ASIC has finalised and released updated ASIC Rewrite rules following its Consultation Paper 361a (CP361a).
The changes primarily comprise:
- 7 additional fields; and
- 4 changes to existing fields.
These changes are effective with the previously released ASIC Rewrite rules which go live on 21 October 2024.
What are the new fields?
New data elements have now been incorporated into the 2024 Rules. They can be found in the table below
| Field Label | Key Information |
|---|---|
| Secondary Transaction Identifier – Item 1a | An optional additional field on top of the UTI. It may be, but is not required to be, reported. Introduced at the request of the industry to help tie trade repository records to internal books or records. An alphanumeric code of not more than 72 characters. |
| Counterparty 2 Name – Item 7a | New condition on reinstated field, only required if ‘Counterparty 2’ is not reported with a LEI or Designated Business Identifier or ANON. Enables matching among multiple datasets for regulatory purposes. An alphanumeric code of not more than 105 characters. |
| Lower or only barrier price – Item 59a | Reinstated field. This is to achieve more complete information about the terms of barrier options in reporting for regulatory visibility. |
| Upper barrier price | Designed to complete lower barrier price field. Provides extra information for regulatory decision making. |
| Lower or only barrier price notation – Item 58a | Indicates the type of unit used in the ‘Lower or only barrier price’ field. Report “1” if ‘Lower or only barrier price’ is a monetary amount. Report “3” if ‘Lower of only barrier price’ is a decimal. |
| Upper barrier price notation – Item 58b | Indicates the type of unit used in the ‘Upper barrier price’ field. Report “1” if ‘Upper barrier price’ is a monetary amount. Report “3” if ‘Upper barrier price’ is a decimal. |
| New derivative trade repository – Item 105 | Added for completeness to allow for the transfer of transactions to a new derivative TR. This field reports the LEI of the destination ADTR. |
What fields have changed?
| Field Label | Key Information |
|---|---|
| Unique Transaction Identifier - Item 1 | If the transaction identifier is a UTI, the format should be as specified in ISO 23897. Otherwise it should be an alphanumeric code of not more than 72 characters. The changes have clarified that the transaction identifier reported is the transaction identifier (or one of the transaction identifiers) reported for the initial reportable transaction. This would not be a ‘Secondary transaction identifier’ (item 1a) as this would either be reported in addition to a UTI in the format specified in ISO 23897 (in which case, that UTI is reported at this item) or was not reported for the initial reportable transaction (i.e. it has been subsequently added to an existing reported transaction). |
| Action Type - Item 22 | Indicates whether the report is being made in relation to: "NEWT" - collateral arrangements when entering into a transaction "MODI" - modifying collateral arrangements in a previous report "MARU" - update of collateral amounts information; or "CORR" - correcting collateral arrangements information in a previous report |
| Valuation Amount - Item 7 | The unadjusted value of the OTC Derivative, calculated as the amount that would be paid to terminate the OTC Derivative in an orderly market on the valuation date. Report "0" if no amount would be paid by either Counterparty 1 or Counterparty 2. Report a number > 0 if Counterparty 2 pays Counterparty 1. Report a number < 0 if Counterparty 1 pays Counterparty 2. |
| Price - Item 47 | The price taken from trade confirmation, not including fees, axes or commissions. Required for: * CFDs (other than FX derivatives) * Commodity derivatives (in some circumstances) * some other specific scenarios where values are not otherwise reported. |
For those keen to read the amendments that have been released in more detail, we suggest you read the Amendment Instrument.
To read the final field specification for ASIC Rewrite in consolidated form, read the ASIC Derivative Transaction Rules (Reporting) 2024.
Background to these changes
ASIC’s follow-on consultation, CP361a, focused on amending the 2024 rules which implement ASIC Rewrite. This built on the previous rounds of consultation in CP334 and CP361.
Due to changes to international standards and systems that were unanticipated at the time of the 2024 Rules being released, such as the Unique Product Identifier (UPI) and ISO20022 message definitions, an extra round of discussion on minor changes had been deemed necessary.
