Document ID: chunk:federal_register_of_legislation:F2024C01108:reg:4:p3
Version: federal_register_of_legislation:F2024C01108
Segment Type: reg
Provision Reference: reg 4 (pt 3/6)
Character Range: 236228–239156

System (including any other Crossing System that may be accessible through the Market Participant's Crossing System), and the Market Participant must not impose on a user that opts out any additional operational or administrative requirements as a consequence of opting out of the Crossing System.

Part 5A.4 Crossing Systems—Monitoring and suspicious activity reporting

5A.4.1 Monitoring activities in a Crossing System
(1) A Market Participant that operates a Crossing System must:
(a)        monitor use of its Crossing System for compliance with the obligations of users described in subrule 5A.2.2(5);
(b)       monitor use of its Crossing System for compliance with the operating procedures of the Crossing System; and
(c)        take action to ensure breaches identified by the Market Participant during the course of the monitoring undertaken under paragraphs (a) and (b) do not recur.
(2) A Market Participant must notify ASIC, in writing, of all significant breaches identified by the Participant during the course of monitoring undertaken under subrule (1) as soon as practicable after identification of the relevant breach.
(3) A Market Participant must keep records:
(a)        that demonstrate the monitoring activities it undertakes under subrule (1); and
(b)       of all breaches identified under subrule (1),
for a period of seven years.

5A.4.2 Crossing System suspicious activity reporting
(1) Subject to subrule (2), if a Market Participant that operates a Crossing System has reasonable grounds to suspect that:
(a)        a person (the Insider) has placed an Order into or entered into a transaction on the Crossing System operated by the Participant in relation to a financial product while in possession of inside information (within the meaning of section 1042A of the Act), whether or not the Market Participant is aware of:
(i)         the identity of the Insider; or
(ii)       all of the details of the Order or transaction; or
(b)       a transaction or an Order transmitted to or executed on the Crossing System operated by the Market Participant has or is likely to have the effect of:
(i)         creating an artificial price for trading in financial products on a financial market operated in this jurisdiction;
(ii)       maintaining at a level that is artificial (whether or not it was previously artificial) a price for trading in financial products on a financial market operated in this jurisdiction;
(iii)     creating, or causing the creation of, a false or misleading appearance of active trading in financial products on a financial market operated in this jurisdiction; or
(iv)      creating, or causing the creation of, a false or misleading appearance with respect to the market for, or the price for trading in, financial products on a financial market operated in this jurisdiction,
        whether or not the Market Participant is aware of:
(v)       the intention of any party