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Australian Securities & Investments Commission consults on proposed technological and operational resilience rules

The Australian Securities & Investments Commission (ASIC) has published a consultation paper proposing new market integrity rules for securities and futures market operators and participants. The rules promote technological and operational resilience of critical systems.

Consultation Paper 314 (CP 314) seeks feedback on ASIC proposals to address the increasingly automated and interconnected nature of markets by enhancing resilience in line with international standards.

The proposals apply to:

  • Futures and securities market operators of the ASX, ASX 24, Chi-X, NSX and SSX; and
  • Participants of those markets.

The proposals address the following areas of critical systems arrangements:

  • Change management in relation to critical systems;
  • Outsourcing of critical systems;
  • Risk management, and data and cyber security;
  • Incident management and business continuity planning;
  • Governance and resourcing; and
  • Fair access to markets and trading controls.

“It is essential to the integrity of our securities and futures markets that market operators and market participants are resilient. This ensures the efficient functioning of the market as well as investor trust and confidence in the market. In keeping pace with market developments, it is important that our regulatory regime aligns with international best practice,” commented ASIC Commissioner Cathie Armour.

Download the consultation paper here. The deadline for submissions is 9th August 2019.

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