ASIC Class Rule Waiver [CW 17/0251]
I, Greg Yanco, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Greg Yanco
ASIC Class Rule Waiver [CW 17/0251]
I, Greg Yanco, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Greg Yanco
1 Name of legislative instrument
This instrument is ASIC Class Rule Waiver [17-0251].
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
This instrument is made under subrule 1.2.1(1) of the ASIC Market Integrity Rules (ASX 24 Market) 2010.
In this instrument, unless the contrary intention appears, capitalised terms have the meaning given by the ASIC Market Integrity Rules (ASX 24 Market) 2010.
5 Waiver from aggregate loss limit requirements
(1) ASIC relieves a Market Participant from the obligation to comply with subrule 2.2.1(1)(a) to the extent that subrule requires the Market Participant to set and document an appropriate pre-determined aggregate loss limit on each of its Client Accounts.
Note: This waiver does not affect a Market Participant's other obligations in subrule 2.2.1(1)(a), to set and document appropriate pre-determined Order and/or position limits including a volume per Order limit and an aggregate net session limit for each of its Client Accounts.
(2) ASIC relieves a Market Participant from the obligation to comply with subrule 2.2.1(1)(ab) to the extent that subrule requires the Market Participant to set and document an appropriate pre-determined aggregate loss limit on each of its House Accounts.
Note: This waiver does not affect a Market Participant's other obligations in subrule 2.2.1(1)(ab), to set and document appropriate pre-determined Order and/or position limits including a volume per Order limit and an aggregate net session limit for each of its House Accounts.
(3) ASIC relieves a Market Participant from the obligation to comply with subrule 2.2.1(1)(c) to the extent that subrule requires a Market Participant's risk manager to input the aggregate loss limits set and determined by the Market Participant in accordance with subrules 2.2.1(1)(a) and 2.2.1(1)(ab) into Trading Platform account maintenance.
Note: This waiver does not affect the obligation in subrule 2.2.1(1)(c) to input pre-determined Order and/or position limits including a volume per Order limit and an aggregate net session limit into Trading Platform account maintenance.
(1) It is a condition of the waiver in paragraph 5(1) that a Market Participant implements appropriate processes to monitor the aggregate loss limit on each of its Client Accounts.
(2) It is a condition of the waiver in paragraph 5(2) that a Market Participant implements appropriate processes to monitor the aggregate loss limit on each of its House Accounts.
The waiver in this instrument ceases to apply at the end of 20 March 2018.