Interest rate swaps is one of the proposed revisions to mandatory trade reporting rules of over-the-counter (OTC) derivatives that the Australian Securities & Investment Commission (ASIC) is seeking feedback on.
A recent revision of the timetable for phase 3 entities to start reporting OTC derivative transactions to trade repositories has made way for proposals aimed at ensuring a smooth transaction to the reporting regime and follow
The consultation paper proposes changes governing the reporting of OTC derivative transactions to derivative trade repositories; such as a number of technical changes to the rules designed to make the reporting regime more effective and easier to comply with; clarifying the rules around delegated reporting to provide a safe harbour from liability if certain conditions are met; and requiring certain larger oversee subsidiaries of Australian financial entities to report transactions.
ASIC Commissioner, Cathie Armour, said: “ASIC is continuing to respond to stakeholder feedback and is taking steps to refine the reporting regime to reduce the regulatory burden, especially for small financial entities.”
“We have sought to do this while ensuring that the underlying goals of the G20 OTC derivatives commitments, to improve the integrity and stability of the OTC derivative markets, are met.”
“These rule changes, and the delay to Phase 3 reporting we recently finalised, will result in a substantial overall deregulatory benefit for industry. We look forward to receiving stakeholders' views on the proposed rule changes.”
