Australian Securities and Investments Commission Market Integrity Rules (Capital) 2021 (Cth)
ASIC Market Integrity Rules (Capital) 2021 made under subsection 798G of the
Corporations Act 2001
Compilation No. 2
Compilation date: 15 October 2024
Includes amendments up to: ASIC Market Integrity Rules (Amendment) Instrument 2024/774 (F2024L01303)
Chapter 1: Introduction ..................................................................................... 4 Part 1.1..... Preliminary ...................................................................................... 4
Part 1.2..... Waiver ....... ...................................................................................... 7
Part 1.3..... Notice, notification and service of documents........................................ 8
Part 1.4..... Interpretation..................................................................................... 8
Part 1.5..... Participants of multiple Markets.......................................................... 28
Part 1.6..... Transitional .................................................................................... 29
Chapter 8: Capital requirements ...................................................................... 31 Part 8.2..... Application .................................................................................... 31
Chapter 9: Accounts and audit ........................................................................ 33 Part 9.1..... Application of Rules.......................................................................... 33
Part 9.2..... Risk-Based Capital Requirements—Reporting..................................... 33
Part 9.4..... General ...... .................................................................................... 35
Part 9.5..... Scope of audits................................................................................ 35
Schedule 1A: Capital liquidity requirements ..................................................... 37 Part S1A.1 Interpretation................................................................................... 37
Part S1A.2 Obligations of Market Participants...................................................... 37
Annexure 1 to Schedule 1A: Counterparty Risk Requirement ........................... 48 Part A1.1.. Counterparty Risk Requirement......................................................... 48
Part A1.2.. Methods ......................................................................................... 49
Annexure 2 to Schedule 1A: Large Exposure Risk Requirement ....................... 63 Part A2.1.. Counterparty large exposure risk requirement...................................... 63
Part A2.2.. Issuer large exposure risk requirement................................................ 64
Part A2.3.. Methods ..... .................................................................................... 67
Annexure 3 to Schedule 1A: Position Risk Requirement .................................. 71 Part A3.1.. Equity position risk amount................................................................ 71
Part A3.2.. Standard method—Equity position risk................................................ 74
Part A3.5.. Margin method—Equity position risk................................................... 75
Part A3.6.. Basic method—Equity position risk..................................................... 75
Part A3.8.. Calculation of Equity Equivalent positions—Equity position risk.............. 76
Part A3.9.. Calculation of Equity Net Positions—Equity position risk........................ 77
Part A3.10. Debt position risk amount.................................................................. 78
Part A3.11. Standard method—Debt position risk.................................................. 80
Part A3.14. Margin method—Debt position risk..................................................... 81
Part A3.15. Basic method—Debt position risk....................................................... 81
Part A3.16. Calculation of Debt Equivalent positions—Debt position risk.................. 82
Part A3.17. Calculation of Debt Net Positions—Debt position risk............................ 85
Part A3.18. Foreign Exchange position risk amount............................................... 86
Part A3.19. Standard method—Foreign Exchange position risk............................... 87
Part A3.20. Basic method—Foreign Exchange position risk.................................... 88
Part A3.21. Calculation of Foreign Exchange Equivalent positions—Foreign Exchange position risk............ 89
Part A3.22. Calculation of Foreign Exchange net open positions—Foreign Exchange position risk............ 89
Part A3.23. Commodity position risk amount........................................................ 90
Part A3.24. Standard method—Commodity position risk........................................ 91
Part A3.25. Margin method—Commodity position risk........................................... 92
Part A3.26. Basic method—Commodity position risk............................................. 92
Part A3.27. Calculation of Commodity Equivalent positions—Commodity position risk …………….............. 93
Part A3.28. Calculation of Commodity net open positions—Commodity position risk .................... ............ 94
Annexure 4 to Schedule 1A: Underwriting and Sub Underwriting Risk Requirement ........... ............ 95
Annexure 5 to Schedule 1A: Tables ................................................................. 97 Part A5.1.. Position Risk.................................................................................... 97
Part A5.2.. Counterparty Risk........................................................................... 100
Part A5.3.. Other .......... ................................................................................... 101
Part A5.4 .. Underwriting Risk........................................................................... 102
Schedule 1C: Forms .. ................................................................................... 103 Schedule 1C Form 1: Ad Hoc Risk-Based Return................................................ 103
Schedule 1C Form 2: Risk-Based Return Declaration.......................................... 106
Schedule 1C Form 3: Risk-Based Return (Summary, Monthly and Annual*)........... 108
Schedule 1C Form 5: Risk-Based Capital Requirements—Auditor’s Report............ 151
Schedule 1C Form 6: Risk-Based Capital Requirements—Key Risks and Internal Systems Statement ............ 153
Endnotes ..................... ................................................................................... 154 Endnote 1—About the endnotes....................................................................... 154
Endnote 2—Abbreviation key........................................................................... 155
Endnote 3—Legislation history.......................................................................... 156
Endnote 4—Amendment history....................................................................... 157
ASIC makes this instrument under subsection 798G(1) of the Corporations Act.
This instrument is
ASIC Market Integrity Rules (Capital) 2021 .
These Rules apply to:
(a) the activities or conduct of the Markets;
(b) the activities or conduct of persons in relation to the Markets; and
(c) the activities or conduct of persons in relation to financial products traded on the Markets,
as specified in each Chapter, Part or Rule.
Subject to Rule 1.1.5A, the following persons must comply with these Rules:
(a) Market operators;
(b) Market Participants; and
(c) Other Regulated Entities,
as specified in each Rule.
1.1.5A Entities that must comply with these Rules — Transitional (1) A person is not required to comply with these Rules before the earlier of the following days:
(a) the day that is 12 months after the day on which the provisions of this instrument commence in accordance with Rule 1.1.3; and
(b) the day (
Opt-In Day ) specified in a written notice (Opt-In Notice ) given to ASIC by the person that states that the person wants these Rules to apply to the person from that day, provided the Opt-In Day occurs after the day the Opt-In Notice is given to ASIC.(2) A person that gives an Opt-In Notice to ASIC in accordance with paragraph (1)(b) is not required to comply with the
ASIC Market Integrity Rules (Securities Markets – Capital) 2017 or theASIC Market Integrity Rules (Futures Markets – Capital) 2017 from the Opt-In Day.(3) Subrule (2) has effect as a waiver from the
ASIC Market Integrity Rules (Securities Markets – Capital) 2017 or theASIC Market Integrity Rules (Futures Markets – Capital) 2017 under Rule 1.2.1 of the applicable Rules.
1.1.5B Penalties for a contravention of these Rules The maximum pecuniary penalty payable for a contravention of a provision of these Rules is an amount determined by the Court under section 1317G of the Corporations Act.
In these Rules, conduct engaged in on behalf of a person:
(a) by an officer, Employee, or other agent of the person, and whether or not within the scope of the actual or apparent authority of the officer, Employee, or other agent; or
(b) by any other person at the direction or with the consent or agreement (whether express or implied) of an officer, Employee, or other agent of the person, and whether or not the giving of the direction, consent or agreement is within the scope of the actual or apparent authority of the officer, Employee, or other agent,
is deemed to have been engaged in by the person.
(1) If for the purposes of these Rules in respect of conduct engaged in by a person, it is necessary to establish the state of mind of the person, it is sufficient to show that an officer, Employee, or other agent of the person, being an officer, Employee, or other agent by whom the conduct was engaged in and whether or not the conduct was within the scope of the actual or apparent authority of that officer, Employee, or other agent, had that state of mind.
(2) In subrule (1), a reference to the state of mind of a person includes a reference to the knowledge, intention, opinion, belief or purpose of the person and the person’s reasons for the person’s intention, opinion, belief or purpose.
(1) Subject to this Rule, applications may be made to the Tribunal for review of a decision made by ASIC under:
(a) subrule 1.2.1(1); or
(b) subrule 1.2.1(3); or
(c) rule 1.4.3 (paragraph (c)(ii) of definition of
Approved Subordinated Loan Deed ); or(d) paragraph 8.2.1(3)(a); or
(e) paragraph 8.2.1(3)(b); or
(f) paragraph 9.2.4(1)(a); or
(g) rule 9.4.2; or
(h) rule S1A.2.3A; or
(i) paragraph S1A.2.4(1)(a); or
(j) paragraph S1A.2.4(1)(b); or
(k) subrule S1A.2.4(4); or
(l) subrule S1A.2.4(6); or
(m) subparagraph S1A.2.4A(2B)(a); or
(n) rule S1A.2.5(1); or
(o) subrule S1A.2.7(3); or
(p) rule S1A.2.9; or
(q) rule S1A.2.9B; or
(r) rule S1A.2.9C; or
(s) table A5.2.2.
(2) An application made under subrule (1) may only be made by:
(a) in relation to paragraphs (a) and (b);
(i) the Market Participant that made the application for a waiver of a Rule under Rule 1.2.1;
(b) in relation to paragraphs (c) to (s);
(i) the Market Participant in respect of which the decision by ASIC was made.
(3) In this Rule:
decision andTribunal have the same meaning as in theAdministrative Review Tribunal Act 2024 .
1.1.9 Notice of reviewable decision and review rights (1) This Rule applies if ASIC makes a decision to which Rule 1.1.8 applies.
