Australian Securities and Investments Commission Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688 (Cth)

ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688 as in force on 21 April 2023. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary   3

1    Name of legislative instrument........................................................................ 3

3    Authority......................................................................................................... 3

4    Definitions....................................................................................................... 3

Part 2—Exemption  4

5    Exemption 1 (OTC Affiliates)......................................................................... 4

6    Exemption 2 (Clients)...................................................................................... 4

Endnotes5

Endnote 1—Instrument history........................................................................... 5

Endnote 2—Amendment history......................................................................... 5

Part 1—Preliminary

1        Name of legislative instrument

This instrument is the ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688.

3        Authority

This instrument is made under paragraph 907D(2)(a) of the Corporations Act 2001.

4        Definitions

(1)     In this instrument:

Act means the Corporations Act 2001.

ASX Clear (Futures) means ASX Clear (Futures) Pty Ltd (ACN 050 615 864).

ASX Clear (Futures) Operating Rules means the Futures Operating Rules of ASX Clear (Futures) as in force on the date this instrument is made.

ASX Clear (Futures) OTC Rules means the ASX OTC Operating Rules of ASX Clear (Futures) as in force on the date this instrument is made.

Client has the meaning given in Rule 1.1 of the ASX Clear (Futures) Operating Rules.

Client Protection Model Provisions has the meaning given in Rule 1.1 of the ASX Clear (Futures) Operating Rules.

OTC Participant has the meaning given in Rule 1.5 of the ASX Clear (Futures) OTC Rules.

OTC Affiliate, in relation to an OTC Participant, has the meaning given in Rule 4.2A of the ASX Clear (Futures) OTC Rules.

Reporting Rules means the ASIC Derivative Transaction Rules (Reporting) 2022.

(2)     In this instrument, unless otherwise specified, capitalised terms have the meaning given by the Reporting Rules.

Part 2—Exemption

5        Exemption 1 (OTC Affiliates)

An OTC Participant does not have to comply with Rule 2.2.1 of the Reporting Rules in relation to a Derivative (Affiliate Derivative) that it entered into as a result of:

(a)     an OTC Affiliate of the OTC Participant entering into a Derivative (First Derivative); and

(b)     the First Derivative being submitted or taken to have been submitted by the OTC Participant for registration in accordance with Rules 4.2A and 4.3 of the ASX Clear (Futures) OTC Rules; and

(c)     ASX Clear (Futures) accepting the First Derivative for registration in accordance with Rule 4.5 of the ASX Clear (Futures) OTC Rules.

Note 1: Rule 4.6 of the ASX Clear (Futures) OTC Rules provides for the creation of a Derivative to which the OTC Participant, the OTC Affiliate and ASX Clear (Futures) are parties in such circumstances.

Note 2: This relief does not affect the OTC Affiliate’s obligation to comply with Rule 2.2.1 of the Reporting Rules in relation to the Affiliate Derivative.

6        Exemption 2 (Clients)

An OTC Participant does not have to comply with Rule 2.2.1 of the Reporting Rules in relation to a Derivative (Client Derivative):

(a)     that the OTC Participant entered into as a result of:

(i)      a Client of the OTC Participant entering into a Derivative (First Derivative); and

(ii)     the First Derivative being submitted or taken to have been submitted by the OTC Participant for registration in accordance with Rule 4.3 of the ASX Clear (Futures) OTC Rules; and

(iii)    ASX Clear (Futures) accepting the First Derivative for registration in accordance with Rule 4.5 of the ASX Clear (Futures) OTC Rules; and

(b)     in respect of which the Client Protection Model Provisions apply.

Note1: Rule 4.6 of the ASX Clear (Futures) OTC Rules provides for the creation of a Derivative to which the OTC Participant, the Client and ASX Clear (Futures) are parties in such circumstances.

Note 2: This relief does not affect the Client's obligation to comply with Rule 2.2.1 of the Reporting Rules in relation to the Client Derivative.

Endnotes

Endnote 1—Instrument history

Instrument number	Date of FRLI registration	Date of commencement	Application, saving or transitional provisions
ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2016/0688	12/08/2016 (see F201601280)	13/08/2016	-
ASIC Corporations (Amendment and Repeal) Instrument 2023/36	20/04/2023 (see F2023L00456)	21/4/2023: Schedule 1 item 14 21/10/2024: Schedule 4 item 2	-

Endnote 2—Amendment history

ad. = added or inserted   am. = amended    LA = Legislation Act 2003 rep. = repealed   rs. = repealed and substituted

Provision affected	How affected
Section 2	rep. s48D LA
Section 4 (definition of Reporting Rules)	am. 2023/36 (F2023L00456), Schedule 1, Item [14]