Who does the single-sided reporting relief apply to?

November 10, 2015

The single-sided reporting relief will apply to:

(a)        authorised deposit-taking institutions (ADIs);
(b)        Australian financial services licensees (AFSLs);
(c)        clearing and settlement facility licensees; and
(d)        exempt foreign licensees,

with total gross notional outstanding positions across all OTC derivatives of less than A$5 billion at the end of each of two consecutive calendar quarters.

This is particularly relevant to the “Phase 3B entities” (with less than A$5 billion gross notional outstanding OTC derivative positions as at 30 June 2014), who become subject to the Reporting Rules for the first time on 4 December 2015.