001 (Cth).

“IMB” means IMB Ltd (ACN 087 651 974).

Australian Financial Services Licence means a licence granted under section 913B of the Corporations Act.

Market means the market operated by the Market Operator under the Australian Market Licence (IMB Ltd) 2005.

Operating Rules” has the meaning given by section 761A of the Corporations Act.

Other Regulated Entities” means entities prescribed by regulations made for the purposes of paragraph 798H(1)(c) of the Corporations Act, that must comply with these Rules.

Market Operator” means IMB.

Market Operating Rules” means the Operating Rules of the Market.

Market Participant” means a participant in the Market admitted under the Market Operating Rules.

Rules” means these Market Integrity Rules.

Share means an ordinary share in IMB.


Chapter 2: Market Participants

Part 2.1 Conduct of Market Participants

2.1.1     Conduct of Market Participants

Market Participants must act honestly and fairly at all times when trading in the Market

Part 2.2 Market Participant Obligations

2.2.1     Market Participant Obligations

A Market Participant must not:

(a)        do anything which results in the Market not being both fair and orderly;

(b)       take advantage of any situation arising as a result of a breakdown or malfunction in the Market or any error in a confirmation of trade sent to the Market Participant; and

(c)        do anything else in relation to the Market which may be regarded by a reasonable person as inconsistent with just and equitable principles in the transaction of business.

 


Endnotes

Endnote 1 – Instrument history

Instrument number

Date of FRL registration

Date of commencement

(underlined = not yet commenced)

Application, saving or transitional provisions

ASIC Market Integrity Rules (IMB Market) 2010 (F2010L02207)

01/08/2010

01/08/2010

 

ASIC Market Integrity Rules (Securities Markets and other ASIC-Made Rules) Amendment Instrument 2022/117
(F2022L00295)

09/03/2022

Schedule 4, items 1-3: 10/03/2022

Schedule 4, items 4-5: 06/04/2022

 

 

Endnote 2 – Amendment history

ad. = added or inserted     am. = amended    LA = Legislation Act 2003   rep. = repealed     rs. = repealed and substituted   

Provision affected

How affected

Rule 1.1.3

rep. s48D LA

Rule 1.1.4 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 1.1.5 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 1.1.5A

ad. F2022L00295, Schedule 4, item [3]

Rule 1.1.6 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 1.1.7 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 1.1.8

ad. F2022L00295, Schedule 4, item [4]

Rule 1.1.9

ad. F2022L00295, Schedule 4, item [4]

Rule 1.2.1

rs. F2022L00295, Schedule 4, item [5]

Rule 1.2.1 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 1.2.2 (Penalty)

rep. F2022L00295, Schedule 4, item [1]

Rule 1.2.3 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 1.2.4 (Note)

rep. F2022L00295, Schedule 4, item [2]

Rule 2.1.1 (Penalty)

rep. F2022L00295, Schedule 4, item [1]

Rule 2.2.1 (Penalty)

rep. F2022L00295, Schedule 4, item [1]