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New rules for ASIC regulation of share markets

12/07/2010

The Australian Securities and Investment Commission and the  Australian Securities Exchange reached agreement last week about the transfer mechanisms  for the transfer of responsibility for share market supervision from 1 August 2010.  ASIC has developed an integrated market surveillance system, a streamlined markets analysis methodology and a relationship management model. It has built a Market & Participant Supervision team using its own talent and ASX surveillance staff who will transfer to ASIC.

The ASIC Market Integrity Rules and amended ASX operating rules will form a regulatory basis for the new market supervision regime.  To help market participants comply with the new Rules, ASIC has outlined its approach to the supervision of its Market Integrity Rules for the ASX and the Sydney Futures Exchange in Regulatory Guide 214.  The market integrity rules and related guidance consist of:

  • Market Integrity Rules 1 ASIC/ASX Market Integrity Rules (MIR 1)
  • Market Integrity Rules 2 ASIC/ASX 24 Market Integrity Rules (MIR 2)
  • Regulatory Guide 214 Guidance on ASIC market integrity rules for ASX and ASX 24 market (RG  214)
  • Report 204 Response to submissions on CP 131 Proposed ASIC Market Integrity Rules: ASX and SFE markets (REP 204)

Regulatory Guide 214 should be read in conjunction with Consultation Paper 136 Markets Disciplinary Panel  which outlines the proposed operation of ASIC’s Markets Disciplinary Panel which will exercise ASIC’s power to issue infringement notices and accept enforceable undertakings relating to breaches of the Market Integrity Rules. ASIC intends to issue its final guidance on this topic before 1 August 2010.

ASIC will issue further Market Integrity Rules for the National Stock Exchange of Australia, SIM Venture Securities Exchange (formerly the Bendigo Stock Exchange), Asia Pacific Exchange Limited and IMB Ltd.

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