.
Information required to be reported under Rule 2.2.1 (Reporting) to identify a non-reporting counterparty and other entities (Relevant Entities) includes the:
- standard identifier (refer below) of both the reporting counterparty and the non-reporting counterparty (items 5 and 7 in Table S2.1(1) and items 4 and 6 in Table S2.2(1) in Schedule 2 (Reporting))
- name of both the reporting counterparty and the non-reporting counterparty (items 6 and 8 in Table S2.1(1) and items 5 and 7 in Table S2.2(1) in Schedule 2 (Reporting))
- standard identifier and name of certain other entities, such as beneficiary, broker, and clearing member.
Under Part S2.1A (Reporting), the reporting counterparty means, in relation to a report of information about a reportable transaction or reportable position:
- where a reporting entity makes the report on its own behalf, that reporting entity, or
- where another person makes a report on behalf of a reporting entity, the reporting entity on behalf of which the report is made.
The non-reporting counterparty means the counterparty to the OTC derivative that is not the counterparty making the report.
Where the reporting or non-reporting counterparty is an entity (corporation, partnership, managed investment scheme or trust, but not an individual), the following standard identifiers must be reported:
- Legal Entity Identifier (LEI) or interim entity identifier (see RG 251.60–251.62)
- if no LEI or interim entity identifier is available for the entity, an international business entity identifier issued by Avox Limited (AVID), or
- if no AVID is available, a Business Identifier Code (BIC).
From the day after ‘the Exemption End Date’ (refer below) the ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 provides relief for reporting of one of the standard identifiers for non-reporting counterparties and other entities on the condition that an internal client code is reported by the reporting counterparty. This relief is conditional on the reporting counterparty taking best efforts to obtain one of the standard identifiers as soon as reasonably practicable, including by maintaining and following documented procedures for one or both of the following:
(a) requesting that non-reporting counterparties (and other entities as necessary) obtain one of the standard identifiers and provide it to the Reporting Entity;
(b) obtaining one of the standard identifiers on behalf of non-reporting counterparties (and other entities as necessary).
The ‘Exemption End Date’ is:
- 30 September 2019 for non-reporting counterparties that are:
(i) incorporated or formed in this jurisdiction; or
(ii) a non-reporting counterparty to the OTC Derivative to which the Reportable Transaction or Reportable Position relates as the result of a transaction entered into by a branch of the non-reporting counterparty that is located in this jurisdiction;
- otherwise, 31 March 2020.
LEIs can be obtained either from a domestic or an overseas entity that is accredited or endorsed to issue LEIs, or the local registration agent of such a firm. More information is available on the Global LEI Foundation’s website.
Where the non-reporting counterparty or other entity is an individual, the identifier is a client code assigned by the reporting counterparty: Table S2.1(1) and Table S2.2(1) (Reporting).
Some reporting counterparties have raised concerns with ASIC that one licensed trade repository is unable to populate name information from a standard identifier unless the relevant entity has 'on-boarded' with the licensed trade repository. Accordingly, from 1 October 2015 to 30 September 2023 (inclusive) ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 provides relief from the need to report name information where one of the three standard identifiers above is reported.
(Updated 20 December 2022)