ASIC have today released their proposal to simplify the derivatives reporting for ASIC.
They invite feedback from all stakeholders, and responses can be made until 01/03/2021. There will then be a second consultation in Q2 2021 to present and discuss the ASIC final proposals.
Key proposals for amending reporting obligation;
‘Spot contracts’ to become non-reportable (ex FX and ETDs)
Redefinition of ETDs
Transactions with Australian retail clients to become reportable transactions
Feedback requested on ASIC’s concerns with delegated reporting
Feedback requested on ASIC’s concerns with alternative reporting
Update timeframes to standardised T+1 reporting
Key proposals for updating field level requirements;
Guidance on how to generate the Unique Transaction Identifier (UTI) and who is responsible
Implementation of the CPMI IOSCO Unique Product Identifier (UPI) Guidance
Implementation of the CPMI IOSCO Critical Data Elements (CDE) Guidance
Update entity identification to only allow only LEI (Make BIC or AVID obsolete)
Natural person should be the reporting counterparty’s LEI plus extra characters (CDE Guidance)
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