The requirement, in our words
A Trading Message that carries a Trading Participant identifier counts, under the rules, as submitted by or with the knowledge of that participant. The participant must ensure that a representative who submits a message has written authorisation, is suitably qualified and experienced, and has demonstrated knowledge of the Dealing Rules and the relevant market practices. The participant owns the accuracy of every message detail that carries its identifier. This replaces the repealed Part 2.5 designated trading representative regime.
What the rule is trying to do
The rule puts the responsibility at the identifier, not at the individual workstation. It also replaces a designation regime with a direct authorisation and competence duty for every person who submits. A firm cannot rely on a job title or a system account to prove either.
What good practice looks like
Replace the DTR list with a representative authorisation register. For each person who can submit, hold the written authorisation, the competence assessment and the knowledge check for each Market. Link the register to the system entitlements so that a withdrawal removes access. Test a person who submits through a client or vendor system.
What changed in the instrument
Item 36 repeals Part 2.5 (Designated Trading Representatives). Item 62 replaces Rule 5.5.1 with a three subrule rule covering deemed submission, the authorisation and competence of the representative who submits, and responsibility for the accuracy of the message.
Evidence an auditor or ASIC asks for
| Category | Record to keep | Retention |
|---|---|---|
| Authorisation | The written authorisation for each representative who submits Trading Messages, naming the Markets and the scope. | While current, plus seven years. |
| Competence | The qualification and experience assessment for each representative, with the date and the assessor. | While current, plus seven years. |
| Knowledge check | The record that the representative demonstrated knowledge of the Dealing Rules and the relevant market practices, per Market. | While current, plus seven years. |
| Entitlement link | The reconciliation between the authorisation register and the system entitlements that allow submission. | Current, with test result. |
Common gaps
- The firm still treats the old DTR list as the authorisation record.
- A system account is shared, so the person who submits cannot be identified.
- The knowledge check covers the firm procedures but not the Dealing Rules of each Market.
- A person whose authorisation was withdrawn keeps a live system entitlement.
What to do before 17 March 2028
- Retire the DTR designation and replace it with a representative authorisation register.
- Collect written authorisation and competence evidence for every person who can submit.
- Run a knowledge check per Market and record the result.
- Reconcile the register to live entitlements before commencement.
Dates and cross-references
Commences: 17 March 2028 (Rule 2 of F2026L01223 and the registration date). Retention: No period is stated in the rule for the authorisation evidence; the seven year record rule in 4.1.4 applies to the Chapter 4 records.
Read with: 2.5 (repealed), 4.1.9, 5.6.3, 5.6.6.
Source
This page reads ASIC Market Integrity Rules (Securities Markets) Amendment Instrument 2026/574 (F2026L01223), Schedule 1, items 36 and 62, against the current compilation Compilation No. 6 (F2024C01108). Retrieved 2026-10-19. The requirement above is our own statement, not the instrument's wording. Not legal advice; does not certify.