Asic derivatives trade reporting
Derivative trade repository in respect of commodity, credit, equity, foreign exchange and interest rate derivatives. Derivative trade repository in respect of commodity, credit, foreign exchange, equity and interest rate derivatives. The application kit includes a guide to assist in completing the application form, as well as the application form itself. The application form should be submitted to ASIC at the time of formal application. ASIC encourages the submission of draft applications prior to lodgment of a formal application.
Download the ADTR licence application kit docx file. Derivative trade repositories licensed to operate in Australia. ASIC can make derivative transaction rules imposing reporting requirements in relation to information about derivative transactions, or about positions relating to derivative transactions, to be reported to a facility that is or that is in a class of facilities that is prescribed by the Corporations Regulations in relation to a class of derivatives that includes the derivatives to which the transactions relate.
On 25 June , ASIC made a determination ASIC Prescribed Trade Repositories Determination  prescribing several overseas trade repositories to facilitate the various forms of reporting which allow the use of prescribed repositories.
Lodge a suspicious activity report. ASIC requires boutique research provider to improve conflicts of interest disclosure. Some reporting entities have raised concerns with ASIC that one licensed trade repository is unable to populate name information from entity information unless the relevant entity has 'on-boarded' with the licensed trade repository.
A reporting entity that relies on the relief must instead report the internal entity identifier used by the reporting entity. An operator of a licensed trade repository must provide to each of ASIC, the Reserve Bank of Australia and the Australian Prudential Regulatory Authority each being an Australian regulator continuous, direct and immediate electronic access at no charge to, among other things, derivative trade information retained in the trade repository and reported in accordance with the derivative trade repository rules, if requested by that Australian regulator: The operator of a licensed trade repository is excused from complying with a request from an Australian regulator unless the request is for derivative trade information that is required by the Australian regulator in connection with the performance of its functions or exercise of its powers: From 4 December , all Australian reporting entities i.
On 25 June , ASIC made a determination ASIC Prescribed Trade Repositories Determination  prescribing several overseas trade repositories to facilitate the various forms of reporting that allow the use of prescribed repositories. Under the Corporations Act and the Corporations Regulations, end users do not have to comply with the reporting requirements. This is as a result of section D of the Corporations Act, which permits the Corporations Regulations to provide that the derivative transaction rules reporting cannot impose requirements on certain classes of persons.
Certain items of derivative transaction information and derivative position information in the tables in Parts S2. The relevant table references and item numbers are as follows:. There are also associated requirements to report identifiers for these persons. The relevant table references and item numbers for the identifier information are as follows:. A reporting entity that relies on the relief must instead report the internal entity identifier used by the reporting entity: Where a single field is used for reporting of an identifier and a name, the names of the counterparty, beneficiary or other person should be concatenated together with the identifier, using the following format:.
A reporting entity may utilise one of five special characters , ;: ASIC's preference is that reporting entities use a dash - as the delimiter character. No spaces should be added on either side of the delimiter. For example, where a reporting entity has a reportable transaction or reportable position with a counterparty AB Company Pty Ltd with an internal reference number for the counterparty of that is able to be utilised by the reporting entity for reporting purposes the string to be reported by the reporting entity is: Information that is required to be reported under Rule 2.
The derivative transaction rules reporting do not specify in detail what needs to be reported in the collateralisation field. This instrument commenced on 1 October and granted transitional exemptive relief for Phase 3 reporting entities by providing for a staggered and delayed start to Phase 3 of the OTC derivative transaction reporting obligations under the derivative transaction rules reporting. The effect of these instruments was to delay the commencement dates of certain reporting requirements for Phase 3 entities, as set out in the table below.
The relief provided does not prevent entities that are ready to report from commencing reporting at an earlier date. Entities may be required to commence reporting at an earlier date if they have provided ASIC with an opt-in notice. Can entities imply that the derivative transaction rules clearing only apply at the point in time a clearing derivative is entered into? The derivative transaction rules clearing apply to clearing transactions that are entered into following the commencement of the derivative transaction rules clearing.
It is correct that there is no backloading requirement to clear existing trades entered into before the commencement of the derivative transaction rules clearing. Certain items of derivative transaction and position information in Parts S2.
The relevant table references and item numbers are:. Where an OTC derivative transaction for a derivative that is a forward starting cross currency basis swap, it is common for the notional amount of leg 2 to be agreed at a future time, being the actual start date of the cross currency basis swap. Until that time, it will not be possible for the notional amount for leg 2 to be reported for derivative transaction or position information.
In this situation, it is permissible not to report a notional amount for leg 2 until the time the notional amount for leg 2 has been agreed. Do transactions on foreign markets need to be reported? We are in the process of making a determination of the foreign markets that we consider meet this criterion and will publish the determination on our website. I already report my derivative transactions in another jurisdiction. Do I still need to report in Australia? If you are a reporting entity that is an Australian entity, or a responsible entity RE or trustee acting in its capacity as RE or trustee of an Australian entity, you will need to comply with the Australian reporting requirements under the derivative transaction rules reporting.
If you are a reporting entity that is an Australian entity, or a RE or trustee acting in its capacity as RE or trustee of an Australian entity, you will need to comply with the Australian reporting requirements under the derivative transaction rules reporting. The jurisdictions that we consider have implemented reporting requirements that are substantially equivalent to the reporting requirements that would otherwise apply to a reporting entity in relation to a reportable transaction or a reportable position under the derivative transaction rules reporting are the European Union in respect of European Market Infrastructure Regulation EMIR reporting rules , the United States in respect of the CFTC reporting rules and Japan.
Other jurisdictions that ASIC expects will implement reporting requirements that are substantially equivalent to the reporting requirements under the derivative transaction rules reporting are Hong Kong, Singapore and Canada.
Will trade repositories be able to make any of my transaction reporting data public? Derivative trade repositories that are licensed by ASIC are subject to the Corporations Act and the derivative trade repository rules which restrict the use or disclosure of derivative trade data reported to the derivative trade repository: Specifically, Australian derivative trade repository licensees must create and publish statistical data weekly, and make this statistical data publicly available on a website for free.
The statistical data must disclose aggregate information about open positions and reporting volumes. The statistical data must not disclose the identity of any counterparty: A licensed ADTR may only use or disclose your derivative trade data where you have given consent for that derivative trade data to be used and disclosed, or otherwise only in accordance with the Corporations Act, derivative transaction rules reporting , derivative trade repository rules or any other law of the Commonwealth or of a state or territory.
What does 'entered into by the reporting entity in this jurisdiction' mean in the derivative transaction rules reporting? For these entities, reportable transactions under the derivative transaction rules reporting are all OTC derivatives:. The ordinary principles of Australian contract law apply to this provision of the derivative transaction rules reporting.
Under Australian law a contract is entered into in the place where the acceptance of the offer to enter into the contract is received, where an instantaneous form of communication is used to communicate the acceptance. It is the responsibility of a counterparty to an OTC derivative to determine whether a reporting obligation on the part of the counterparty arises under the derivative transaction rules reporting.
How do I identify a counterparty when I report counterparty information? Where the reporting and non-reporting counterparty is an entity which includes a corporation, partnership, managed investment scheme or trust, but not an individual , the identifier is:.
A reporting entity that relies on the relief must instead report using the following hierarchy of identifiers, consistent with the entity identifier waterfall developed by ISDA:.