Chapter 1: Introduction
Part 1.1 Preliminary
1.1.1 Enabling legislation
ASIC makes this instrument under section 901A of the Act.
1.1.2 Title
This instrument is the ASIC Derivative Transaction Rules (Reporting) 2013.
1.1.3 Commencement
The provisions of this instrument commence on the day after the instrument is registered under the Legislative Instruments Act 2003.
Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
1.1.4 Penalties
(1) For subsection 901A(4) of the Act, the penalty amount specified under a Rule is the penalty amount for that Rule.
(2) If no penalty amount is specified under a Rule, there is no penalty for that Rule.
Part 1.2 Interpretation
1.2.1 References to time
In these Rules, unless the contrary intention appears, a reference to time is to Australian Eastern Standard Time (AEST) or Australian Eastern Daylight Time (AEDT), as applicable, in Sydney, Australia.
1.2.2 Words and expressions defined in the Corporations Act
Words and expressions defined in the Act will, unless otherwise defined or specified in these Rules or the contrary intention appears, have the same meaning in these Rules.
Note: For convenience, some words and expressions defined in the Act are cross-referenced in Rule 1.2.3 below.
1.2.3 Definitions
In these Rules:
Act means the Corporations Act 2001.
AFS Licence means an Australian financial services licence within the meaning of section 761A of the Act.
AFS Licensee means a person who holds an AFS Licence.
ASIC means the Australian Securities and Investments Commission.
Australian ADI means an Australian Entity that is an Australian ADI within the meaning of section 9 of the Act.
Australian Entity means an entity (including a corporation, partnership, managed investment scheme or trust) that is incorporated or formed in this jurisdiction.
Business Day means a day that is not a Saturday, a Sunday, or a public holiday or bank holiday in the Relevant Jurisdiction.
CS Facility Licensee has the meaning given by section 761A of the Act.
Derivative has the meaning given by section 761D of the Act.
Derivative Position Information means the information about positions relating to Derivative Transactions set out in Part S2.2 of Schedule 2 to these Rules.
Derivative Trade Data has the meaning given by section 761A of the Act and includes Derivative Transaction Information and Derivative Position Information.
Derivative Trade Repository has the meaning given by section 761A of the Act.
Derivative Transaction has the meaning given by section 761A of the Act.
Derivative Transaction Information means the information about Derivative Transactions set out in Part S2.1 of Schedule 2 to these Rules.
Effective Date, in relation to Derivative Trade Data reported during the Opt-In Reporting Phase, has the meaning given by paragraph 2.4.1(1)(e).
Exempt Foreign Licensee means a person:
(a) whose activities, relating to Derivatives, are regulated by an overseas regulatory authority;
(b) who provides a financial service, relating to Derivatives, only to wholesale clients as defined in section 761G of the Act; and
(c) who is exempt from the requirement to hold an AFS Licence for the financial service referred to in paragraph (b).
Foreign ADI has the meaning given by section 5 of the Banking Act 1959.
Licence means an Australian derivative trade repository licence within the meaning of section 761A of the Act.
Licensed CS Facility has the meaning given by section 761A of the Act.
Licensed Repository means a licensed derivative trade repository as defined in section 761A of the Act.
Operating Rules has the meaning given by section 761A of the Act.
Opt-In Notice means a notice given to ASIC in accordance with subrule 2.4.1(1).
Opt-In Reporting Phase:
(a) in relation to a Reportable Transaction, has the meaning given by paragraph S1.1.1(1)(a);
(b) in relation to a Reportable Position, has the meaning given by paragraph S1.2.1(1)(a).
OTC Derivative has the meaning given by Rule 1.2.4.
Part 7.2A Market means a financial market the operator of which is licensed under subsection 795B(1) of the Act, but does not include a financial market operated by an operator specified in regulation 10.15.02 of the Corporations Regulations 2001 or any other financial market that ASIC does not have the function of supervising under section 798F of the Act.
Phase 1, Phase 2 or Phase 3:
(a) in relation to a Reportable Transaction, has the meaning given by paragraph S1.1.1(1)(a);
(b) in relation to a Reportable Position, has the meaning given by paragraph S1.2.1(1)(a).
Position Reporting Date has the meaning given by paragraph S1.2.1(1)(c).
Position Reporting Requirement has the meaning given by paragraph S1.2.1(1)(b).
Prescribed Class means a class of Derivatives that the Minister has determined, under section 901B of the Act, as a class of Derivatives in relation to which Reporting Requirements may be imposed (and that determination has not been revoked).
Prescribed Repository means a prescribed derivative trade repository as defined in section 761A of the Act.
Regulated Foreign Market has the meaning given by subrule 1.2.4(3).
Relevant Jurisdiction means, in relation to a Reportable Transaction or Reportable Position:
(a) this jurisdiction, if the Reportable Transaction or Reportable Position was booked to the profit or loss account of a branch of the Reporting Entity located in this jurisdiction or was entered into by the Reporting Entity in this jurisdiction; or
(b) if paragraph (a) does not apply:
(i) the jurisdiction in which the Reportable Transaction or Reportable Position was booked to the profit or loss account of a branch of the Reporting Entity; or
(ii) if subparagraph (i) does not apply, the jurisdiction in which the Reportable Transaction was entered into by the Reporting Entity.
Reportable Position has the meaning given by paragraph S1.2.1(1)(b).
