Section 908AA — Corporations Act 2001: Simplified outline of this Part

Administrators of significant financial benchmarks must be licensed under this Part. Administrators of other financial benchmarks may voluntarily opt in to the same licensing scheme. Licensees are subject to certain obligations. ASIC may make financial benchmark rules that apply in relation to licensees and the financial benchmarks they administer. ASIC may also make compelled financial benchmark rules to deal with circumstances such as the failure of a licensee to administer a significant financial benchmark specified in its licence. Offences and civil penalty provisions apply to conduct that could unduly manipulate a financial benchmark.