ASIC implements reporting regime for OTC derivatives

The Australian Securities and Investments Commission (ASIC) has a new OTC derivatives reform webpage which contains full details of the regime.  The new
package of rules and guidance includes:

• the ASIC Derivative Transaction Rules (Reporting) 2013;
• FAQ material;
• the ASIC Derivative Trade Repository Rules 2013; and
• Regulatory Guide 249 Derivative trade repositories.

The Australian reforms have been designed to ensure, as far as possible,
consistency with international requirements as well as to maximise the
prospects of substituted compliance or sufficient equivalence judgments being
reached by foreign regulators.  The final trade reporting rules set out
which entities will need to report to trade repositories, what information will
need to be reported, and when the reporting obligation will start for different
classes of reporting entities and different instrument types.   
Final regulatory guidance on those rules is expected to be published in coming
weeks.

End users of OTC derivatives (i.e. those that are not financial institutions or
intermediaries) will not be covered by the reporting regime and ASIC will
consult on their reporting obligations later this year.

 Related Links:

webpage

http://www.asic.gov.au/asic/asic.nsf/byheadline/OTC+derivatives+reform?openDocument

ASIC press release

http://www.asic.gov.au/asic/asic.nsf/byHeadline/13-171MR%20OTC%20derivatives%20reform%20-%20ASIC%20implements%20reporting%20regime?opendocument

ASIC Derivative Transaction Rules (Reporting) 2013

http://www.comlaw.gov.au/Details/F2013L01345

FAQ material on transaction reporting rules

http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC-Derivative-Transaction-Rules-%28Reporting%29-2013-–-FAQs?openDocument

ASIC Derivative Trade Repository Rules 2013,

http://www.comlaw.gov.au/Details/F2013L01344

Regulatory Guide 249 Derivative trade repositories,

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg249-published-11-July-2013.pdf/$file/rg249-published-11-July-2013.pdf