ASIC Reporting

What is ASIC Reporting?

ASIC Reporting refers to the mandatory derivatives transaction reporting regime implemented by the Australian Securities and Investments Commission (ASIC) for the monitoring and prevention of systemic risk. This requirement was enacted in the ASIC Derivative Transaction Rules (Reporting) 2013.

Timelines

Entering into effect in 2013 with a phased implementation based upon the scale & sophistication of the reporting firm, ASIC reporting has now been fully phased in for all relevant asset classes, types of reporting, and counterparties.

Who is affected by this regulation?

The reporting requirement is double-sided – if any counterparty to the trade has a reporting obligation, they must report that trade even if their counterparty also reports the trade. Firms with a reporting obligation are:

  • Australian firms (those incorporated or formed in Australia)
  • Foreign subsidiaries of Australian authorised deposit taking institutions or Australian Financial Services Licencees, as per the Corporations Act 2001
  • Foreign authorised deposit taking institutions with Australian branches (only trades booked in Australia)
  • Foreign companies offering debentures or guaranteeing debentures in Australia (only trades booked in Australia)

Which trades need to be reported?

Over-the-counter derivatives from the following asset classes need to be reported:

  • Credit
  • Commodities (excludes electricity)
  • Equities
  • FX
  • Rates

Australian firms and their subsidiaries must report all derivatives trades meeting the above criteria. Non-Australian firms must report all derivatives meeting the above criteria which are entered into in Australia or booked in Australia.

New trades, modifications (including changes in valuations) & terminations, assignments and step-in/out transactions and any other derivative transaction needs to be reported where these are undertaken by a firm with a reporting obligation. Exchange-traded derivative transactions are not reportable.

When is the deadline for reporting?

T+1, the day after the trade is executed.

How can firms meet their reporting obligation?

Non-Australian firms

Non-Australian reporting firms may take advantage of the fact that ASIC has recognised EMIR as an equivalent reporting regime. This means that instead of reporting to a licensed ASIC trade repository, firms may instead report to an EMIR trade repository recognised by ASIC as a “prescribed derivative trade repository”.
UnaVista Ltd. is recognised by ASIC as a prescribed derivative trade repository. As a result of this, non-Australian firms may simply mark any EMIR reports where the transaction is also reportable under ASIC with an “ASIC” tag, in order to meet their ASIC reporting obligations.

Australian firms

Australian firms are unable to take advantage of prescribed reporting, and hence are unable to use their reports to UnaVista Ltd. to meet their ASIC reporting obligation. For this reason, UnaVista has partnered with the DTCC Data Repository (Singapore) Pte Ltd to devise a solution that enables Australian firms to report to ASIC.
This solution utilises UnaVista’s Rules Engine, using the exact same input file as for EMIR reporting. This entails minimum additional operational burden, and also brings the advantage that firms may view their EMIR reports and their ASIC reports in one place via the UnaVista web user interface.

Either way, the UnaVista G20 Reporting solution offers both Australian and non-Australian firms a reliable and efficient way to meet their reporting obligations.

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