As expected, final Australian regulations have been enacted which afford single-sided reporting relief in certain situations. Further to the original proposals, the final regulations include a safe harbour for the entity relying on the single-sided reporting relief where regular and reasonable enquiries have been made.
Who does the single-sided reporting relief apply to?
The single-sided reporting relief will apply in certain circumstances to:
(a) Australian authorised deposit-taking institutions (ADIs);
(b) Australian financial services licensees;
(c) clearing and settlement facility licensees; and
(d) exempt foreign licensees or foreign ADIs,
(not required to report or who did not opt in to report under Phase 1 or Phase 2) with total gross notional outstanding positions of less than A$5 billion for at least two consecutive quarters.
This is particularly relevant to entities who become subject to the ASIC Derivative Transaction Rules (Reporting) (Reporting Rules) for the first time on October 12, 2015.