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CORPORATIONS ACT 2001 - SECT 908AC

Meaning of significant financial benchmark

             (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).



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