ASIC Rewrite 2024

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

ASIC has taken industry feedback into consideration and announced there will be a consolidated release to a single update, called the ASIC Derivative Transaction Rules (Reporting) 2024 (2024 Rules) which take effect on 21 October 2024.

The ASIC Derivative Transaction Rules (Reporting) 2024 (2024 Rules) take effect on 21 October 2024.

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 not made any changes to the single-sided relief provisions under the 2024 Rules, however has indicated that this may occur before October 2024 after further consultation. Details of ASIC’s concern with the current operation of the single-sided relief provisions are contained in CP334 (see page 110). Read more about single-sided reporting 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.