When a licence may be granted
Granting licences—general (1) ASIC may grant an applicant a licence (a benchmark administrator licence) to administer a specified financial benchmark if ASIC is satisfied that: (a) the application was made in accordance with section 908BD; and (b) the applicant will comply with the obligations that will apply if the licence is granted; and (c) no disqualified individual appears to be involved in the applicant. The licence may be granted subject to conditions. Note 1: ASIC must also have regard to the matters in section 908BO in deciding whether to grant a licence. Note 2: A licence is required if the benchmark is a significant financial benchmark (see section 908BA). Licences are not required, but can still be granted, for other financial benchmarks. Foreign bodies (2) Despite subsection (1), if the applicant is a foreign body corporate, ASIC must not grant the applicant a licence unless the applicant is registered under Division 2 of Part 5B.2. Disqualified individuals (3) Despite subsection (1), ASIC must not grant the applicant a licence unless: (a) 42 days have passed since the application was made; and (b) if ASIC gives a notice under subsection 853D(2) to the applicant within those 42 days, ASIC decides not to make a declaration under section 853C about any individual who is involved in the applicant. Notice of decision (4) ASIC must give the applicant written notice of: (a) ASIC’s decision whether to grant the applicant a licence; and (b) if the licence is granted—any conditions to which the licence is subject.
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.
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