Post: ASIC consults on changes to OTC derivative transaction rules

ASIC is seeking feedback from reporting entities, including small-scale exempt entities, on our proposed changes to the ASIC Derivative Transaction Rules (Reporting) 2024 (the 2024 Reporting Rules) and minor and related proposed changes to the ASIC Derivative Transaction Rules (Clearing) 2015 (the Clearing Rules).

Consultation Paper 375 Proposed changes to the ASIC Derivative Transaction Rules (Reporting): Third consultation (CP 375) proposes changes to the 2024 Reporting Rules to:

simplify the exclusion of exchange-traded derivatives;
simplify the scope of foreign entity reporting;
remove the alternative reporting provisions;
clarify the exclusion of FX securities conversion transactions; and
add additional allowable values for two data elements.
Additionally, CP 375 proposes minor changes to the Clearing Rules to:

simplify and align the exclusion of exchange-traded derivatives with the 2024 Reporting Rules; and
make minor updates to re-reference the changed location of definitions in the Corporations Act 2001 which have been moved by the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023.
Our proposed changes would commence on 21 October 2024, except for the changes to the scope of foreign entity reporting and removal of alternative reporting provisions which would commence on 1 April 2025.

The proposed changes have been informed by our review and analysis of the outstanding policy matters following the release of Consultation Paper 361 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): Second consultation (CP 361) in May 2022, and our ongoing stakeholder engagements.

ASIC considers most reporting entities would not face any material additional compliance burden implementing the proposed changes. However, a small number of international reporting entities and some small-scale exempt reporting entities may be impacted.

Providing feedback
Feedback on the proposals is welcome. Email your submission to [email protected] by 5pm on 28 March 2024.

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