AUSTRALIA: ASIC Proposes Consultation on OTC Derivative Transaction Rules

Thursday February 15 2024

On 15^th February 2024, Australian Securities, and Investments Commission (ASIC) proposed consultation on 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.

The proposed changes would commence on 21^st October 2024, except for the changes to the scope of foreign entity reporting and removal of alternative reporting provisions which would commence on 1^st April 2025.

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