Consultation Paper 370: Proposed remake of the ASIC Derivative Trade Repository Rules 2013
The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) provided a submission to the Australian Securities and Investments Commission (ASIC) in response to ASIC Consultation Paper 370 Proposed remake of the ASIC Derivative Trade Repository Rules 2013 (the Consultation Paper).
The ASIC Derivative Trade Repository Rules 2013 (the Rules) are due to sunset on 1 October 2023.
The Consultation Paper proposes that ASIC will remake the Rules in substantially the same form with minor and targeted amendments which (if made) would:
- introduce a new provision that would allow ASIC to give directions to manage “dead” or stale trades which have become trapped in the derivative trade data held by a licensed trade repository; and
- amend the weekly statistical data requirements for public reporting to remove the geographic location of the underlying reference asset, rate, index or commodity.
The proposed draft replacement rules (the New Rules) have been provided as an attachment to the Consultation Paper.