(2) ASIC must take such steps as are reasonable in the circumstances to give to each person who may make an application for review of the decision under Rule 1.1.8 notice, in writing or otherwise:
(a) of the making of the decision; and
(b) of the person’s right to have the decision reviewed by the Tribunal.
(3) A failure to comply with this Rule does not affect the validity of the decision.
(1) Subject to Rule 1.2.3, ASIC may, by legislative instrument, relieve any person or class of persons from the obligation to comply with a provision of these Rules, either generally or in a particular case or category, and either unconditionally or subject to such conditions as ASIC thinks fit.
(2) If any conditions on a waiver given under subrule (1) are imposed, all of the conditions must be complied with for the waiver to be effective.
(3) ASIC may withdraw, by legislative instrument, a waiver given under subrule (1) at any time.
(4) Any request by a person for a waiver under subrule (1) must be in writing.
Note: Legislative instruments made under this rule are available on the Federal Register of Legislation. The register may be accessed at
with conditions Failure to comply with a condition imposed under Rule 1.2.1 is a contravention of this Rule.
1.2.3 Period during which relief applies ASIC may specify the period or specific event during which any relief from an obligation to comply with a provision of these Rules may apply.
1.2.4 Register (1) ASIC may establish and maintain a register for recording details of relief granted under Rule 1.2.1 and may enter the following details in the register:
(a) the date that the relief takes effect;
(b) the person or class of persons relieved from the obligation;
(c) the provision to which the relief applies;
(d) brief reasons for the relief; and
(e) any conditions that apply to the relief.
(2) ASIC may publish the register referred to in subrule (1).
Part 1.3 Notice, notification and service of documents
1.3.1 Market Participant to have email system A Market Participant must acquire and maintain an operating email system for the purposes of receiving notices under these Rules.
1.3.2 Methods of giving notice in writing Unless otherwise specified in a Rule, ASIC may give a notice under these Rules by any of the following methods:
(a) delivering it to the recipient personally;
(b) leaving it at or by sending it by courier or post to the address of the recipient last notified to ASIC;
(c) sending it by facsimile to the recipient’s facsimile number last notified to ASIC;
(d) a circular or bulletin addressed to a class of persons and delivered or communicated by any means permitted under this Rule;
(e) specific email by any method which identifies a person or person’s title as addressee and no notice of non-delivery has been received;
(f) broadcast email by any method which identifies the addressee and which, having regard to all the relevant circumstances at the time, was as reliable as appropriate for the purposes for which the information was communicated.
Part 1.4 Interpretation
1.4.1 References to time In these Rules a reference to time is to the time in Sydney, Australia.
1.4.2 Words and expressions defined in the Corporations Act Words and expressions defined in the Corporations Act will, unless otherwise defined or specified in these Rules or the contrary intention appears, have the same meaning in these Rules.
1.4.3 Definitions In these Rules:
Ad Hoc Risk-Based Return means a return containing the information in Form 1 in Schedule 1C to these Rules.
Annual Audited Risk-Based Return means a return containing the information in Form 3 in Schedule 1C to these Rules, except for the section Credit Facilities & Overdraft.
Application Monies means, in relation to Financial Instruments, monies that have been received by the person offering the Financial Instruments from a person applying for the Financial Instruments.
Approved Clearing Facility means ASX Clear Pty Limited (ACN 001 314 503) and ASX Clear (Futures) Pty Limited (ACN 050 615 864).
Approved Deposit Taking Institution means:
(a) an authorised deposit taking institution under section 5 of the
Banking Act 1959 (Cth);(b) a banking institution which has its activities formally regulated in accordance with the standards of the Basel Committee on Banking Supervision; or
(c) an institution which has been given a risk weighting by the Australian Prudential Regulation Authority equivalent to an authorised deposit taking institution referred to in paragraph (a).
Approved Institution means:
(a) any of the following institutions whose net assets are greater than $30 million at the date of its last published audited balance sheet:
(i) a life insurance company or general insurance company; or
(ii) an investment company, trust or other similar institution whose ordinary business is to buy and sell Financial Instruments;
(b) any body corporate or partnership whose ordinary business is to buy and sell Financial Instruments and which is regulated by a Recognised Regulator specified in Table A5.3.1;
(c) a Fund Manager and an underlying client that has placed money with, or has securities under the control of, the Fund Manager, where:
(i) the Market Participant has a dealing relationship with the Fund Manager but not the underlying client; and
(ii) the Fund Manager is placing orders on behalf of the underlying client and not as principal,
provided that the Market Participant maintains adequate documentation in support of paragraphs (a), (b) or (c).
Approved Subordinated Debt means an amount owing by a Market Participant under a subordination arrangement which is approved by ASIC under Rule S1A.2.4.
Approved Subordinated Loan Deed means, in respect of a subordination arrangement, a deed which:
(a) is executed:
(i) by the lender and ASIC under seal or by such equivalent method expressly recognised under the Corporations Act;
(ii) in the case of a Market Participant which is a company, by the Market Participant under seal or by such equivalent method expressly recognised under the Corporations Act; and
(iii) in the case of a Market Participant which is a partnership, by each of its partners;
(b) sets out details of the terms governing any subordinated debt regulated by the subordination arrangement or identifies the document which does so;
(c) contains those provisions required by ASIC including, without limitation, provisions to the effect that:
(i) alterations to the subordinated loan deed or the terms or details of any subordinated debt regulated by the subordination arrangement cannot be made unless the agreement of all parties is obtained and the variation is executed in the manner required under paragraph (a);
(ii) ASIC must be satisfied that the Market Participant has made adequate arrangements to ensure that Schedule 1A will be complied with and will continue to be complied with upon the maturity date of any loan for a fixed term;
(iii) ASIC must be given full particulars of any debt to be regulated by the subordination arrangement under the subordinated loan deed prior to such debt being created; and
(iv) prior to the Bankruptcy of the Market Participant, repayment of any subordinated debt regulated by the subordination arrangement can only occur in accordance with subrules S1A.2.4(6) and (7); and
(d) contains specific acknowledgment by the lender of the matters set out in paragraphs S1A.2.4(2)(a) and (b).
AQUA Product means a financial product which is:
(a) a financial product issued by or provided pursuant to a Managed Fund;
(b) an ETF Security; or
(c) a Structured Product,
which is admitted to Trading Status as an AQUA Product or to the AQUA Quote Display Board.
AQUA Product Issuer means an entity which issues, distributes or makes available AQUA Products and which has been admitted as an AQUA Product Issuer.
AQUA Quote Display Board means the facility provided by a Market operator for AQUA Product Issuers and Trading Participants to advertise their interest in acquiring or disposing of AQUA Products.
ASIC means the Australian Securities and Investments Commission.
ASX means ASX Limited (ACN 008 624 691).
ASX Clear means ASX Clear Pty Limited (ACN 001 314 503).
ASX Market means the financial market operated by ASX underAustralian Market Licence (ASX Limited) 2002 .
ASX Settlement means ASX Settlement Pty Limited (ACN 008 504 532).
ASX Settlement Operating Rules means the operating rules of ASX Settlement.
(a) the entity becomes an externally administered body corporate within the meaning of the Corporations Act;
(b) the entity becomes an individual who is an insolvent under administration within the meaning of the Corporations Act;
(c) if the entity is a partnership, the entity is wound up or dissolved or a liquidator is appointed to it;
(d) a person takes control of the entity’s property for the benefit of the entity’s creditors because the entity is, or is likely to become, insolvent;
(e) the entity enters into an arrangement, composition or compromise with, or assignment for the benefit of, all of its creditors or any class of them; or
(f) anything analogous to, or having a substantially similar effect to the events specified in paragraphs (a) to (e) happens to the entity under the laws of any applicable jurisdiction.
(a) on or through which offers to acquire or dispose of CGS Depository Interests are made or accepted;
(b) the operator of which is licensed under subsection 795B(1) of the Corporations Act; and
(c) the operator of which has entered into contractual arrangements with the Australian Office of Financial Management to offer trading services in CGS Depository Interests.
(a) that is listed and quoted on a stock exchange (and in Australia is registered as a managed investment scheme under the Corporations Act);
(b) where, under an open prospectus, the units in the fund can only be subscribed for and redeemed in kind, on demand and via the exchange of a defined basket of Equity securities;
(c) that has a “passive” investment strategy designed to replicate a stock index at all times and this is evidenced by the holding of physical securities in weightings that predominantly match the stock index the fund has been issued over, and accordingly, any cash or Derivative components must be immaterial and must not be used to gear the fund;
(d) where the underlying assets are known on a daily basis; and
(e) that is subscribed for and redeemed in a “primary” market via either a Market Participant or the fund issuer, and existing units are traded in a “secondary” market provided through a stock exchange.
(a) in relation to a particular Clearing Facility, the operating rules, procedures, practices, directions, decisions and requirements of that Clearing Facility;
(b) in relation to a particular Clearing Participant, the rules of the Clearing Facility to which that Clearing Participant is subject.
(a) a Commodity Swap;
(b) a forward contract over a Commodity;
(c) a Future over a Commodity or a Future over an index or basket product based on Commodities;
(d) a basket or index product based on a Commodity;
(e) a CFD over a Commodity; and
(f) an Option over a Commodity and an Option over a product referred to in paragraphs (a) to (e),
but does not include an instrument that falls within the definition of Equity Derivative, Debt Derivative or Foreign Exchange Derivative.
