Issue 582, 12 October 2015
ASIC extends commencement date of phase 3B OTC trade reporting
As previously advised, 3B reporting entities, which includes superannuation funds holding an Australian financial services licence, were required to report over the counter (OTC) derivative trades (on a one sided reporting basis) from 12 October 2015.
ASIC have been monitoring industry’s readiness to meet their trade reporting obligations. They 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 start date.
In light of this, ASIC has made the 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.
ASIC has made a legislative instrument that extends the commencement date for reporting until 4 December 2015. The extension should provide sufficient time, for those who require it, to put in place final arrangements for the last phase of trade reporting in Australia.
The legislative instrument took effect from Friday 9 October, and can be found here.
