(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 .