King & Wood Mallesons

Asia-Pacific 100 position: 2

First Australian over-the-counter derivatives rules are out

In publishing draft rules and a regulatory guide for the new regulation of derivative trade repositories in Australia, the Australian Securities and Investments Commission (ASIC) has taken the first concrete step to the actual implementation of G20 derivatives reforms in Australia.

Late last year, the Australian Treasury reconfirmed that trade reporting is the first of the G20 derivatives requirements which would be implemented in Australia (see our alert here). On Friday, 15 March, ASIC published drafts of the rules and regulatory guide intended to allow this to happen — through its licensing and regulation of derivative trade repositories operating in Australia. Derivative trade repositories are a cornerstone of global regulatory efforts to increase transparency of transaction information, promote financial stability and support the detection and prevention of market abuse…

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