Document ID: chunk:federal_register_of_legislation:F2022C00375:body:0:p4
Version: federal_register_of_legislation:F2022C00375
Segment Type: other
Provision Reference: 
Character Range: 8282–11275

arrangements for the acceptance of financial benchmark data to be used in the generation of the BBSW;
(ii)       adequate arrangements for generating the BBSW;
(iii)     adequate arrangements for making the BBSW available to users;
(iv)      guidelines as required by Rule 2.5.1 of the ASIC Financial Benchmark (Administration) Rules 2018 in connection with the New Administrator's generation or administration of the BBSW (including where such guidelines are to be adapted from those administered by the Current Administrator);
(b)       take into account the impact of the transition on users of the financial products or other contracts that reference or otherwise use the BBSW, including the time required for users to amend their contractual documentation, update their internal systems and processes and enter into arrangements with the New Administrator relating to the use of the BBSW as required; and
(c)        provide for the Current Administrator and the New Administrator to engage in appropriate consultation with users, and keep users appropriately informed, about the transition arrangements.
     7. The Current Administrator must:
(a)        by [insert date] provide ASIC with details of the arrangements referred to in paragraph 6;
(b)       following the notification in subparagraph (a), provide ASIC with details of any changes to the arrangements, as soon as practicable after making those changes; and
(c)        on [insert date(s)] provide ASIC with details of its progress in implementing the arrangements.
Note: Under Rule 2.1.1(2) of the ASIC Financial Benchmark (Compelled) Rules 2018, the Current Administrator must comply with this notice. Failure to comply with this notice attracts a maximum penalty of 5,500 penalty units.

Schedule 2: Example of a written notice under paragraph 3.1.1(1)(a)

To: [Insert name]

Notice
1. This notice is issued under paragraph 3.1.1(1)(a) of the ASIC Financial Benchmark (Compelled) Rules 2018.

Definitions
2. In this notice:
Act means the Corporations Act 2001.
Current Administrator means [insert name], being the holder, as at the date of this notice, of the benchmark administrator licence that specifies the BBSW.
BBSW means the Bank Bill Swap Rate, a short-term money market benchmark interest rate, as specified in the benchmark administrator licence granted to the Current Administrator under section 908CB of the Act.
BBSW Code of Conduct means the written guidelines, a copy of which is attached to this notice, setting out the obligations of Contributors in connection with the generation and administration of the BBSW, published by the Current Administrator as the 'BBSW Final Stage Methodology Code of Conduct' as at the date of this notice.
Final Stage Method means the Final Stage Method maintained by the Current Administrator in accordance with Rule 2.2.5 of the ASIC Financial Benchmark (Administration) Rules 2018.
Prime Bank means [insert name], being an entity appointed by, or eligible to be appointed