Regulation – Prescription of trade repositories

In June 2014 a regulation was made amending the list of prescribed trade repositories in Regulation 7.5A.30 and providing ASIC with a power to prescribe additional trade repositories subject to certain criteria.

A regulation was also inserted providing access to trade repository data for certain EU authorities.

Go to this regulation.

Report on the Australian OTC Derivatives Market – April 2014

The Reserve Bank of Australia, Australian Prudential Regulation Authority and Australian Securities and Investments Commission (the regulators) have released a Report on the Australian OTC Derivatives Market – April 2014.

This report constitutes the latest advice from the regulators to the Minister regarding mandatory requirements for trade reporting, central clearing and platform trading of over-the-counter (OTC) derivatives.

The report is available at the Council of Financial Regulators (CFR) website. http://www.cfr.gov.au/

Report on the Australian OTC Derivatives Market – July 2013

The Reserve Bank of Australia, Australian Prudential Regulation Authority, and Australian Securities and Investments Commission (the regulators) have released a Report on the Australian OTC Derivatives Market – July 2013.

This report constitutes the latest advice from the regulators to the Minister regarding mandatory requirements for trade reporting, central clearing and platform trading of over-the-counter (OTC) derivatives.

The report is available at the Council of Financial Regulators (CFR) website. http://www.cfr.gov.au/

Regulations to facilitate the operation of Australia’s derivatives trade reporting regime

A number of regulations have been made to facilitate the operation of Australia’s derivatives trade reporting regime in Part 7.5A of the Corporations Act 2001.

In May 2013 the Deputy Prime Minister and Treasurer made a Determination, Corporations Derivatives (Determination) 2013, to allow reporting obligations to be imposed across all five derivatives asset classes: commodity derivatives that are not electricity derivatives; credit derivatives; equity derivatives; foreign exchange derivatives; and interest rate derivatives.

The trade reporting obligations apply following the entry into force of the Australian Securities and Investments Commission (ASIC) rules for trade repositories and trade reporting. ASIC consulted on rules for trade repositories and trade reporting in March and April 2013 which came into effect in July 2013 following the Minister’s consent.

The Corporations Amendment (Derivatives Transactions) Regulations 2013 facilitate the operation of Australia’s derivatives trade reporting regime in Part 7.5A of the Corporations Act 2001. The regulations include restrictions on ASIC’s rule making power in relation to end users and operational measures to ensure the trade reporting regime has appropriate regulations governing the enforcement of trade reporting rules and regulations for confidential information.

Go to this regulation

A list of prescribed trade repositories has also been established by regulation.

Go to this regulation

Corporations (Derivatives) Determination 2013

This instrument determines the classes of derivatives in relation to which reporting requirements may be imposed, allowing the Australian Securities and Investments Commission to make derivative transaction rules in relation to the five derivative classes (interest rate, foreign exchange, credit, equity and all commodities except electricity derivatives).

Link to Corporations (Derivatives) Determination 2013