Administrators of significant financial benchmarks must be licensed
(1) A person commits an offence if: (a) the person: (i) administers a significant financial benchmark; or (ii) holds out that the person administers a significant financial benchmark; and (b) the person does not hold a benchmark administrator licence that specifies the financial benchmark; and (c) the period applying under subsection (2) for the financial benchmark has ended. Penalty: 5 years imprisonment. (2) The period for the purposes of paragraph (1)(c): (a) starts on the day (the start day) the financial benchmark is declared under subsection 908AC(2) to be a significant financial benchmark; and (b) ends as described in subsection (3). (3) The period ends at the end of the later of the following days: (a) the 90th day after the start day; (b) if, before the end of that 90th day, the person applies for a benchmark administrator licence specifying the financial benchmark—either: (i) the day the person withdraws the application; or (ii) the day the person is notified under subsection 908BC(4) of ASIC’s decision to grant or refuse to grant the licence. (4) Absolute liability applies to paragraph (1)(c). Note: For absolute liability, see section 6.2 of the Criminal Code.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.
Try BriefBridge free