Commonwealth Consolidated Acts

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Administrators of significant financial benchmarks must be licensed

             (1)  A person commits an offence if:

                     (a)  the person:

                              (i)  administers a significant financial benchmark; or

                             (ii)  holds out that the person administers a significant financial benchmark; and

                     (b)  the person does not hold a benchmark administrator licence that specifies the financial benchmark; and

                     (c)  the period applying under subsection (2) for the financial benchmark has ended.

Penalty:  5 years imprisonment.

             (2)  The period for the purposes of paragraph (1)(c):

                     (a)  starts on the day (the start day ) the financial benchmark is declared under subsection 908AC(2) to be a significant financial benchmark; and

                     (b)  ends as described in subsection (3).

             (3)  The period ends at the end of the later of the following days:

                     (a)  the 90th day after the start day;

                     (b)  if, before the end of that 90th day, the person applies for a benchmark administrator licence specifying the financial benchmark--either:

                              (i)  the day the person withdraws the application; or

                             (ii)  the day the person is notified under subsection 908BC(4) of ASIC's decision to grant or refuse to grant the licence.

             (4)  Absolute liability applies to paragraph (1)(c).

Note:          For absolute liability, see section 6.2 of the Criminal Code .

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