(a) in the case of a Market Participant which is a company, the sum of:
(i) all ordinary issued shares to the extent that those shares are paid up;
(ii) all non cumulative Preference Shares;
(iii) all reserves, excluding revaluation reserves other than Financial Asset and Liability Revaluation Reserves; and
(iv) opening retained profits/losses adjusted for all current year movements; and
(b) in the case of a Market Participant which is a partnership, the sum of the partners’ current and capital accounts.
(a) zero; and
(b) the absolute sum of the counterparty risk amounts calculated in accordance with Annexure 1 to Schedule 1A less any provision raised for doubtful debts.
Note: The provision for doubtful debts must relate to a specific Counterparty receivable for which a counterparty risk amount has been calculated in accordance with Annexure 1 or to cover the possibility of a Counterparty or Client Balance becoming doubtful. A Market Participant must not deduct a provision amount from an individual counterparty risk amount.
(a) a convertible note (except to the extent that Annexure 3 to Schedule 1A provides for the treatment of a convertible note as an equity position);
(b) an interest rate Swap;
(c) a Forward Rate Agreement;
(d) a forward contract over a Debt Instrument;
(e) a Future over a Debt Instrument and a Future over an index or basket product based on Debt Instruments;
(f) an index or basket product based on Debt Instruments;
(g) a Future over an interest rate or interest rate Swap; and
(h) an Option over a Debt Instrument, an Option over an interest rate and an Option over any of the products referred to in paragraphs (a) to (g),
but does not include an instrument that falls within the definition of Equity Derivative, Foreign Exchange Derivative or Commodity Derivative.
(a) a debt security without call or put provisions;
(b) a discount security without call or put provisions;
(c) a non-convertible preference share;
(d) a redeemable preference share with a fixed and certain date for redemption; and
(e) an interest in a managed investment scheme investing only in Debt Instruments, mortgages or cash, including an interest in a Hybrid ETF or Other Managed Fund that is issued over physical Debt Instruments only (ignoring any immaterial percentage of cash or Derivatives also included in the Hybrid ETF or Other Managed Fund and used only for hedging purposes),
but does not include an instrument that falls within the definition of Equity, Foreign Exchange or Commodity.
(a) an Equity Derivative;
(b) a Debt Derivative;
(c) a Foreign Exchange Derivative;
(d) a Commodity Derivative;
(e) a Warrant;
(f) a CFD; and
(g) a cross-currency Swap,
but does not include an instrument that falls within the definition of Equity, Debt Instrument, Foreign Exchange or Commodity.
(a) a share other than a share referred to in paragraphs (c) and (d) of the definition of Debt Instrument;
(b) a depository receipt;
(c) an instalment receipt;
(d) an interest in a managed investment scheme, including an interest in a Hybrid ETF or an Other Managed Fund that is issued over:
(i) physical Equities only;
(ii) physical Debt Instruments and property;
(iii) physical Equities, physical Debt Instruments and property;
(iv) physical Equities and property; or
(v) physical property only,
(ignoring any immaterial percentage of cash or Derivatives also included in the Hybrid ETF or Other Managed Fund and used only for hedging purposes), other than an interest referred to in paragraph (e) of the definition of Debt Instrument,
but does not include an instrument that falls within the definition of Debt Instrument, Foreign Exchange or Commodity.
(a) an equity Swap;
(b) a forward contract over an Equity;
(c) a Future over an Equity and a Future over a basket or index product based on Equities;
(d) an index or basket product based on Equities (including a Classical ETF);
(e) a renounceable or non-renounceable right to subscribe for an equity;
(f) an Option over an Equity (whether issued or unissued) and an Option over any of the products referred to in paragraphs (a) to (d); and
(g) an exchange traded CFD over:
(i) an Equity; or
(ii) a basket or index product based on Equities,
but does not include an instrument that falls within the definition of Debt Derivative, Foreign Exchange Derivative or Commodity Derivative.
(a) a share in a body;
(b) a financial product referred to in subparagraph 764A(1)(b)(i) or subparagraph 764A(1)(ba)(i) of the Corporations Act; or
(c) a right (whether existing or future and whether contingent or not) to acquire, by way of issue, the following under a rights issue:
(i) a share covered by paragraph (a); or
(ii) a financial product covered by paragraph (b); or
(d) a CHESS Depositary Interest,
admitted to quotation under a Market’s operating rules, but does not include a CGS Depository Interest.
(a) shares in a body corporate or an unincorporated body other than redeemable preference shares which are Loan Securities in accordance with paragraph (c) of the definition of Loan Securities; or
(b) interests in a managed investment scheme, except those referred to in paragraph (d) of the definition of Loan Securities; or
(c) renounceable and non-renounceable rights to subscribe for Securities other than Loan Securities; or
(d) options over unissued Securities other than Loan Securities; or
(e) convertible notes; or
(f) in relation to a Market, any Securities which are determined to be Equity Securities by the operator of the Market on which those Securities are able to be traded in accordance with the operating rules of the Market,
but does not include Options Market Contracts, or in relation to a Market, Securities determined to be Loan Securities by the operator of the Market where those financial products are able to be traded in accordance with the operating rules of the Market.
(a) the Equity Securities of which are:
(i) listed on a Market;
(ii) able to be traded on a Market; or
(iii) admitted to Trading Status as an AQUA Product or to the AQUA Quote Display Board;
(b) with power and approval to continuously issue and have quoted on the relevant Market, Equity Securities in the Managed Fund;
(c) which provides for the issue of new Equity Securities in return for the subscriber transferring to the Managed Fund a portfolio of Securities, cash or a combination of Securities and cash; and
(d) for which the price of the Underlying Instrument is continuously disclosed or can be immediately ascertained.
(a) a fixed asset;
(b) an intangible asset;
(c) a deferred tax asset;
(d) a non current asset;
(e) a deposit with or loan to a person other than:
(i) a deposit or loan with an Approved Deposit Taking Institution;
(ii) a deposit or loan to the extent the balance is secured by collateral which is Liquid, evidenced in writing and valued at the mark-to-market value; or
(iii) a deposit of funds as a margin or deposit with a person licensed to trade or clear Futures or Options to the extent that those funds relate to an open position;
(f) a deposit with a third party clearing organisation;
(g) a Related/Associated Person Balance to the extent the balance is not secured by collateral which is:
(i) Liquid;
(ii) under the control of the Market Participant, able to be accessed by the Market Participant without the approval of a third party and not otherwise encumbered;
(iii) evidenced in writing by a legally binding agreement between the Market Participant and the Related/Associated Person in circumstances where the Market Participant has established that the Related/Associated Person and the persons signing the agreement have the legal capacity to enter into the agreement and provide the nominated collateral; and
(iv) valued at the mark-to-market value;
(h) a debt which was reported or created more than 31 days previously, other than a debt:
(i) from another Market Participant that is not a Related/Associated Person; or
(ii) which is secured by collateral which is Liquid, evidenced in writing and valued at the mark-to-market value;
(i) a prepayment (being an expense which has been paid during one accounting period for a term which extends beyond the end of that period) which is not Liquid or which is Liquid but has been made in respect of an item of expenditure that is specifically required to be made by the Market Participant for the Market Participant to comply with the requirements of these Rules or the operating rules of a Market;
(j) an asset which is not Liquid; or
(k) an asset which is Liquid but which has a charge against it (in whole or in part) where the purpose of the charge is to raise funds for use outside the ordinary course of the Market Participant’s securities or derivatives business.
(a) the person or the Immediate Family of the person is the sole or majority beneficiary; or
(b) the person has the ability to remove the trustee of the trust and replace that trustee with his or her own nominee.
(a) an Equity;
(b) a Debt Instrument; and
(c) a Derivative.
(a) a forward contract over Foreign Exchange;
(b) a Future over Foreign Exchange;
(c) an Option over Foreign Exchange; and
(d) an exchange traded CFD over Foreign Exchange,
but does not include an instrument that meets the definition of Equity Derivative, Debt Derivative or Commodity Derivative.
(a) one party will make payments to the other of an amount of interest based on an agreed interest rate for a specified period from a specified date applied to an agreed principal amount;
(b) no commitment is made by either party to lend or borrow the principal amount; and
(c) the exposure is limited to the interest difference between the agreed and actual market rates at settlement.
(a) a contract to make an adjustment between the parties on an agreed future date as to the value on that date of an interest rate, a Foreign Exchange, an Equity, basket or index, Commodity, or some other agreed factor; or
(b) a deliverable bond futures contract, deliverable share futures contract or deliverable Commodity futures contract.
(a) ASX 24 Market; and
(b) FEX Market.
(a) it is issued by, fully guaranteed by, or fully collateralised by a Debt Instrument issued by:
(i) the Australian Commonwealth, State (including Territory) governments; or
(ii) a central government or central bank within the OECD;
(b) it is issued by, or fully guaranteed by, a non-OECD country central government or central bank, has a residual maturity of one year or less and is denominated in local currency and funded by liabilities in the same currency.
(a) each person or entity is a Related/Associated Person of each other person or entity; or
(b) the persons who have control of the management of each entity or have been appointed as directors of each entity are substantially the same.
(a) that is listed and quoted on a stock exchange (and in Australia is registered as a managed investment scheme under the Corporations Act); and
(b) where, under an open prospectus, the units can only be subscribed for and redeemed in cash or in kind; and
(c) that is subscribed for and redeemed in a “primary” market and existing units are traded in a “secondary” market; or
(d) that does not satisfy all of the requirements of a Classical ETF but satisfies the three criteria referred to in paragraphs (a), (b) and (c).
