Single-Sided Reporting

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What is single-sided reporting?

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 yet made any changes to the single-sided relief provisions under the 2024 Rules, however has in their latest Consultation Paper 375 that they will remove the alternative reporting arrangements option. This will impact somewhat on the single-sided relief as it will reduce the available trade repositories which will qualify.

Details of ASIC’s previously articulated concerns with the current operation of the single-sided relief provisions are contained in CP334 (see page 110).

Until any changes are formalised, we encourage firms to:

  • ensure any single-sided reporting arrangements they have in place are properly documented and compliant with the current provisions (‘single-sided’ exemption in regs 5A.71–7.5A.74 of the Corporations Regulations); and
  • consider ASIC’s commentary in CP334 and CP375 and review whether their firm may wish to take pre-emptive steps to start reporting these transactions and reduce reliance on the single-sided relief where it involves the counterparty reporting to a ‘prescribed’ repository overseas.

Who does the single-sided reporting relief apply to?

To qualify for the single-sided reporting relief, there are two requirements that must be satisfied:

1) Gross notional outstanding position must be less than A$5 billion for two consecutive quarters

The single-sided reporting relief will apply to:

  • Authorised Deposit-taking Institutions (ADIs);
  • Australian Financial Services Licensees (AFSLs);
  • clearing and settlement facility licensees; and
  • exempt foreign licensees,

with total gross notional outstanding position across all OTC derivatives of less than A$5 billion at the end of two consecutive calendar quarters.

If a reporting entity reaches the A$5 billion threshold for two consecutive quarters, the single-sided relief will cease to apply and full reporting obligations (i.e. dual sided reporting) will apply instead.  This means that a reporting entity can move in and out of the relief depending on the changes in the size of their derivatives portfolio at the end of a calendar quarter.

2) The other counterparty is already required or has agreed to report

In order to obtain the benefit of the single-sided relief, the reporting entity will also need to ensure the other party to the OTC derivative is:

  • a reporting entity required to report information about the trade under the Reporting Rules and not relieved from that requirement under the single-sided relief;
  • a reporting entity who otherwise reports information about the trade under the Reporting Rules; or
  • a foreign entity reporting under a ‘substantially equivalent’ foreign regime (RG 251.75) to an offshore prescribed repository and designates or tags the information reported as reported under the Reporting Rules.

If the other party does not satisfy any of the above (e.g. end customer not a reporting entity), the relief will not be applicable even if the reporting entity can satisfy the first requirement.

Use the diagram below to help determine whether the single-sided reporting exemption is applicable to you:

Single-sided relief decision tree

What do I need to do if I want to apply single-sided relief?

If you wish to rely on the single-sided relief, you will need to communicate with your counterparty (reporting counterparty) and obtain a representation from them pursuant to Reg 7.5A.72 of Corporations Regulations 2001 (Cth). Although the legislation does not provide what representation is required, we have prepared a template letter which can be used – please contact us to obtain a copy.

How can TRAction Fintech help?

TRAction Fintech assists our clients to understand whether they are eligible to apply for the single-sided relief. Please contact us if you would like to know more about how TRAction Fintech can assist you.

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