Document ID: chunk:federal_register_of_legislation:C2025C00185:section:908ba
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 908BA
Character Range: 3584134–3585415

908BA  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.