Immediate Family in relation to a person, means that person’s spouse and any non-adult children.
In the Money means:
(a) in relation to call Options, that the current market price of the underlying instrument is greater than the exercise price; and
(b) in relation to put Options, that the current market price of the underlying instrument is less than the exercise price.
Issuer means, in relation to a Cash Market Product, an Equity Market Product or other financial product able to be traded on a Market, the legal entity which issues the relevant product.
Large Exposure Risk Requirement is the absolute sum of a Market Participant’s:
(a) counterparty large exposure risk amount calculated in accordance with Annexure 2 to Schedule 1A; and
(b) issuer large exposure risk amount calculated in accordance with Annexure 2 to Schedule 1A.
Liquid means realisable or otherwise convertible to cash within 31 days and in the case of a Financial Instrument, means the Financial Instrument meets the following criteria:
(a) there are genuine independent offers from third parties to the Market Participant;
(b) prices or rates exist that closely approximate the last sale price or rate in the Financial Instrument (whether exchange traded or over-the-counter);
(c) payment/settlement can be effected within the settlement conventions applicable to the Financial Instrument; and
(d) there is sufficient liquidity in the market to ensure a ready sale of the position held.
Liquid Capital means the sum of:
(a) Core Capital;
(b) cumulative Preference Shares;
(c) Approved Subordinated Debt; and
(d) revaluation reserves other than Financial Asset and Liability Revaluation Reserves;
less the sum of:
(e) Excluded Assets; and
(f) Excluded Liabilities.
Liquid Margin means the amount calculated by deducting the Total Risk Requirement amount from the amount of Liquid Capital.
Loan Securities means:
(a) debentures, stocks or bonds issued or proposed to be issued by a government; or
(b) debentures of a body corporate or an unincorporated body; or
(c) redeemable preference shares which have a fixed and certain date for redemption, other than shares having a participating entitlement to rights or options referred to in paragraphs (c) and (d) of the definition of Equity Securities; or
(d) interests in a managed investment scheme, relating to a financial or business undertaking or scheme, common enterprise or investment contract, the trustee or representative or responsible entity of which only invests in or acquires one or more of Loan Securities, mortgages and cash; or
(e) in relation to a Market, any Securities which are determined to be Loan Securities by the operator of the Market on which those Securities are able to be traded in accordance with the operating rules of the Market,
but does not include Options Market Contracts or, in relation to a Market, Securities determined to be Equity Securities by the operator of the Market where those financial products are able to be traded in accordance with the operating rules of the Market.
Managed Fund means:
(a) a managed investment scheme which is a registered managed investment scheme pursuant to section 601EB of the Corporations Act or a managed investment scheme which ASIC has exempted from those registration requirements; or
(b) a foreign company which has the economic features of a managed investment scheme, namely:
(i) investors contribute money or money’s worth to acquire rights to benefits produced by the collective investment;
(ii) contributions of investors are to be pooled, or used in a common enterprise, to produce financial benefits, or benefits consisting of rights or interests in property, for investors holding financial products in the collective investment; and
(iii) investors holding financial products issued in the collective investment do not have day to day control over the operation of the collective investment.
Market means any of the following:
(a) the ASX Market;
(b) the ASX 24 Market;
(c) the Chi-X Market;
(d) the FEX Market;
(e) the NSXA Market;
(f) the SSX Market.
Market Spot Exchange Rate means the closing rate of exchange for foreign currencies against Australian dollars on each Business Day, having a settlement period of two days.
Monthly Risk-Based Return means a return containing the information in Form 3 in Schedule 1C to these Rules.
Non-Standard Risk Requirement means the amount calculated in accordance with Rule S1A.2.9 to cover unusual or non-standard exposures.
NSXA means National Stock Exchange of Australia Limited (ACN 000 902 063).
NSXA Market means the market operated by NSXA underAustralian Market Licence ( National Stock Exchange of Australia Limited ) 2002 .
OECD means the Organisation for Economic Co-operation and Development.
Official Quotation , in relation to financial products, means admission to quotation by a Market operator under the listing rules of that Market.
Operational Risk Requirement means the amount calculated in accordance with subrule S1A.2.3(1) which is required to cover exposures associated with commencing and remaining in business arising separately from exposures covered by other risk requirements.
Option means a contract which gives the holder of the option a right, exercisable at or before a specified time to:
(a) buy (whether by way of issue or transfer) or sell a quantity of a Financial Instrument or a Foreign Exchange, or Commodity; or
(b) be paid an amount of money calculated by reference to the value of a Financial Instrument, Foreign Exchange, Commodity, interest rate or index as specified in the contract.
Option Series means a set of contractual terms on which options are authorised by a Market operator for trading on its Market.
Options Market Contract means a contract on the terms of an Option Series.
Order means, unless the contrary intention appears:
(a) in relation to Cash Market Products, an instruction to purchase or sell Cash Market Products, or an instruction to amend or cancel a prior instruction to purchase or sell Cash Market Products;
(b) in relation to Derivatives Market Contracts, an instruction to enter into a Derivatives Market Transaction, or an instruction to amend or cancel a prior instruction to enter into a Derivatives Market Transaction; and
(c) in relation to other financial products, an instruction to purchase or sell financial products, or an instruction to amend or cancel a prior instruction to purchase or sell financial products.
OTC Derivative means a Derivative which is not traded on an exchange.
Other Managed Fund means a managed fund:
(a) that is not listed and quoted on a stock exchange (and in Australia is registered as a managed investment scheme under the Corporations Act); or
(b) that is listed and quoted on a stock exchange but does not satisfy all of the requirements of a Classical ETF or Hybrid ETF.
Other Regulated Entities means entities prescribed by regulations made for the purposes of paragraph 798H(1)(c) of the Corporations Act, that must comply with these Rules.
Participant , in relation to a Market, means a person who is allowed to directly participate in the Market under the operating rules of the Market other than as a recognised affiliate.
Position Risk Factors are the percentages applied to principal positions as specified in Tables A5.1.1, A5.1.2, A5.1.7 and A5.1.8 of Annexure 5 to Schedule 1A.
Position Risk Requirement is the absolute sum of the position risk amounts for a Market Participant’s:
(a) Equity and Equity Derivative positions calculated in accordance with Parts A3.1 to A3.9 of Annexure 3 to Schedule 1A;
(b) Debt Instrument and Debt Derivative positions calculated in accordance with Parts A3.10 to A3.17 of Annexure 3 to Schedule 1A;
(c) Foreign Exchange and Foreign Exchange Derivative positions calculated in accordance with Parts A3.18 to A3.22 of Annexure 3 to Schedule 1A; and
(d) Commodity and Commodity Derivative positions calculated in accordance with Parts A3.23 to A3.28 of Annexure 3 to Schedule 1A.
Positive Credit Exposure means an exposure to a Counterparty such that if the Counterparty were to default on its obligations under:
(a) an individual transaction; or
(b) to the extent allowed by Schedule 1A, a group of transactions, contracts, arrangements or agreements,
the Market Participant may incur a financial loss.
Preference Share means a preference share that is redeemable solely at the request of the Market Participant.
Pre-Commencement Market Integrity Rules means any of the following:
(a) the
ASIC Market Integrity Rules (APX Market-Capital) 2014 ;(b) the
ASIC Market Integrity Rules (ASX Market-Capital) 2014 ;(c) the
ASIC Market Integrity Rules (Chi-X Australia Market-Capital) 2014 ; and(d) the
ASIC Market Integrity Rules (Securities Markets-Capital) 2017 .
Primary Margin Requirement means the amount which a Market Participant lodges or is notionally required to lodge as a deposit to cover potential daily worse case price movements in the relevant market, lodged in accordance with the rules of an exchange or clearing house against open positions registered in the name of the Market Participant on the exchange or clearing house.
Principal Trader means a Market Participant with Trading Permission for one or more Products which limits it to trading on its own behalf.
Product means a Cash Market Product, Derivatives Market Contract or an OTC Derivative, as applicable.
Qualifying Debt Instruments means Debt Instruments that are:
(a) rated investment grade by at least two Credit Rating Agencies;
(b) rated investment grade by one Credit Rating Agency and the issuer has its ordinary shares included in a Recognised Market Index;
(c) unrated but the issuer of the Debt Instrument has its ordinary shares included in a Recognised Market Index and the Debt Instruments are reasonably deemed by the Market Participant to be of comparable investment quality to one or more of the categories of Qualifying Debt Instrument as described in this definition;
(d) issued by, or guaranteed by, Australian local governments and Australian public sector entities other than those which have corporate status or operate on a commercial basis;
(e) issued by, or fully guaranteed by, a non-OECD country’s central government and central bank and which have a residual maturity of over one year and are denominated in local currency and funded by liabilities in the same currency;
(f) issued by, or collateralised by claims on, an international agency or regional development bank including the International Monetary Fund, the International Bank for Reconstruction and Development, the Bank for International Settlements and the Asian Development Bank;
(g) issued, guaranteed, first endorsed or accepted by an Australian ADI or a bank incorporated within the OECD or a non-OECD bank accorded the same credit risk weight as an OECD bank by the Australian Prudential Regulation Authority provided that such instruments do not qualify as capital of the issuing institution;
(h) issued, guaranteed, endorsed or accepted by a non-OECD bank and which have a residual maturity of one year or less provided that such instruments do not qualify as capital of the issuing institution; or
(i) issued by or guaranteed by OECD country, state and regional governments and OECD public sector entities.
