Self-reporting vs Delegated Reporting under ASIC

ASIC - Self-reporting vs Delegated reporting

Ensuring compliance within your firm can quickly become unweildy. We recommend you consider maximising the effectiveness of your team by using specialist regtech companies. 

The resources (financial, people, technology) required for ongoing compliance need to continually improve processes at an investment firm to stay abreast of changing regulatory requirements.

TRAction understands the struggles that many firms are facing. We have compared the steps required to complete an onboarding process with us as opposed to onboarding with an Australian Derivative Trade Repository (ADTR).

Self-reportingReporting through TRAction
Complete onboarding with the ADTRComplete onboarding with TRAction
Obtain file specifications from the ADTRProvide a file sample or access to data (for automated data transfer)
Review field requirementsWork with the onboarding team to ensure that the data is in the correct format
Test connections to ensure you can submit filesFinalise submission procedures
Populate files and upload to the ADTR in the User Acceptance Testing (UAT) environmentReview the output file and contact TRAction to make any corrections
Review the output file and correct if necessary

Additionally, we have summarised the top 3 ways in which delegated reporting can benefit you and maximise the effectiveness of your team.

Self-reportingReporting through TRAction
Limited Internal Resources

Meeting the reporting requirements may required re-training existing staff or hiring additional staff. The former can divert human resources from existing projects and the latter adds to employment expenses.

Free up Internal Resources

Free up internal resources and allow your team to focus on your firm's core offering.

Burden on Infrastructure

Firms need to spend time and resources to develop ways of generating transaction reports in the correct formats. This in addition to the procurement and storage of all the required data.

Reduce Infrastructure Cost

Limit the infrastructure expenditure you incur. We have IT specialists who can work with your IT team to adjust your systems to be reporting-ready, again without additional charge.

Trade Repository Fees

Firms can directly engage with the ADTR. Charges are generally a fixed monthly or annual account fee plus a per-transaction charge.

Cost Efficiency

Reduce the need to obtain and pay for external advice. At TRAction, we provide regular regulatory guidance in our fees to improve your reporting obligations without engaging expensive external consultants. Best of all, we don't add these charges to our base reporting offering.

Interested to know more about how TRAction can make your business operations easier? Contact us for a free demo and we can talk you through how to simplify your trade and transaction reporting processes.

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