91AV

Financial benchmarks

Significant financial benchmarks

OnÌý6 JuneÌý2018, ASIC made the ASIC Corporations (Significant Financial Benchmarks) Instrument 2018/420, which specifies five significant financial benchmarks.

Declaration

Ìýand the Ìý

Benchmark Administrators

Licensed benchmark administrators

Listed below are the benchmark administrators that have been licensed to operate in Australia for the purposes of Part 7.5B of the Corporations Act 2001.

You can download a PDF version of the Australian Benchmark Administrators (ABA) licence for each facility listed.

ABA licensee	Description of facility
	Australian Benchmark Administrator in respect of the Australian Bank Bill Swap Rate
	Australian Benchmark Administrator in respect of the S&P/ASX 200 Index

Exempt benchmark administrators

• Reserve Bank of Australia
• Australian Bureau of Statistics.

ASIC considers that the Reserve Bank of Australia and Australian Bureau of Statistics may rely on s5A(4) of the Corporations Act, and therefore are not required to be licensed as benchmark administrators and do not require specific exemptions.

Administration Rules

OnÌý6 JuneÌý2018, ASIC made the ASIC Financial Benchmark (Administration) Rules 2018, which impose certain key obligations on licensed benchmark administrators and require contributors to licensed benchmarks to cooperate with ASIC.

Rules	and the Ìý
Guidance	Regulatory GuideÌý268 Licensing regime for financial benchmark administratorsÌý(RG 268)

Compelled rules

OnÌý6 JuneÌý2018, ASIC made the ASIC Financial Benchmark (Compelled) Rules 2018 which enable ASIC to require, by written notice, the continued administration of a significant benchmark or compelled submissions to a significant benchmark.

Rules

Ìýand the Ìý

Consultation

On 17 July 2017, ASIC consulted on the financial benchmarks regime in ÌýImplementing the financial benchmark regulatory regime (CP 292).Ìý

LIBOR transition

ASIC works closely with other Australian financial regulators to monitor and support the transition away from London Inter-Bank Offered Rate (LIBOR).

Listed below are the LIBOR transition related publications:

• Information SheetÌý252 Managing conduct risk during LIBOR transition
• IBOR transition and OTC derivatives transaction reporting
• Joint media release 20-240MR: Regulators urge Australian institutions to adhere to the ISDA IBOR Fallbacks Protocol and Supplement
• LIBOR transition: Important questions for directors and corporate treasurers