½ñÈÕÈÈÃÅʼþ

½ñÈÕÈÈÃÅʼþhas repealed a number of obligations under the ½ñÈÕÈÈÃÅʼþmarket integrity rules to reduce the compliance burden on market participants.

The repeals, which follow consultation launched in August 2014 (refer: 14-208MR), are reflected in four regulatory guides which have been updated.

½ñÈÕÈÈÃÅʼþCommissioner Cathie Armour said, ‘These obligations, which were based on rules in place before ½ñÈÕÈÈÃÅʼþassumed responsibility for market supervision in 2010, imposed an unnecessary cost on business.

‘½ñÈÕÈÈÃÅʼþis committed to reducing the compliance burden for participants by administering the law efficiently with a minimum of procedural requirements.’

The changes remove rules that:

• require certain market participants to notify ½ñÈÕÈÈÃÅʼþof the details of their professional indemnity insurance
• require certain market participants to obtain ASIC’s consent before sharing business connections, and
• restrict certain transactions such as special crossings during takeovers, schemes of arrangement and buy-backs.

Download:

• Regulatory Guide 214 Guidance on ½ñÈÕÈÈÃÅʼþmarket integrity rules for ASX and ASX 24 markets (RG 214)
• Regulatory Guide 215 Guidance on ½ñÈÕÈÈÃÅʼþmarket integrity rules for IMB, NSXA and SIM VSE markets (RG 215)
• Regulatory Guide 223 Guidance on ½ñÈÕÈÈÃÅʼþmarket integrity rules for competition in exchange markets (RG 223)
• Regulatory Guide 224 Guidance on ½ñÈÕÈÈÃÅʼþmarket integrity rules for Chi-X and APX markets (RG 224)
• Report 432 Response to submissions on CP 222 Reducing red tape: Proposed amendments to the market integrity rules (REP 432)

Background

The repealed rules applied across the markets operated by ASX, Chi-X, APX, NSXA and SIM VSE.