Some OTC derivatives issuers must report to a trade repository licensed by ASIC. Currently, there is only one – the DTCC Data Repository (Singapore) Pte Ltd. However, some issuers have the option to report to a prescribed trade repository instead (ASIC prescribed six of these), subject to certain conditions. Whether an issuer may have the option depends on how the issuer is set up – whether it is:
- an Australian entity;
- a foreign subsidiary of an Australian entity where the Australian entity is an authorised deposit-taking institution (ADI) or an Australian financial services (AFS) licensee;
- a foreign ADI that has a branch located in Australia or;
- a foreign company that is required to be registered under Div 2 of Pt 5B.2 of the Corporations Act.