ASIC have just released the following text to the industry regarding the OTC Derivative trade reporting obligations.  We will be reviewing this information throughout the course of the day and providing further updates.  Feel free to contact us in the meantime.

“As the industry is aware, the trade reporting rules, including start dates, were made in July 2013. Those reporting rules required phase 3 entities to commence reporting in October 2014. In June 2014, ASIC provided 12 months relief for phase 3B entities to provide an additional year to prepare for the commencement of reporting on 12 October 2015. To further support entities’ preferences for the circumstances in which they were to report, in February 2015 ASIC also changed its rules to provide a safe-harbour for entities looking to delegate their reporting obligations.

During the long lead time for this initiative, ASIC has consistently encouraged all entities to be prepared for the commencement of phase 3B reporting on 12 October 2015.

We have been monitoring industry’s readiness to meet their trade reporting obligations. We are aware that, following the release by the Australian Treasury of the single-sided reporting regulations, some entities have revised business decisions about whether they can rely on single-sided reporting or whether to establish other trade reporting arrangements, such as delegated reporting. As such, some of these entities may not have completed the steps needed to meet their reporting obligations for the 12 October 2015 deadline.

In light of this, ASIC has taken an in principle decision to extend the commencement date for phase 3B reporting to 4 December 2015.

This should provide sufficient time for those who require it, to put in place final arrangements for the last phase of trade reporting in Australia. This will not preclude those who are ready, from commencing reporting on Monday 12 October.”

Sophie Gerber

Sophie is the director of both Sophie Grace Legal Pty Ltd and Sophie Grace Pty Ltd. Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions with a strong understanding of business practicalities as well as obligations to regulators.