Quoted Product means a financial product that has been granted Official Quotation.
Recognised Market Index means an index specified in Table A5.1.6 in Annexure 5 to Schedule 1A.
Related/Associated Person means:
(a) a partner, director, employee, officer or consultant of a Market Participant or of a company which is a partner of a Market Participant;
(b) a person who is a member of the Immediate Family of a person referred to in paragraph (a);
(c) the trustee of a Family Trust of a person referred to in paragraph (a);
(d) an entity which is:
(i) controlled by a person referred to in paragraphs (a), (b) or (c) or any of those persons acting together; or
(ii) a corporation in which a person referred to in paragraphs (a) or (b) is beneficially entitled to more than 50% of the issued capital;
(e) an entity which is the holding company, or which is controlled by the holding company, of a Market Participant or of a company which is a partner of a Market Participant;
(f) a person who is a Substantial holder of a Market Participant or of a company which is a partner of a Market Participant;
(g) an associate of a Market Participant (as defined in each section of Part 1.2, Division 2 of the Corporations Act) or of a company which is a partner of a Market Participant; and
(h) a lender who is a party to an Approved Subordinated Loan Deed or a related entity or associate of that lender.
Related/Associated Person Balance is an amount owing to the Market Participant by a person who is a Related/Associated Person of the Market Participant and excludes an amount owing as a result of:
(a) the deposit with, loans to or other amounts owing from an Approved Deposit Taking Institution;
(b) the deposit of funds as a margin or deposit with a person licensed to trade or clear Futures or Options to the extent that those funds relate to an open position; or
(c) a transaction in a Financial Instrument under Annexure 1 to Schedule 1A which is made on terms no more favourable to the Related/Associated Person than those on which it would be reasonable to expect the Market Participant to make if it had entered into the transaction on an arm’s length basis, but not including sundry fees, interest or similar amounts owing on such transactions; or
(d) brokerage or similar amounts owing that were reported or created less than 31 days previously and which arose as a result of a third party clearing arrangement entered in to with a Clearing Participant that is a Related/Associated Person of the Market Participant.
Risk-Based Capital Requirements means the requirements set out in Schedule 1A.
Risk-Based Return Declaration means a declaration containing the information in Form 2 in Schedule 1C to these Rules.
Rules means these market integrity rules.
Security orsecurity means:
(a) a security within the meaning of section 761A of the Corporations Act; or
(b) a managed investment product.
Securities Lending and Borrowing means any transaction undertaken by a Market Participant under an Equity or Debt Instrument lending or borrowing agreement, a repurchase or reverse repurchase agreement or an agreement for the sale and buyback of Equity or Debt Instruments.
Securities Market means any of the following Markets:
(a) ASX Market;
(b) Chi-X Market;
(c) NSXA Market; and
(d) SSX Market.
SSX means Sydney Stock Exchange Limited (ACN 080 399 220).
SSX Market means the market operated by SSX underAustralian Market Licence (Sydney Stock Exchange Limited) 2004 .
Structured Product means a Security or derivative:
(a) which gives the holder financial exposure to the performance of one or more Underlying Instruments;
(b) the value of which is linked to the performance of those Underlying Instruments; and
(c) whereby investors do not have day to day control over the operation of the entity which issues or provides the Security or derivative.
Substantial holder means a person who has or would have a substantial holding if Part 6C of the Corporations Act applied to that corporation.
Sub Underwriting Commitment means a commitment to take up Financial Instruments where others do not acquire or retain them under a sub underwriting agreement or other similar agreement calculated using:
(a) the price stated in the sub underwriting or similar agreement; or
(b) in the case of a new float where the price is not known, the indicative price, until the price is known.
Sub Underwriter means a person who has made a Sub Underwriting Commitment.
Summary Risk-Based Return means a return containing the information in Form 3 in Schedule 1C to these Rules.
Swap means a transaction in which two counterparties agree to exchange streams of payments over time on a predetermined basis.
Terms of Issue means, in relation to Warrants, rights, conditions and obligations of the Warrant-Issuer and the holder of the Warrant.
Total Risk Requirement means the sum of:
(a) Operational Risk Requirement;
(b) Counterparty Risk Requirement;
(c) Large Exposure Risk Requirement;
(d) Position Risk Requirement;
(e) Underwriting and Sub Underwriting Risk Requirement; and
(f) Non-Standard Risk Requirement,
however where an asset or liability is an Excluded Asset or Excluded Liability a risk requirement otherwise applicable under paragraphs (a) to (e) is not included.
Trading Day means a day on which a relevant exchange traded or over-the-counter market has been open for trading.
Trading Messages means those messages submitted into a Trading Platform relating to trading functions, such as orders, amendment or cancellation of orders and the reporting or cancellation of Market transactions on the Trading Platform.
Trading Participant means a Market Participant which has Trading Permission in respect of one or more financial products.
Trading Permission means the right to submit Trading Messages in a Trading Platform.
Trading Platform means a facility made available by a Market operator to Market Participants of the relevant Market for the entry of Trading Messages, the matching of Orders, the advertisement of invitations to trade and the reporting of transactions.
Trading Status means authorisation by a Market operator or a CGS Market operator for a financial product to be traded on the relevant Market or CGS Market.
Underlying Instrument means:
(a) in relation to Option Series and Futures Series, the instrument which underlies that Option Series or Futures Series;
(b) in relation to Warrants means the financial product, index, foreign or Australian currency or Commodity which underlies that Warrant; and
(c) in relation to AQUA Products and other financial products, means the financial product, index, foreign or Australian currency, Commodity or other point of reference for determining the value of the relevant product.
Underwriting Commitment means a commitment to take up Financial Instruments where others do not acquire or retain them under an underwriting agreement or other similar agreement calculated using:
(a) the price stated in the underwriting or similar agreement; or
(b) in the case of a new float where the price is not known, the indicative price, until the price is known.
Underwriting and Sub Underwriting Risk Requirement is the absolute sum of the risk amounts calculated in accordance with Annexure 4 to Schedule 1A.
Warrant has the meaning given by regulation 1.0.02 of theCorporations Regulations 2001 .
Warrant-Issuer means an entity approved by a Market operator to issue Warrants.
Where these Rules require a Market Participant to give to ASIC any document (however described) in relation to the Market Participant for a Market, the Market Participant may give to ASIC the same document in relation to more than one Market, provided that:
(a) the Market Participant has notified ASIC in writing that it intends to comply with these Rules by relying on that document, or on documents of that kind, in relation to each Market to which the document applies; and
(b) the document contains all of the information that would be required to be in the document if it were given separately in relation to each Market.
1.6.1 Status of notifications and certifications given by a Market Participant under the Pre-Commencement Market Integrity Rules (1) This Rule applies if:
(a) a Market Participant gave, or was taken to have given, ASIC a written notification or certification under the Pre-Commencement Market Integrity Rules; and
(b) the notification or certification has not been withdrawn or otherwise ceased to have effect, other than by reason of the repeal of the Pre-Commencement Market Integrity Rules; and
(c) the power or obligation in the Pre-Commencement Market Integrity Rules to give the notification or certification is incorporated under a corresponding provision in these Rules.
(2) The notification or certification:
(a) is taken to have been given to ASIC by the Market Participant under the corresponding provision in these Rules; and
(b) will continue in its existing form, and continue to have the same effect under these Rules, as when given or taken to have been given under the Pre-Commencement Market Integrity Rules.
1.6.1A Status of approvals, authorisations, determinations and directions (1) This Rule applies if:
(a) ASIC gave, or was taken to have given, a written approval, authorisation, determination or direction to a Market Participant under the Pre-Commencement Market Integrity Rules; and
(b) the approval, authorisation, determination or direction has not been revoked or otherwise ceased to have effect, other than by reason of the repeal of the Pre-Commencement Market Integrity Rules; and
(c) the power or obligation in the Pre-Commencement Market Integrity Rules to give the approval, authorisation, determination or direction is incorporated under a corresponding provision of these Rules.
(2) The approval, authorisation, determination or direction as in effect immediately before the commencement of these Rules:
(a) is taken to have been given by ASIC to the Market Participant under the corresponding provision in these Rules; and
(b) will continue in its existing form, and continue to have the same effect under these Rules, as when given or taken to have been given under the Pre-Commencement Market Integrity Rules.
(3) For the avoidance of doubt, paragraph (2)(b) does not prevent ASIC amending or revoking the approval, authorisation, determination or direction in accordance with these Rules or any other law.
(1) For the purposes of Rules 1.6.1 and 1.6.1A, a provision (
old provision ) of the Pre-Commencement Market Integrity Rules corresponds to a provision (new provision ) of these Rules (and vice versa) if the old provision and the new provision are substantially the same.(2) For the purposes of subrule (1), differences of all or any of the following kinds are not sufficient to mean that two provisions are not substantially the same:
(a) differences in the numbering or location of the provisions;
(b) differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross-references);
(c) the fact that one of the provisions refers to a corresponding previous law and the other does not;
(d) other differences that are attributable to the fact that these Rules apply to different Markets.
Note: There is no Part 8.1 in this Chapter.
