ASIC Market Integrity Rules (Securities Markets) Amendment 2022/73
About this compilation
Compilation No. 1
This is a compilation of ASIC Market Integrity Rules (Securities Markets) Amendment 2022/73 as in force on 9 June 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
Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Schedules
5 Repeal of amending and repealing instruments
Schedule 1—Amendments to ASIC Market Integrity Rules (Securities Markets) 2017
ASIC Market Integrity Rules (Securities Markets) 2017
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Market Integrity Rules (Securities Markets) Amendment 2022/73.
2 Commencement
This instrument commences on 10 June 2022.
3 Authority
This instrument is made under s798G(1) of the Corporations Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Repeal of amending and repealing instruments
(1) The repeal of an instrument by section 4 does not affect any amendment to or repeal of another instrument (however described) made by the instrument.
(2) Subsection (1) does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies to the repeal of an instrument by section 4 of this instrument.
Schedule 1—Amendments
ASIC Market Integrity Rules (Securities Markets) 2017
1 Subrule 5.4B.1(1)
Omit the subrule, substitute:
“(1) Where a Market Participant handles or executes an Order as a result of an arrangement with another person (the other person) to direct Orders to the Market Participant, the Market Participant:
(a) must not, indirectly or directly, make a cash payment to the other person or an associate of the other person for the opportunity to handle or execute those Orders, if the cash payment is greater than the dollar value of the Market Participant’s Commission in relation to the Orders; and
(b) must take reasonable steps to ensure that the other person has not, indirectly or directly, made a cash payment to a third party (the third party) or an associate of the third party to procure the handling or execution of Orders from the third party or a client of the third party, if the cash payment is greater than the dollar value of any payment made, or to be made, by the third party (including a payment made, or to be made, by a client of the third party) to the other person, for directing the Orders to the other person.”
2 Subrule 5.4B.1(2)
Omit the subrule, substitute:
“(2) For the purposes of subrule (1):
associate of the other person or third party includes any director, officer, employee or associated or related company of the other person or of the third party, as the case may be.
Market Participant’s Commission in relation to the Orders means the dollar value of any payment received, or to be received, by the Market Participant (including commission received, or to be received, from a client of the other person) for the opportunity to handle or execute the Orders.”
(3) Where a Market Participant directs an Order to another person (the other person) as a result of an arrangement for the Market Participant to direct Orders to the other person, the Market Participant must not, and must procure that its associates do not, indirectly or directly, accept a cash payment from the other person for directing Orders to the other person, if the cash payment is greater than the dollar value of any payment made, or to be made, by the Market Participant (including a payment made, or to be made, by a client of the Market Participant) to the other person, for directing the Orders to the other person.
(4) For the purposes of subrule (3), an associate of a Market Participant includes any director, officer, employee or associated or related company of the Market Participant.”