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.
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.