Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 908AB

  (1)   A financial benchmark is a price, estimate, rate, index or value that:

  (a)   is made available to users (whether or not for a fee); and

  (b)   is calculated periodically from one or more:

  (i)   transactions, instruments, currencies, prices, estimates, rates, indices, values, financial products, bank accepted bills or negotiable certificates of deposit; or

  (ii)   other interests or goods (whether tangible or intangible); and

  (c)   is referenced or otherwise used for purposes that include one or more of the following:

  (i)   calculating the interest, or other amounts, payable under financial products, bank accepted bills or negotiable certificates of deposit;

  (ii)   calculating the price at which a financial product, bank accepted bill or negotiable certificate of deposit may be traded, redeemed or dealt in;

  (iii)   calculating the value of a financial product, bank accepted bill or negotiable certificate of deposit;

  (iv)   measuring the performance of a financial product, bank accepted bill or negotiable certificate of deposit.

  (2)   However, the regulations, or ASIC by written instrument, may provide that a price, estimate, rate, index or value is not a financial benchmark .

  (3)   Such an instrument by ASIC is a legislative instrument if it is expressed to apply in relation to a class of prices, estimates, rates, indices or values (whether or not it is also expressed to apply in relation to one or more prices, estimates, rates, indices or values identified otherwise than by reference to membership of a class).

  (4)   If subsection   (3) does not apply to an instrument by ASIC under subsection   (2), ASIC must publish the instrument.