Section 908AF — Corporations Act 2001: ASIC to supervise financial benchmarks that are specified in benchmark administrator licences

(1) ASIC has the function of supervising financial benchmarks that are specified in benchmark administrator licences. (2) If such a financial benchmark is wholly or partly generated or administered in a foreign country, ASIC may, to such extent as ASIC considers appropriate, perform the function of supervising the financial benchmark by satisfying itself: (a) that the regulatory regime that applies in relation to the financial benchmark in that country provides for adequate supervision of the financial benchmark; or (b) that adequate cooperative arrangements are in place with an appropriate authority of that country to ensure that the financial benchmark will be adequately supervised by that authority.