12D  Meaning of critical financial market infrastructure asset

• (1)

  An asset is a critical financial market infrastructure asset if it is any of the following assets:

  • (a)

    an asset that:

    • (i)

      is owned or operated by an Australian body corporate that holds an Australian market licence; and

    • (ii)

      is used in connection with the operation of a financial market that, in accordance with subsection (2), is critical to the security and reliability of the financial services and markets sector;

  • (b)

    an asset that:

    • (i)

      is owned or operated by an associated entity of an Australian body corporate that holds an Australian market licence; and

    • (ii)

      is used in connection with the operation of a financial market that, in accordance with subsection (2), is critical to the security and reliability of the financial services and markets sector;

  • (c)

    an asset that:

    • (i)

      is owned or operated by an Australian body corporate that holds an Australian CS facility licence; and

    • (ii)

      is used in connection with the operation of a clearing and settlement facility that, in accordance with subsection (3), is critical to the security and reliability of the financial services and markets sector;

  • (d)

    an asset that:

    • (i)

      is owned or operated by an associated entity of an Australian body corporate that holds an Australian CS facility licence; and

    • (ii)

      is used in connection with the operation of a clearing and settlement facility that, in accordance with subsection (3), is critical to the security and reliability of the financial services and markets sector;

  • (e)

    an asset that:

    • (i)

      is owned or operated by an Australian body corporate that holds a benchmark administrator licence; and

    • (ii)

      is used in connection with the administration of a significant financial benchmark that, in accordance with subsection (4), is critical to the security and reliability of the financial services and markets sector;

  • (f)

    an asset that:

    • (i)

      is owned or operated by an associated entity of an Australian body corporate that holds a benchmark administrator licence; and

    • (ii)

      is used in connection with the administration of a significant financial benchmark that, in accordance with subsection (4), is critical to the security and reliability of the financial services and markets sector;

  • (g)

    an asset that:

    • (i)

      is owned or operated by an Australian body corporate that holds an Australian derivative trade repository licence; and

    • (ii)

      is used in connection with the operation of a derivative trade repository that, in accordance with subsection (5), is critical to the security and reliability of the financial services and markets sector;

  • (h)

    an asset that:

    • (i)

      is owned or operated by an associated entity of an Australian body corporate that holds an Australian derivative trade repository licence; and

    • (ii)

      is used in connection with the operation of a derivative trade repository that, in accordance with subsection (5), is critical to the security and reliability of the financial services and markets sector;

  • (i)

    an asset that is used in connection with the operation of a payment system that, in accordance with subsection (6), is critical to the security and reliability of the financial services and markets sector.

  Note: The rules may prescribe that a specified critical financial market infrastructure asset is not a critical infrastructure asset (see section 9).

• (2)

  For the purposes of paragraphs (1)(a) and (b), the rules may prescribe:

  • (a)

    specified financial markets that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for a financial market to be critical to the security and reliability of the financial services and markets sector.

• (3)

  For the purposes of paragraphs (1)(c) and (d), the rules may prescribe:

  • (a)

    specified clearing and settlement facilities that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for a clearing and settlement facility to be critical to the security and reliability of the financial services and markets sector.

• (4)

  For the purposes of paragraphs (1)(e) and (f), the rules may prescribe:

  • (a)

    specified significant financial benchmarks that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for a significant financial benchmark to be critical to the security and reliability of the financial services and markets sector.

• (5)

  For the purposes of paragraphs (1)(g) and (h), the rules may prescribe:

  • (a)

    specified derivative trade repositories that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for a derivative trade repository to be critical to the security and reliability of the financial services and markets sector.

• (6)

  For the purposes of paragraph (1)(i), the rules may prescribe:

  • (a)

    specified payment systems that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for a payment system to be critical to the security and reliability of the financial services and markets sector.

• (7)

  For the purposes of this section, Australian body corporate means a body corporate that is incorporated in Australia.