Derivative transaction reporting
The ASIC Derivative Transaction Rules (Reporting) 2022 set out the requirements for reporting entities to report derivative transaction information to derivative trade repositories.
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Rules |
Until 20 October 2024 inclusive: ASIC Derivative Transaction Rules (Reporting) 2022 After 20 October 2024: |
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Guidance |
Regulatory Guide 251 Derivative transaction reporting (RG 251) |
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Minister’s Determination |
Corporations (Derivatives) Determination 2013 determines the classes of derivatives in relation to which reporting requirements may be imposed |
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ASIC Determinations |
Excluded Derivative determination determines equity derivatives, CFDs and Margin FX as OTC Derivatives required to be reported by ‘lifecycle’ reporting under Rule 2.2.8 determines foreign financial markets whose derivatives are not OTC Derivatives under Rule 1.2.4 |
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Exemptions |
Regulations 7.5A.70-74 of the Corporations Regulations 2001 exempts small-scale entities from reporting in certain circumstances Exemption relief from the ASIC Derivative Transaction Rules (Reporting) 2022 other exemption instruments |
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Consultations |
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From 10 July 2013 until 20 December 2022 ASIC Derivative Transaction Rules (Reporting) 2013 |
The 2024 Rules from 21 October 2024
On 19 December 2022, ASIC made ASIC Derivative Transaction Rules (Reporting) 2024, which repeal and remake ASIC Derivative Transaction Rules (Reporting) 2022 on 21 October 2024.
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Rules |
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Consultations |
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ISO 20022 Universal financial industry message scheme
The 2024 Rules require reporting to a trade repository using the XML tags of an ISO 20022 message definition whose message elements include all of the Derivative Transaction Information set out in Part S1.3 – see Rule 2.2.4.
The relevant current ISO 20022 message definitions and external code sets in the Financial Instruments and Transactions Regulatory Reporting (Trade Repository Reporting) message set are:
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Transaction and Valuation reporting |
DerivativesTradeReportV03 |
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Collateral reporting |
DerivativesTradeMarginDataReportV01 |
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ExternalBenchmarkCurveName1Code ExternalUnitOfMeasure1Code |
To provide industry with some initial information of ASIC’s views on the relationship between the 2024 Rules data elements and the ISO 20022 base message elements, ASIC has prepared this ASIC preliminary mapping of the 2024 Rules data elements to the ISO 20022 message elements and XML tags. We intend to seek industry design views in the development of final schema designs for reporting under the 2024 Rules.
Further consultation in 2023
In CP 361, we set out a number of outstanding matters that we had deferred to a third consultation – see Section J ‘Outstanding matters’:
- Alternative reporting
- Excluding exchange-traded derivatives
- Reporting by foreign entities trading with Australian wholesale clients
Our indicative consultation timeline is:
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Consultation Round 3 |
Q2 2022 |
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Further Rules amendments made (if any) |
To be confirmed |
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Further Rules amendments commence (if any) |
21 October 2024 |