Australian issuers of OTC derivatives (with less than A$5 billion gross notional outstanding positions as at 30 June 2014) will need to report for the first time from 12 October 2015.
Draft regulations in relation to single-sided reporting relief have been published which will assist those issuers – but only to a limited extent in relation to some transactions/ positions.
Therefore, issuers will still need to understand the extent of the relief, in relevant cases negotiate with counterparties, and ready themselves for reporting in view of the October deadline.
To read more, check out our recent blog post on Finance Magnates about the proposed legislation to facilitate single-sided reporting for OTC derivatives issuers who have upcoming requirements to report their trades to a licensed Australian Derivative Trade Repository (ADTR) or read it on our Media Page.
For assistance with your trade reporting requirements or to better understand whether you qualify for Single-Sided Reporting relief visit TRAction Fintech’s website.
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.