8.2.1 Market Participant to comply with Risk-Based Capital Requirements (1) Subject to subrule (2), a Market Participant must at all times comply with the Risk-Based Capital Requirements.
(2) A Market Participant is not required to comply with the Risk-Based Capital Requirements if the Market Participant:
(a) is:
(i) only a Principal Trader; or
(ii) a Clearing Participant of an Approved Clearing Facility and subject to the capital requirements under the Clearing Rules; or
(iii) an Authorised Deposit Taking Institution; and
(b) is not excluded under subrule (3) from relying on the applicable exception in paragraph (a).
(3) A Market Participant is excluded from relying on an applicable exception in paragraph (2)(a) if at a particular time ASIC:
(a) has given the Market Participant written notice (
Exclusion Notice ) that the Market Participant is excluded from relying on that exception; and(b) has not given the Market Participant a written notice withdrawing the Exclusion Notice.
Note: The Risk-Based Capital Requirements are set out in Schedule 1A.
8.2.2 Obligation to notify ASIC in relation to other capital requirements (1) A Market Participant that does not comply with the Risk-Based Capital Requirements in reliance on Rule 8.2.1 must give written notice to ASIC, as soon as practicable and in any event no later than one Business Day after it becomes aware of any of the following matters:
(a) that the Market Participant will cease to be, or has ceased to be:
(i) only a Principal Trader;
(ii) subject to the capital requirements of the Approved Clearing Facility; or
(iii) an Authorised Deposit Taking Institution,
as applicable;
(b) in the case of a Market Participant that relies on an exception in subparagraph 8.2.1(2)(a)(ii) or (iii), that the Market Participant has materially breached, or is no longer about to comply with:
(i) the capital requirements of the Approved Clearing Facility; or
(ii) the capital requirements of APRA,
as applicable.
(2) A written notice under paragraph (1)(b) must include details of the actions (if any) that the Market Participant has taken, or will take, to deal with the matter referred to in that paragraph.
9.1.1 Principal Traders, Clearing Participants of Approved Clearing Facilities, and Authorised Deposit Taking Institutions This Chapter does not apply to a Market Participant that is not required to comply with the Risk-Based Capital Requirements because of Rule 8.2.1.
9.2.1 Risk-Based Capital Requirements—Ad hoc or summary return on request by ASIC A Market Participant must, if requested to do so by ASIC, provide ASIC with:
(a) an Ad Hoc Risk-Based Return; or
(b) a Summary Risk-Based Return and Risk-Based Return Declaration,
authorised by one director or partner of the Market Participant, within the time specified by ASIC in the request.
9.2.2 Core Capital, Liquid Capital or net assets below minimum (1) A Market Participant must notify ASIC immediately if its:
(a) Core Capital is at any time less than the minimum amount required by paragraph S1A.2.1(b); or
(b) Liquid Capital divided by its Total Risk Requirement is equal to or falls below 1.2; or
(c) net assets are at any time equal to or fall below zero.
(2) A Market Participant must provide ASIC with, at the option of ASIC, an Ad Hoc Risk-Based Return, or a Summary Risk-Based Return and Risk-Based Return Declaration, disclosing the amount of its Liquid Margin:
(a) no later than one Business Day after notifying ASIC under subrule (1); and
(b) from then on, either:
(i) by 10 am on the first Business Day of each week, showing the financial position of the Market Participant on the last Business Day of the prior week, for so long as the amount referred to in paragraph (1)(b) is equal to or less than 1.2 but greater than 1.1; and
(ii) by 10 am on each Business Day, showing the financial position of the Market Participant on the prior Business Day, for so long as the amount referred to in paragraph (1)(b) is 1.1 or less; and
(iii) by 10 am on each Business Day, showing the financial position of the Market Participant on the prior Business Day, for so long as the amount referred to in paragraph (1)(c) is zero or less.
(3) The return referred to in subrule (2) must be authorised by one director or partner of the Market Participant.
A Market Participant must prepare and deliver to ASIC within 10 Business Days of the end of each calendar month, the following documents and information:
(a) a Monthly Risk-Based Return, which accurately reflects the Market Participant’s accounts and financial position on the last Business Day of the previous calendar month; and
(b) a Risk-Based Return Declaration relating to the Monthly Risk-Based Return, authorised by one director or partner of the Market Participant.
(1) A Market Participant must prepare and deliver to ASIC within three months following the end of the Market Participant’s financial year the following documents and information:
(a) the Market Participant’s statutory accounts, including directors’/partners’ declaration and audit report as required under the laws of the Market Participant’s home jurisdiction, which give a true and fair view of the financial position and performance of the Market Participant’s business as at the end of the financial year and which are prepared in accordance with accounting standards and principles which are generally accepted in Australia, unless ASIC determines otherwise;
(b) an Annual Audited Risk-Based Return, which accurately reflects the Market Participant’s accounts and its financial position as at the end of the Market Participant’s financial year;
(c) a Risk-Based Return Declaration relating to the Annual Audited Risk-Based Return, authorised by one director of the Market Participant, or, if the Market Participant is a partnership, by one partner of the Market Participant;
(d) an auditor’s report on the Annual Audited Risk-Based Return in the form set out in Form 5 in Schedule 1C to these Rules, dated and signed by the audit firm;
(e) a statement (the
Key Risks and Internal Systems Statement ) in the form set out in Form 6 in Schedule 1C to these Rules, dated and signed by two directors of the Market Participant or by one director in accordance with a resolution of the board of directors of the Market Participant (the date of the resolution must be specified), or, if the Market Participant is a partnership, by two partners of the Market Participant; and(f) the Market Participant’s group structure chart showing the Market Participant’s corporate ownership structure starting at the ultimate parent, dropping down to the immediate parent, the Market Participant, any subsidiaries (including nominee companies of the Market Participant) and any related/associated companies of the Market Participant.
(2) If the financial year end of the Market Participant is other than 30 June, the Market Participant must notify ASIC of its financial year end.
Note: There is no Part 9.3 in this Chapter
Where a Market Participant has appointed an alternate director in accordance with section 201K of the Corporations Act and the constitution of the Market Participant, the alternate director may authorise or sign the forms referred to in Part 9.2 only if the Market Participant has provided ASIC with:
(a) the details of the appointment of the alternate director; and
(b) a statement that the Market Participant’s constitution permits the appointment of the alternate director.
Unless otherwise directed by ASIC, a Market Participant must comply with the following provisions:
(a) Rule 9.2.1;
(b) subrule 9.2.2(2);
(c) Rule 9.2.3;
(d) Rule 9.2.4,
by submitting the information required to be delivered to ASIC under those provisions to the electronic lodgement system maintained by or on behalf of ASIC for this purpose.
(1) A Market Participant must give its auditor access to its premises and Employees and all records, documents, explanations and other information required by the auditor in respect of any audit conducted under Part 9.2.
(2) A Market Participant must:
(a) not impose any limitation on the extent of any audit required under Part 9.2; and
(b) permit and direct the auditor to notify ASIC immediately if any limitation is imposed on the auditor, or if the auditor is hindered or delayed in the performance of the auditor’s duties.
(3) The records of each of the Market Participant’s nominee companies must be included in the audit.
(1) Schedule 1A must be interpreted and applied consistently across positions in the same Financial Instruments throughout a period covered by a return required under Part 9.2.
(2) References to dollar amounts are references to Australian dollar amounts.
(3) The Annexures to Schedule 1A form part of Schedule 1A and a reference to Schedule 1A in these Rules includes a reference to those Annexures.
S1A.2.1 Core Capital, Liquid Capital and Total Risk Requirement A Market Participant must ensure that its:
(a) Liquid Capital is at all times greater than its Total Risk Requirement; and
(b) Core Capital is at all times not less than:
(i) $500,000 if it is a Participant of a Securities Market; or
(ii) $1,000,000 if it is a Participant of a Futures Market (regardless of whether it is also a Participant of a Securities Market).
(1) A Market Participant must calculate its Operational Risk Requirement:
(a) as the sum of:
(i) the amount of $100,000; and
(ii) 8% of the sum of the Market Participant’s:
(A) Counterparty Risk Requirement;
(B) Position Risk Requirement; and
(C) Underwriting and Sub Underwriting Risk Requirement.
(2) A Market Participant must calculate in accordance with Annexure 1 to this Schedule 1A:
(a) its Counterparty Risk Requirement; and
(b) a counterparty risk amount for each of its Positive Credit Exposures to a Counterparty for transactions in Financial Instruments referred to in Annexure 1 to this Schedule 1A, except those transactions which relate to Excluded Assets.
(3) A Market Participant must calculate in accordance with Annexure 2 to this Schedule 1A:
(a) its Large Exposure Risk Requirement; and
(b) its large exposure risk amount for each:
(i) Counterparty; and
(ii) Equity Net Position and Debt Net Position relative to:
(A) Liquid Capital; and
(B) an issue or issuer.
(4) A Market Participant must calculate in accordance with Annexure 3 to this Schedule 1A:
(a) its Position Risk Requirement;
(b) a position risk amount for all positions in Financial Instruments, Foreign Exchange and Commodities except those positions which are Excluded Assets; and
(c) a position risk amount for other assets and liabilities which are denominated in a currency other than Australian dollars except for those assets which are Excluded Assets.
(5) A Market Participant must calculate in accordance with Annexure 4 to this Schedule 1A:
(a) its Underwriting and Sub Underwriting Risk Requirement; and
(b) an underwriting risk amount for each Underwriting Commitment and Sub Underwriting Commitment.
