ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

LexisNexis ASIC Market Integrity Rules (ASX Market) 2010Chapter 5: TradingPart 5.1 Client order priority5.1.1 Application and meaning of dealing on “Own Account”Subject to Rule 5.1.2, a reference to a Market Participant having an order for its own accountmeans:(a)(b)in relation to Cash Market Transactions, that the Cash Market Products to be bought orsold are (in the case of a sale) or will be on the completion of the transaction (in the caseof a purchase) beneficially owned by the Market Participant or a Prescribed Person,where the Cash Market Products beneficially owned by a Market Participant orPrescribed Person include Cash Market Products which would appear as assets on thebalance sheet or consolidated balance sheet of that Market Participant or PrescribedPerson; andin relation to Derivatives Market Transactions, having an order to enter into aDerivatives Market Transaction on its own behalf or for the benefit of a PrescribedPerson.Note: There is no penalty for this Rule.5.1.2 ExceptionsThe following are not regarded as orders on a Market Participant’s own account:(a)(b)an order placed by a life insurance company registered under the Life Insurance Act1995 (or equivalent State legislation) on behalf of a statutory fund;an order placed by a Controller or a Related Body Corporate of the Market Participantor of a Controller on behalf of clients of, or funds managed by them or their RelatedBodies Corporate.Note: There is no penalty for this Rule.5.1.3 Fairness and priority in dealingA Market Participant must deal fairly and in due turn with:(a)(b)clients’ orders; anda client order and an order on its Own Account.Maximum penalty: $1,000,000Copyright Australian Securities and Investments Commission. Reproduced with permission.