The Australian Securities and Investments Commission (ASIC) has released a consultation paper for proposed amendments to market integrity rules, designed to reduce the regulatory burden on participants, streamline rules across rule books, and remove ambiguity in existing drafting.
ASIC’s proposals to Consultation Paper 342 Proposed amendments to the ASIC market integrity rules and other ASIC-made rules (CP 342) included:
- Amendments to the securities market integrity rules covering accredited derivatives advisers, trades with price improvement, trade confirmations for non-retail clients and regulatory data reporting;
- Amendments to the futures market integrity rules covering prohibited employment, suspicious activity reporting and client authorisations; and
- Amendments to ASIC-made rules generally, covering merits review, waivers and penalty amounts for breaches of the rules.
The consultation would assist ASIC to form its final position on the various rules sought to be amended and the consultation period would end on 6 August, 2021.
ASIC would consider the feedback of the submissions, publish a feedback report and submit the amended rules for Ministerial consent.
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