Section 908AC — Corporations Act 2001: Meaning of significant financial benchmark

(1) A significant financial benchmark is a financial benchmark that is declared under subsection (2). (2) ASIC may, by legislative instrument, declare a financial benchmark to be a significant financial benchmark if ASIC is satisfied that: (a) the benchmark is systemically important to the Australian financial system; or (b) there is a material risk of financial contagion, or systemic instability, in Australia if the availability or integrity of the benchmark were disrupted; or (c) there would be a material impact on retail or wholesale investors in Australia if the availability or integrity of the benchmark were disrupted. Note 1: For declaration by class, see subsection 13(3) of the Legislation Act 2003. Note 2: For variation and revocation of a declaration, see subsection 33(3) of the Acts Interpretation Act 1901. (3) ASIC must not make a declaration under subsection (2) unless consent for it has been given under subsection (4). (4) The Minister may, in writing, consent to the making of a declaration under subsection (2).