What is ASIC Transaction Reporting?

The Australian Securities and Investment Commission (ASIC) transaction reporting regime requires certain firms to report details of their over-the-counter (OTC) derivative transactions and positions to a trade repository (TR) licensed by ASIC.

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About ASIC Derivative Transaction Reporting

Like many other regulators, the Australian Securities and Investments Commission (ASIC) introduced a derivative transaction reporting regime post the 2008 financial crisis to align with G20 commitments made in response to those events. More recently, following a number of consultations, the regime was subject to what was commonly referred as a rewrite that came into force in October 2024. The rewrite resulted in extensive changes, aligning the ASIC regime more closely to global standards.

ASIC's primary objective via the transaction reporting regime is to collect detailed data on OTC derivative transactions to monitor systemic risk, detect potential market abuse, and support informed policymaking. The regime encompasses interest rate, credit, equity, foreign exchange, and commodity derivatives.

ASIC Rewrite

The ASIC Rewrite went live on 21 October 2024 and primarily implemented changes that increased harmonisation with international standards. This, for example, included the introduction of global standards for legal entity identifiers (LEIs), unique product identifiers (UPIs), unique transaction identifier (UTIs) and the adoption of the ISO 20022 XML message format. Perhaps more unusually, the deadline for reporting was changed from T+1 to T+2 - this does, however, align the ASIC regime with another regime in the same region, MAS, which may explain this change.

SOLUTION

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Qomply has a variety of solutions to help firms comply with their regulatory ASIC Derivative Transaction Reporting requirements:

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Regulatory reporting failures continue to result in fines, investigations and remediation programmes across multiple jurisdictions.

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FAQs: ASIC Transaction Reporting

  • The Australian transaction reporting regime that requires certain firms to report details of their over-the-counter (OTC) derivative transactions to a designated trade repository on T+2.

  • This regime requires the reporting of interest rate, credit, foreign exchange, commodity, and equity OTC derivative contracts. Exchange-traded derivatives contracts, which also includes futures and options are not within scope.

  • The ASIC transaction reporting regime requires the following entities to report: authorised deposit-taking institutions, clearing and settlement facility licensees, and holders of an Australian financial services licence (AFSL) to deal in derivatives. For foreign entities, you are required to report if you rely on a licensing exemption to deal in derivatives with wholesale clients.

  • The reporting obligation is double-sided – i.e. if either counterparty has a reporting obligation, both parties must report the transaction to ASIC. This is subject to a small number of exceptions, such as if one party is deemed not to be a reporting entity (this could be because they are a small by-side firm or are an offshore exempt entity).

Free ASIC Transaction Reporting Tools

External ASIC Resources

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