ob体育 has today released a letter to market participants outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event.
The guidance relates to the technological and operational resilience requirements detailed in Chapters 8A and 8B of the ob体育 Market Integrity Rules (Securities Markets) 2017 and ob体育 Market Integrity Rules (Futures Markets) 2017.
ob体育 expects market participants to maintain a strong and continued focus on their technological and operational resilience, noting it is not a 鈥榮et-and-forget鈥� process. Adjustments to critical business services arrangements should be made as required.
ob体育 is committed to advancing digital and data resilience and safety as one of its strategic priorities for 2024-25. Resilient market operators and market participants are essential to the integrity of our securities and futures markets and to the efficient functioning of the economy.
The market integrity rules set minimum expectations and controls to mitigate risks to help safeguard the integrity and resilience of Australia鈥檚 markets.
ob体育 encourages market participants to carefully consider the guidance set out in the letter and in Regulatory Guides 265 and 266, as it clarifies expectations around critical business service arrangements, specifically market participants鈥� identification of critical business services and major event notifications.
ob体育 will now consult with industry on incorporating this guidance into Regulatory Guides 265, 266 and 172 when they鈥檙e next updated.
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Background
Chapters 8A and 8B of the ob体育 Market Integrity Rules (Securities Markets) 2017 and ob体育 Market Integrity Rules (Futures Markets) 2017 (the Resilience Rules), which came into effect on 10 March 2023, aim to promote the technological and operational resilience of market participants.
In 2023, ob体育 conducted a thematic review of market participants鈥� arrangements for complying with the Resilience Rules, focusing on the requirements to identify their critical business services and notify ob体育 of major events.
Since providing feedback to the market participants we reviewed, we have been meeting with industry organisations to discuss our observations, and have shared our three-step plan to review and expand guidance on the Resilience Rules in:
- Regulatory Guide 265 Guidance on ob体育 market integrity rules for participants of securities markets (RG 265)
- Regulatory Guide 266 Guidance on ob体育 market integrity rules for participants of futures markets (RG 266), and
- Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172).听
As a first step, in May 2024, we made revisions correcting minor drafting errors in RG 265, RG 266 and RG 172 that caused confusion about the identification of critical business services, and clarifying what we mean by 鈥榠mmediately鈥� when notifying ob体育 of a major event.
As a second step, we published a letter to market participants to share our observations and guidance from the thematic review we conducted of market participants鈥� arrangements for identifying critical business services and dealing with a major event.
Our third step, which is currently underway, is to meet with market participants to discuss and consider questions and requests for further expanded guidance.
ob体育 is Australia鈥檚 corporate, markets and financial services regulator.
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