ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

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LexisNexis ASIC Market Integrity Rules (ASX Market) 20103.2.4 Brokerage and commission(1) When a Market Participant enters into a Market Transaction as Principal on its ownbehalf with a person (the “Client”), the Market Participant must not charge the Clientbrokerage, commission or any other fee in respect of the Market Transaction, except in thefollowing circumstances:(a)(b)(c)where the Client is a Prescribed Person of the Market Participant;where the Client is a Wholesale Client who has consented to the Market Participantcharging brokerage, commission or the other fee (and that consent has not beenwithdrawn); orwhere otherwise permitted by the Corporations Act.(2) The Market Participant must keep a written record of any consent given by a WholesaleClient under paragraph (1)(b), and send a copy of the record to that Wholesale Client as soonas practicable.Maximum penalty: $100,0003.2.5 Extended meaning of dealing as Principal(1) Except where a Market Participant is dealing as a trustee of a trust in which the MarketParticipant has no direct or indirect beneficial interest, a reference in this Part 3.2 to a MarketParticipant dealing or entering into a Market Transaction as Principal, includes a reference toa Market Participant entering into a Market Transaction on its own behalf or on behalf of anyof the following persons:(a)(b)(c)(d)(e)a partner of the Market Participant;a director, company secretary or Substantial Holder of the Market Participant;the Immediate Family, Family Company or Family Trust of a partner, director,company secretary or Substantial Holder of the Market Participant;a body corporate in which the interests of one or more of the partners singly or togetherconstitute a controlling interest;any Related Body Corporate of the Market Participant.(2) Without limitation, in paragraph (1)(b), a reference to dealing on behalf of a SubstantialHolder means that any Cash Market Product the subject of the Market Transaction is, or willbe on the execution of the transaction, beneficially owned by the Substantial Holders.(3) For the purposes of subrule (2), Cash Market Products beneficially owned by aSubstantial Holder include Cash Market Products that appear or would appear as assets onthe balance sheet or consolidated balance sheet of that Substantial Holder’s assets andliabilities, except where the Cash Market Products concerned appear or would appear asassets on the balance sheet or consolidated balance sheet of a life insurance companyregistered under the Life Insurance Act 1995 or the equivalent Act of a State, and are held foror on behalf of that life insurance company’s statutory funds.Copyright Australian Securities and Investments Commission. Reproduced with permission.
LexisNexis ASIC Market Integrity Rules (ASX Market) 2010Note: There is no penalty for this Rule.3.2.6 Register of persons who are regarding as PrincipalA Market Participant must keep a register of the persons referred to in paragraphs 3.2.5(1)(a)to (e).Maximum penalty: $100,000Part 3.3 Client instructions3.3.1 Market Participant restrictionsA Market Participant must not:(a)(b)(c)(d)accept or execute instructions from a person (a “Client”) to enter into a MarketTransaction except in accordance with these Rules and the Market Operating Rules;enter into a Market Transaction for a Client, except in accordance with the instructionsof the Client, or of a person authorised in writing by a Client to give such instructions,or pursuant to an exercise of discretion in respect of that particular Client’s ManagedDiscretionary Account or as otherwise permitted by these Rules or the MarketOperating Rules;allocate a Market Transaction to a Client’s account unless the Market Transaction wasentered into on the instructions of the Client, or of a person authorised in writing by aClient to give such instructions, or pursuant to an exercise of discretion in respect ofthat particular Client’s Managed Discretionary Account or as otherwise permitted bythese Rules or the Market Operating Rules; orexcept as permitted under these Rules or the Market Operating Rules, or in writing byASIC, enter into or arrange a Market Transaction on the instructions of a Client unlessthe instructions are executed in such a manner that the Market Transaction is enteredinto on a Trading Platform.Maximum penalty: $1,000,0003.3.2 Excessive tradingA Market Participant must not enter into Market Transactions on a Managed DiscretionaryAccount for a Retail Client where the size or frequency of the Market Transactions may beconsidered excessive having regard to the investment objectives, financial situation andneeds of the client and the relevant markets.Maximum penalty: $1,000,000Copyright Australian Securities and Investments Commission. Reproduced with permission.
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ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

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