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