Treasury Laws Amendment (2017 Measures No. 5) Act 2018 No. 27 (Cth) (the Act) received Royal Assent on 11 April 2018. The Act amends the Corporations Act as follows:
- establishes a new licensing regime requiring administrators of designated significant financial benchmarks to obtain a new ‘benchmark administrator licence’ from ASIC;
- gives ASIC powers to make rules imposing a regulatory framework for licensed benchmark administrators and related matters;
- makes manipulation of financial benchmarks a criminal offence and subject to civil penalties, with appropriate penalties attached; and
- provides for the appointment of an additional Commissioner to oversee the work of the Productivity Commission in relation to the evaluation of policies and programs that have an impact on Indigenous persons.
This amending Act is supported by the ASIC Supervisory Cost Recovery Levy Amendment Act 2018 No. 24 (Cth) which adds “benchmark administrator licensees” to the list of entities from which ASIC may recover its regulatory costs.