Announcement date
10/03/2022
Link to announcement
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-045mr-asic-amends-market-integrity-rules-and-other-asic-made-rule-books/
Problem being addressed
The Australian Securities and Investments Commission (ASIC) conducted a review of market integrity rules for market operators and market participants to ensure technological and operational resilience of their critical systems.
Proposal
ASIC has introduced new market integrity rules aimed at promoting the technological and operational resilience of securities and futures market operators and participants.
Assessed RIS outcome
Independent review
Assessment Comments
Consistent with the Government's Regulation Impact Statement (RIS) requirements, the review of market integrity rules for technological and operational resilience has been certified by ASIC as meeting the requirements of a RIS. The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews and RIS-like documents used in lieu of a RIS, but does assess whether the options analysed in the independent review are relevant to the regulatory proposal. The OBPR assessed that the options analysed in the independent review are sufficiently relevant to the regulatory proposal.
Regulatory burden
ASIC estimates these measures will result in an increase in regulatory costs of $3.392 million per year, averaged over ten years.