ASIC has granted conditional relief from use of Unique Trade Identifiers (UTI) for another 2.5 years.

1. Extension of UTI relief until 30 September 2022

The current UTI relief expired on 31 March 2020 and the extension of the current UTI relief takes effect from 1 April 2020 until 30 September 2022. The relief allows the Reporting Entity1 not to report, for a Reportable Transaction2, a UTI or a single transaction identifier used by both counterparties.

As more guidance will be released towards the expiry date, we will provide further updates to you in due course.

2. Introduction of new condition to Reporting Entities subject to CFTC regulations

ASIC also introduced a new condition that requires Reporting Entities subject to the Commodity Futures Trading Commission (CFTC) regulations to report a UTI issued by CFTC on the assumption that the UTI is not required by ASIC. CFTC expects to implement its UTI requirement from 31 December 2020.
ASIC has advised that it will consider the need to revise the relief instrument to accommodate any further International Organization of Securities Commissions (IOSCO)-compliant UTI reporting requirements introduced by other jurisdictions.

If you have any questions, please feel free to contact us.

  1. See definition of Reporting Entity in Section 1.2.5 of ASIC Derivative Transaction Rules (Reporting) 2013. []
  2. See definition of Reportable Transaction in Section 1.2.5 of ASIC Derivative Transaction Rules (Reporting) 2013. []

Angela Yang

Angela works in our Sydney office. At TRAction, she provides regulatory support to our clients, monitors changes in the worldwide regulatory environment relating to trade and transaction reporting, assists with business development and client onboarding as well as development of PR and marketing strategies. Angela has several years of experience working in legal and compliance for financial services companies. She previously practiced in a leading boutique financial services law firm in Sydney as a solicitor with a focus on licensing, compliance, AML/CTF and M&A. Angela has a double degree in Actuarial Studies and Law from the Australian National University and is admitted as a solicitor in Australia.