ASIC has amended the ASIC Derivative Transaction Rules following industry consultation and feedback on Consultation Paper 221 OTC Derivatives Reform: Proposed amendments to the ASIC Derivative Transaction Rules (Reporting) 2013.

The changes to the derivative transaction rules (reporting) include:

  • introducing end-of-day or `snapshot` reporting instead of intraday or `lifecycle` reporting as a permanent reporting option
  • introducing a `safe harbour` from liability for reporting entities using delegated reporting, if certain conditions are met
  • expanding the ability for foreign firms to rely on foreign reporting requirements in order to comply with their obligations under the derivative transaction rules (reporting), known as alternative reporting, while introducing a requirement for foreign entities who use alternative reporting to designate (or ‘tag’) transactions as being reported under the rules to enable that information to be made available for financial regulators and
  • making a number of other technical changes to the derivative transaction rules (reporting) reflecting our proposals in CP 221 and/or feedback received.

ASIC has decided, after consultation with other financial regulators, not to proceed with the proposal to require larger foreign subsidiaries of Australian authorised deposit-taking institutions (ADIs) and Australian financial services licence (AFS) licence holders to report OTC derivative transactions.

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