ASIC has published benchmarks rules, a significant benchmarks declaration, and Regulatory Guide 268 as part of a new regulatory regime for financial benchmarks.

Part 7.5B of the Corporations Act (as amended by the Treasury Laws Amendment (2017 Measures No. 5) Act 2018) provides the regulatory regime for financial benchmarks. The regime includes a licensing regime and confers rule-making powers on ASIC. It also provides ASIC with the function of supervising financial benchmarks that are specified in licences.

Financial benchmarks are indices or indicators used to:
(a) determine the interest payable, or other sums due, under loan agreements or under other financial contracts or instruments;
(b) determine the price at which a financial instrument may be dealt, or the value of a financial instrument; or
(c) measure the performance of a financial instrument.

ASIC has declared that each of the following financial benchmarks is a significant financial benchmark:

(a) the Australian Bank Bill Swap Rate;

(b) the S&P/ASX 200 Index;

(c) the ASX Bond Futures Settlement Price;

(d) the Australian Interbank Overnight Cash Rate;

(e) the Australian Consumer Price Index.