The Australian
Securities and Investments Commission (ASIC) is seeking feedback on proposed
revisions to the rules requiring the mandatory trade reporting of OTC derivatives.
The proposals aim to ensure a smooth transition to the new regime that require
the reporting of OTC derivatives transactions to trade repositories.
The consultation follows
a recent revision by ASIC of the timetable for Phase 3 reporting entities,
those being financial entities holding less than A$50 billion in outstanding
OTC derivatives.
The changes proposed include a number of technical changes to the rules,
designed to make the reporting regime more effective and easier to comply with
and also clarifies the rules around delegated reporting to provide protection from
liability, providing certain conditions are met. The changes also require
certain larger overseas subsidiaries of Australian financial entities to report
transactions.