ASIC OTC derivatives trade reporting requirement
The requirement to report OTC derivatives transactions applies to authorised deposit-taking institutions, AFSL holders, and also foreign financial services providers that are exempt from holding an AFSL, and clearing and settlement facilities. Products required to be reported include OTC equity derivatives, OTC interest rate derivatives and a number of other OTC product classes.
The requirement to report started on 1 October 2013 for the largest reporting entities (Phase 1 Reporting Entities) and on 1 April 2014 for reporting entities holding $50 billion or more in gross notional outstanding across all OTC asset classes as at end 2013 (Phase 2 Reporting Entities).
• Read about OTC derivatives reform
Start dates for smaller entities and licensing of Australia’s first trade repository
On 15 September 2014, ASIC granted an Australian derivative trade repository licence to DTCC Data Repository (Singapore) Pte Ltd (DDRS). The licensing of DDRS as the first licensed trade repository means the start dates of trade reporting for so-called ‘Phase 3 reporting entities’ under the ASIC reporting framework has now been finalised.
The trade reporting obligation will commence for large Phase 3 reporting entities (Phase 3A) from 13 April 2015, and for the remaining Phase 3 reporting entities (Phase 3B) from 12 October 2015. Phase 3A Reporting Entities are those that, as at 30 June 2014, held $5 billion or more in gross notional outstanding across all OTC derivatives
• Read media release 14-230MR