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27th November 2020

ASIC: Consultation to Simplify Derivatives Reporting

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)

Control Now Ltd, founded in 2017, is a provider of Transaction Reporting Assurance software tools to empower market participants to perform oversight of their Regulatory Reporting Processes. Control Now Ltd provide TR Accuracy (Data Quality Assurance) and TR Completeness (Reconciliations) services. Please get in touch for a Free Health Check –