(6) A Market Participant must calculate a Non-Standard Risk Requirement in accordance with Rule S1A.2.9.
(1) A Market Participant must be authorised by ASIC in writing for each of the risk calculation methods it uses for the purposes of Rule S1A.2.3.
(2) An authorisation given by ASIC under subrule (1) will specify which risk calculation methods the Market Participant is authorised to use.
(3) A Market Participant must obtain an authorisation from ASIC under subrule (1) prior to the use of a particular risk calculation method.
(4) A Market Participant will only be authorised to use a particular risk calculation method under subrule (1) after having satisfactorily demonstrated its ability to calculate risk amounts under that method.
(1) A Market Participant entering into a subordination arrangement may only include an amount owing under such an arrangement in its Liquid Capital if:
(a) the subordination arrangement has the prior approval of ASIC under subrules (2) and (3); and
(b) the amount is notified to and approved by ASIC prior to being drawn down under the subordination arrangement and complies with subrule (4) where relevant.
(2) ASIC will not approve a subordination arrangement unless in the opinion of ASIC:
(a) subject to subrule (6), the amount owing to the lender under the subordination arrangement will not be repaid until all other debts which the Market Participant owes to any other persons are repaid in full; and
(b) the obligation to pay any amount owing under the subordination arrangement is suspended if Rule S1A.2.1 is no longer complied with.
(3) ASIC will not approve a subordination arrangement unless the Market Participant has executed an Approved Subordinated Loan Deed in respect of the subordination arrangement.
(4) If a Market Participant is a partnership which has entered into an approved subordination arrangement under subrules (2) and (3) and there is a change in the composition of the Market Participant, then an amount owing under the previously approved subordination arrangement must not be included in its Liquid Capital unless ASIC is of the opinion that this arrangement has been renewed or amended so as to ensure that all partners after the change in composition are bound by it.
(5) A Market Participant must comply with the terms of the Approved Subordinated Loan Deed and any associated agreement to which it, ASIC, and the lender are parties and must ensure the lender’s compliance with these documents.
(6) Prior to its Bankruptcy, a Market Participant may repay an amount owing under an approved subordination arrangement only with the prior approval of ASIC.
(7) ASIC will not withhold its approval under subrule (6) if in the opinion of ASIC:
(a) the Market Participant’s Liquid Capital divided by its Total Risk Requirement is capable of continuing to be greater than 1.2 on repayment; and
(b) the Market Participant’s Core Capital is capable of continuing to be equal to or greater than the amount required under Rule S1A.2.1(b).
(8) In forming an opinion as to whether a Market Participant is capable of continuing to meet the requirements in paragraphs (7)(a) and (b), ASIC may consider matters such as:
(a) the state of the overall market and the trend of the individual Market Participant’s share of that market;
(b) the ability of the Market Participant to continue as a going concern for a period that may exceed 31 days;
(c) any waivers that exist at the time of the request; and
(d) the existence of any outstanding litigation.
(1) Subject to subrule (2), where a Market Participant has an asset due from one entity (which would ordinarily be treated as an Excluded Asset) which is linked to an offsetting liability payable to another entity, the Market Participant may net the asset and liability so that only the net amount (if positive) is reported as an Excluded Asset
. (2) The Market Participant may only net an asset with a liability and report the net amount as an Excluded Asset under subrule (1) if either subrule (2A) or (2B) applies.
(2A) This subrule applies where:
(a) the asset is a right-of-use asset and the liability is a lease liability that corresponds with the right-of-use asset for the same lease; and
(b) the right-of use asset is netted only with the corresponding lease liability;
Note: The effect of paragraph (b) is that right-of-use assets of multiple leases cannot be aggregated and then offset with the aggregate of lease liabilities. The netting must be done on individual leases basis.
(c) the Market Participant reports the right-of-use asset and lease liability on a gross basis in the balance sheet section of the Monthly Risk-Based Return required by Rule 9.2.3;
(d) the Market Participant reports each right-of-use asset and the corresponding lease liability in the “Leases” section in the balance sheet details section of the Monthly Risk-Based Return required by Rule 9.2.3;
(e) the Market Participant reports the sum of the net amounts of each right-of-use asset and the corresponding lease liability as an Excluded Asset “other prescribed asset” in the “Core Capital, Liquid Capital, Liquid Margin and Ratio” section of the Monthly Risk-Based Return required by Rule 9.2.3; and
(f) the Market Participant includes the following details in the “Additional Comments” section of the Monthly Risk-Based Return required by Rule 9.2.3:
The following assets and liabilities have been netted for the purpose of calculating the amount included in the Excluded Asset “other prescribed asset” line of the “Core Capital, Liquid Capital, Liquid Margin and Ratio” section of the capital liquidity return.
Asset—
describe the nature of the asset/s $
less Liability—describe the nature of the liability/s $( )
Other expenses | ||
Profit before income tax | ||
Income tax - expense | ||
Profit/(loss) after tax before discontinued operations | ||
Profit/(loss) from discontinued operations (detail below) | ||
1. Input losses from discontinued operations as negative numbers.
Opening Retained Earnings | ||
Adjustments to retained earnings (detail) – increases | ||
Dividends | ||
Adjustments from retained earnings (detail) – decreases | ||
Other adjustments to/(from) retained earnings (detail) | ||
1. Input increases and decreases to retained earnings and dividends as positive numbers.
2. Input 'to' amounts as positive numbers and 'from' amounts as negative numbers.
Trade receivables | ||
Net trade receivables | ||
Securities borrowings | ||
Financial assets | ||
Cash and cash equivalents | ||
Related/Associated Persons | ||
Client trust and segregated accounts | ||
Deposits at clearing houses | ||
Right-of-use assets | ||
Other current assets | ||
1. Client and trade receivables only. (Note: You should include Trade Related/Associated Person amounts here – refer ‘Related/Associated Person Balance’ definition.)
2. Only include cash paid for securities borrowings.
3. All equity, debt and similar instruments at market value.
4. Cash at bank, cash on hand and other deposits other than client trust and segregated accounts.
5. Other balances not included above.
Trade receivables | ||
Financial assets | ||
Loans and deposits | ||
Related/Associated Persons | ||
Property, plant and equipment | ||
Right-of-use assets | ||
Intangible assets | ||
Deferred tax assets | ||
Other non-current assets | ||
1. Client and trade receivables only. (
Note : You should include Trade Related/Associated Person amounts here – refer ‘Related/Associated Person Balance’ definition.)2. All equity, debt and similar instruments at market value.
3. Other deposits excluding client trust and segregated accounts.
4. Property, plant and equipment excluding Right-of-use assets.
5. Other balances not included above.
Total assets |
Trade payables | ||
Securities lending | ||
Financial liabilities | ||
Short term borrowings | ||
Income tax payable | ||
Approved Subordinated Debt | ||
Lease liabilities | ||
Other current liabilities | ||
1. Client and trade payables only (
2. Only include cash received from securities lending.
3. All equity, debt and similar instruments at market value.
4. Other balances not included above.
Long term borrowings | ||
Deferred income tax | ||
Approved Subordinated Debt | ||
Lease liabilities | ||
Other non-current liabilities | ||
1. Other balances not included above
Total liabilities | ||
Ordinary issued and paid up shares | ||
Non-cumulative Preference Shares | ||
Cumulative Preference Shares | ||
Other | ||
Revaluation reserves | ||
Other reserves | ||
1. Includes those revaluation reserves eligible for inclusion in Core Capital.
Retained earnings / (Accumulated losses) | |
Total ADTI | ||||
Petty Cash | ||||
Non ADTI and Other | ||||
Total Non ADTI and Other | ||||
Total Secured/Unsecured | ||||
Total Current/Non Current | ||||
If you have entered an amount in the current, secured, ‘Non ADTI and Other’ area, give a description of the collateral used to secure the amount.
Total ADTI | ||||
Non ADTI and Other | ||||
Total Non ADTI and Other | ||||
Total Secured/Unsecured | ||||
Total Current/Non Current | ||||
• Refer ‘Related/Associated Person Balance’ definition. You should only include non-trade amounts here unless otherwise advised.
• Although amounts owing from an ADTI do not fall within the definition of ‘Related/Associated Person Balance’ in the Market Integrity Rules, you should report them in this section.
• You must report Related/Associated Person Balances (refer ‘Related/Associated Person Balance’ definition) that are not secured by liquid assets in the ‘unsecured’ column. If the Related/Associated Person is not an ADTI, this ‘unsecured’ asset must be treated as an ‘Excluded Asset’ and excluded from the liquid capital calculation.
• If you have entered an amount in the current, secured, ‘Non ADTI and Other’ area, use the comments section to provide a description of the collateral used to secure the amount.
Gross Underwriting Commitments |
Gross Sub Underwriting Commitments |
Total |
Reduce underwriting and sub underwriting commitments by sub underwritten amounts and/or amounts received from client placement |
Net underwriting commitments |
For the purpose of the Rules |
Ordinary course of business |
To settle legal proceedings |
Subtotal (Sum of all values above) |
Related/Associated persons |
Other |
Other Guarantees total |
• If you have entered an amount in the ‘Underwriting’ or Guarantees’ section, use the comment section to provide a description of the nature of the commitments.
