(1) A significant financial benchmark is a financial benchmark that is declared under subsection (2).
(2) ASIC may, by legislative instrument, declare a financial benchmark to be a significant financial benchmark if ASIC is satisfied that:
(a) the benchmark is systemically important to the Australian financial system; or
(b) there is a material risk of financial contagion, or systemic instability, in Australia if the availability or integrity of the benchmark were disrupted; or
(c) there would be a material impact on retail or wholesale investors in Australia if the availability or integrity of the benchmark were disrupted.
Note 1: For declaration by class, see subsection 13(3) of the Legislation Act 2003 .
Note 2: For variation and revocation of a declaration, see subsection 33(3) of the Acts Interpretation Act 1901 .
(3) ASIC must not make a declaration under subsection (2) unless consent for it has been given under subsection (4).
(4) The Minister may, in writing, consent to the making of a declaration under subsection (2).