ASIC Rewrite 2024

After multiple consultation papers over more than two years, ASIC has released their final packages of updated Derivatives Transaction Rules.  ASIC’s reporting rules are being harmonised to global standards.

The first set of updates to the ASIC Derivative Transaction Rules (Reporting) 2024 (2024 Rules) take effect on 21 October 2024.  Further changes start on 20 October 2025.

Yes.  There are a number of new fields including UPI and UTI.

Australia’s reporting regime requires both parties to a derivative transaction to report to an Australian Derivative Trade Repository (ADTR). However there is a relief from this principle allowing single-sided reporting, i.e. where only one party is required to report under the ASIC Derivative Transaction Rules (Reporting) 2022 (‘Reporting Rules’).

ASIC has made changes to the single-sided relief provisions under the 2024 Rules which commence from 20 October 2024. Read more about the current single-sided reporting provisions and how they are changing in 2025 here.

Until the commencement of the new ASIC trade reporting rules on 21 October 2024, a reporting entity receives a safe harbour benefit when it appoints one or more persons (each a delegate) to report OTC derivatives on its behalf. Once ASIC Rewrite commences, this will no longer be available. We encourage firms to review any delegated arrangements they have in place and ensure proper monitoring and reconciliation is being performed.