Commonwealth Consolidated Acts

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Matters to which ASIC must have regard

             (1)  ASIC must have regard to certain matters in deciding whether to take any of the following actions in relation to a financial benchmark:

                     (a)  grant under section 908BC a benchmark administrator licence that specifies the financial benchmark;

                     (b)  impose, vary or revoke conditions on such a licence under section 908BC or 908BG;

                     (c)  vary such a licence under section 908BH for a change referred to in paragraph 908BH(b) or (c);

                     (d)  suspend or cancel such a licence under section 908BJ.

             (2)  The matters ASIC must have regard to are as follows:

                     (a)  how the financial benchmark is, or is to be, administered;

                     (b)  the nature and purpose of the financial benchmark;

                     (c)  the manner in which the financial benchmark is, or is to be, used;

                     (d)  the persons who are, or may be, required to report data or other information to the licensee for the purposes of generating or administering the financial benchmark;

                     (e)  for an entity that is authorised to administer the same or a similar financial benchmark in the foreign country in which its principal place of business is located:

                              (i)  the criteria that the entity satisfied to obtain an authorisation to administer that financial benchmark in that country; and

                             (ii)  the obligations the entity must continue to comply with to keep the authorisation; and

                            (iii)  the level of supervision to which the administration of that financial benchmark in that country is subject; and

                            (iv)  whether adequate arrangements exist for cooperation between ASIC and the authority that is responsible for that supervision;

                      (f)  whether it would be in the public interest to take the action referred to in subsection (1).

             (3)  ASIC may also have regard to any other matter that ASIC considers relevant.

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