Are there any actual/potential/legal proceedings and/or insurance claims?
Date you first became aware of potential circumstance |
Gross contingent liability |
Net contingent liability |
Full name of cover provider |
Date you or another person notified circumstance to cover provider |
Date circumstance notified to the Exchange or Clearing House |
Date circumstance settled/closed |
Details of circumstance |
Nature of cover (if any) |
Where a legal proceeding and/or an insurance claim has been settled or closed during the month, record the date this occurred in the ‘Date circumstance settled/closed’ row in the FIRST month this occurs. After you have reported this date, you can delete the item from future returns.
Is there any charge, pledge, or other encumbrance over any of the assets of the Market Participant?
Has the Market Participant granted any Credit Facilities to other persons or entities?
Description of the lease | Right-of-use-asset (ROU asset) ($) | Lease Liability (LL) ($) | Net of ROU asset and LL ($) |
Current | |||
Total current | |||
Non current | |||
Total non current | |||
Total |
Other current asset amount total | |
Non-current assets amount total | |
Other assets total |
Total | |||||
Aging Analysis Percent (%) |
Ordinary Issued and Paid-Up Shares | |
Non-Cumulative Preference Shares | |
All reserves Excluding Revaluation reserves other than Financial Asset and Liability Revaluation Reserves | |
Opening Retained Earnings/Accumulated losses Adjusted for all Current Year Movements | |
Core Capital |
Core Capital must not be less than the amount specified in the Market Integrity Rules. Should it fall below this level you must notify ASIC immediately.
Core Capital | ||
Cumulative Preference Shares | ||
Approved Subordinated Debt | ||
Revaluation reserves other than Financial Asset and Liability Revaluation Reserves | ||
Property, plant and equipment | ||
Intangible assets | ||
Deferred tax assets | ||
Other non-current assets | ||
Unsecured deposits/loans with non ADTI | ||
Unsecured non ADTI related/associated person balances | ||
Other trade receivables realisable after 31 days | ||
Prepayments realisable after 31 days | ||
Other illiquid assets | ||
Other charged assets | ||
Other prescribed assets | ||
Guarantees and Indemnities | ||
Other prescribed liabilities | ||
Liquid Capital | ||
1. Includes future income tax benefits.
2. Includes non-current trade receivables, financial assets, loans and deposits and non-current Related/Associated Person Balances.
3. Non-current Related/Associated Person Balances are included in ‘Other Non-current assets’.
4. Use the additional comments function to provide a description of the illiquid assets you have reported.
5. Use the additional comments section to provide details of what these balances relate to.
Liquid Capital | |
Operational Risk Requirement | |
Counterparty Risk Requirement | |
Large Exposure Risk Requirement | |
Position Risk Requirement | |
Underwriting and Sub Underwriting Risk Requirement | |
Non-Standard Risk Requirement | |
Total Risk Requirement | |
Liquid Margin |
Liquid Capital must always be greater than the Total Risk Requirement.
Ratio of Liquid Capital to Total Risk Requirement |
Liquid Capital must always be greater than the Total Risk Requirement. Should the ratio of Liquid Capital to Total Risk Requirement fall to 1.2 or less, you must notify ASIC immediately.
• You can select more than one type of facility.
• If a Participant has no credit/overdraft, enter 'No Facility' in ‘Type’, Nil in 'Full name of provider’, 'Terms and availability’, and $0 in ‘Amount’.
P R O F O R MA AUD I T O R ’ S RE P O R T O N FI NANC I A L I N F O R M AT I O N
Pro Forma Auditor’s Report on Financial Information
The following key applies throughout this document.
* Where the Participant is a body corporate incorporated or resident outside Australia operating a branch in Australia, the following words may be inserted – “Australian branch”.
** Delete as applicable.
INDEPENDENT AUDITOR’S REPORT TO THE DIRECTORS/PARTNERS** OF
[PARTICIPANT_NAME]
To: The
We have audited the financial information set out in the attached.
The
Our responsibility is to express an opinion on the financial information set out in the Return based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial information set out in the attached Return is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures of the financial information set out in the Return. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial information set out in the Return whether due to fraud or error.
In making those risk assessments, the auditor considers internal controls relevant to the Participant’s preparation and fair presentation of the financial information set out in the Return in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Participant’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
The Return may not be suitable for another purpose. Our report is intended solely for the Participant and ASIC and should not be distributed to or used by parties other than the Participant and ASIC.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In conducting our audit, we have complied with the independence requirements of APES 110: Code of Ethics for Professional Accountants.
In our opinion,
Dated this .................................................. day of ..............................................................
Name of Audit Firm .............................................................................................................
Address of Audit Firm .........................................................................................................
Partner’s Signature ..............................................................................................................
Name of Partner ...................................................................................................................
ATTE S TAT I O N B Y D I RECT O R S / P ARTNER S T O A SIC K E Y R IS K S AN D I NT E RNA L S Y S TE MS
Participant: ...........................................................................................................................
Year Ended: .........................................................................................................................
PARTICIPANTS KEY RISKS AND INTERNAL SYSTEMS STATEMENT
We hereby certify and represent that:
The Participant has developed and implemented adequate systems, procedures and controls reasonably designed to achieve compliance, at all times, with the requirements of the
This includes review of the obligations under the
The systems, procedures and controls are operating effectively and are adequate having regard to the nature and extent of the Participant’s
We have retained copies of the relevant documentation on which this representation is based and this is available for inspection by
Name ........................................................ Name ............................................................
Director/Partner ...................................... Director/Partner ..............................................
Dated this ......................................................... day of .....................................................
Date of Board Resolution (if applicable) ..........................................................................
Note: If a Participant considers it necessary to qualify this standard statement, the reasons should be explained in full in an accompanying statement.
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
The abbreviation key sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.
ad = added or inserted | orig = original |
am = amended | par = paragraph(s)/subparagraph(s) |
amdt = amendment | /sub‑subparagraph(s) |
c = clause(s) | pres = present |
C[x] = Compilation No. x | prev = previous |
Ch = Chapter(s) | (prev…) = previously |
def = definition(s) | Pt = Part(s) |
Dict = Dictionary | r = regulation(s)/rule(s) |
disallowed = disallowed by Parliament | reloc = relocated |
Div = Division(s) | renum = renumbered |
exp = expires/expired or ceases/ceased to have | rep = repealed |
Effect | rs = repealed and substituted |
F = Federal Register of Legislation | s = section(s)/subsection(s) |
gaz = gazette | Sch = Schedule(s) |
LA = Legislation Act 2003 | Sdiv = Subdivision(s) |
LIA = Legislative Instruments Act 2003 | SLI = Select Legislative Instrument |
(md not incorp) = misdescribed amendment cannot be given effect | SR = Statutory Rules |
(md incorp) = misdescribed amendment can be given effect | Sub‑Ch = Sub‑Chapter(s) |
mod = modified/modification | SubPt = Subpart(s) |
No. = Number(s) | underlining = whole or part not |
o = order(s) | commenced or to be commenced |
Ord = Ordinance |
(F2021L00765) | 16/06/2021 | 17/06/2021 | ||||
(F2022L00295) | 09/03/2022 | Schedule 3 items 1-26: 06/04/2022 | ||||
(F2024L01303) | 14/10/2024 | 15/10/2024 | ||||
Rule 1.1.3 | rep. s48D LA |
Rule 1.13A | rep. s48C LA |
Rule 1.1.8 (heading) | am. F2024L01303 ,Schedule 1, item [1] |
Rule 1.1.8 | ad. F2022L00295, Schedule 3, item [1] |
Subrule 1.1.8(3) | am. F2024L01303, Schedule 1, item [2] |
Rule 1.1.9 | ad. F2022L00295, Schedule 3, item [1] |
Rule 1.2.1 | rs. F2022L00295, Schedule 3, item [2] |
Rule 1.4.3 (paragraph (d) of the definition of | am. F2022L00295, Schedule 3, item [3] |
Paragraph A2.1.2(3)(e) | am. F2022L00295, Schedule 3, item [4] |
Table A2.2 | am. F2022L00295, Schedule 3, item [5] |
Table A2.3 | am. F2022L00295, Schedule 3, item [6] |
Table A2.4 | am. F2022L00295, Schedule 3, items [7], [8] |
Table A3.1 | am. F2022L00295, Schedule 3, item [9] |
Subrule A3.9.1(1) | am. F2022L00295, Schedule 3, item [10] |
Paragraph A3.9.1(2)(a) | am. F2022L00295, Schedule 3, item [11] |
Subrule A3.17.1(1) | am. F2022L00295, Schedule 3, item [12] |
Paragraph A3.17.1(2)(a) | am. F2022L00295, Schedule 3, item [13] |
Subrule A3.23.2(3) | am. F2022L00295, Schedule 3, item [14] (md) |
Sub-paragraph A4.1.2(a)(ii) | am. F2022L00295, Schedule 3, item [15] |
Sub-paragraph A4.1.2(a)(iii) | am. F2022L00295, Schedule 3, item [16] |
Table A5.3.1 (table item Greece) | am. F2022L00295, Schedule 3, item [17] |
Table A5.3.1 (table item United States) | am. F2022L00295, Schedule 3, item [18] |
Schedule 1C Form 2 | am. F2022L00295, Schedule 3, items [19]-[21] |
Schedule 1C Form 3 | am. F2022L00295, Schedule 3, items [22]-[26] |
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