Section 908BA — Corporations Act 2001: Administrators of significant financial benchmarks must be licensed

(1) A person commits an offence if: (a) the person: (i) administers a significant financial benchmark; or (ii) holds out that the person administers a significant financial benchmark; and (b) the person does not hold a benchmark administrator licence that specifies the financial benchmark; and (c) the period applying under subsection (2) for the financial benchmark has ended. Penalty: 5 years imprisonment. (2) The period for the purposes of paragraph (1)(c): (a) starts on the day (the start day) the financial benchmark is declared under subsection 908AC(2) to be a significant financial benchmark; and (b) ends as described in subsection (3). (3) The period ends at the end of the later of the following days: (a) the 90th day after the start day; (b) if, before the end of that 90th day, the person applies for a benchmark administrator licence specifying the financial benchmark—either: (i) the day the person withdraws the application; or (ii) the day the person is notified under subsection 908BC(4) of ASIC’s decision to grant or refuse to grant the licence. (4) Absolute liability applies to paragraph (1)(c). Note: For absolute liability, see section 6.2 of the Criminal Code.