Reportable Transaction, in relation to a Reporting Entity, has the meaning given by Rule 1.2.5.
Reporting Entity has the meaning given by Rule 1.2.5.
Reporting Period has the meaning given by paragraph S1.1.1(1)(c).
Reporting Requirements has the meaning given by section 761A of the Act and includes the Position Reporting Requirements and the Transaction Reporting Requirements.
RE means the responsible entity of a managed investment scheme.
Rules means these derivative transaction rules.
Transaction Reporting Requirement has the meaning given by paragraph S1.1.1(1)(b).
Trustee means a trustee of a trust.
1.2.4 OTC Derivatives
(1) Subject to subrule (2), in these Rules a Derivative is an OTC Derivative if the Derivative is in a Prescribed Class.
(2) In these Rules a Derivative is not an OTC Derivative if:
(a) the Derivative is able to be traded (within the meaning of section 761A of the Act) on a Part 7.2A Market or a Regulated Foreign Market; and
(b) in the case of a Part 7.2A Market, the entry into of the arrangement that is the Derivative:
(i) takes place on the Part 7.2A Market in accordance with the Operating Rules of the Part 7.2A Market; or
(ii) is reported to the operator of the Part 7.2A Market in its capacity as operator of the Part 7.2A Market, in accordance with the Operating Rules of the Part 7.2A Market; or
(c) in the case of a Regulated Foreign Market, the entry into of the arrangement that is the Derivative takes place on the Regulated Foreign Market.
(3) ASIC may determine from time to time that a financial market in a foreign jurisdiction is a Regulated Foreign Market for the purposes of subrule (2), where, in the opinion of ASIC, the operation of the financial market in the foreign jurisdiction is subject to requirements and supervision that are sufficiently equivalent, in relation to market integrity and market transparency, to the requirements and supervision to which a Part 7.2A Market is subject in this jurisdiction.
(4) A determination by ASIC for the purposes of subrule (3):
(a) will be published on ASIC’s website; and
(b) takes effect on the day following publication on ASIC’s website.
(5) A determination by ASIC for the purposes of subrule (3):
(a) may be withdrawn by ASIC by notice published on ASIC’s website, from a date specified in the notification that is not less than 1 calendar month after the date the notice is given; and
(b) once withdrawn ceases to have effect.
Note: A Derivative is an OTC Derivative under this Rule regardless of whether it is cleared through a Licensed CS Facility.
1.2.5 Reporting Entities and Reportable Transactions
(1) Subject to subrule (2) and for the purposes of these Rules:
(a) each entity referred to in column 2 of Table 1 is a Reporting Entity; and
(b) each of the following Derivative Transactions is a Reportable Transaction in relation to the Reporting Entity:
(i) the entry into of an arrangement that is an OTC Derivative of the kind referred to in column 3;
(ii) the modification or termination of an arrangement that is an OTC Derivative entered into as referred to in subparagraph (i); and
(iii) the assignment, by a party to an arrangement that is an OTC Derivative entered into as referred to in subparagraph (i), of some or all of the party’s rights and obligations under the arrangement, where the Reporting Entity has actual knowledge of the assignment.
(2) A Reportable Transaction includes a Derivative Transaction referred to in paragraph (1)(b) by an RE or Trustee in its capacity as RE or Trustee of an Australian Entity, and in those circumstances the Reporting Entity is the RE or Trustee.
Table 1: Reporting Entities and OTC Derivatives
1. Item | 2. Reporting Entity | 3. OTC Derivatives |
1 | An Australian Entity. | All OTC Derivatives to which the Reporting Entity is a counterparty, regardless of where the OTC Derivative is entered into. |
2 | A foreign subsidiary of an Australian Entity where that Australian Entity is an Australian ADI or AFS Licensee. | All OTC Derivatives to which the Reporting Entity is a counterparty, regardless of where the OTC Derivative is entered into. |
3 | A Foreign ADI that has a branch located in this jurisdiction. | All OTC Derivatives: (a) booked to the profit or loss account of a branch of the Reporting Entity located in this jurisdiction; or (b) entered into by the Reporting Entity in this jurisdiction. |
4 | A foreign company that is required to be registered under Division 2 of Part 5B.2 of the Act. |
Note: Where a Reporting Entity is covered by item 3 or 4 in addition to item 2, the Reporting Entity must report under item 2.
1.2.6 References to Licensed Repositories or Prescribed Repositories
(1) A reference in these Rules to reporting information about a Reportable Transaction, or a Reportable Position, to a Licensed Repository, is a reference to reporting the information to a Licensed Repository, the Licence for which authorises the Licensed Repository to provide services in respect of a class of Derivatives that includes the Derivatives to which the Reportable Transaction or Reportable Position relates.
(2) A reference in these Rules to reporting information about a Reportable Transaction, or a Reportable Position, to a Prescribed Repository, is a reference to reporting the information to a Prescribed Repository that is prescribed in relation to a class of Derivatives that includes the Derivatives to which the Reportable Transaction or Reportable Position relates.
Note: See subsection 901A(6) and paragraph 905F(4)(b) of the Act.
1.2.7 References to total gross notional outstanding
(1) A reference in these Rules to the total gross notional outstanding positions held by a Reporting Entity is a reference to the Reporting Entity’s total gross notional outstanding positions aggregated across:
(a) all OTC Derivatives; and
(b) all Derivatives that would be OTC Derivatives but for the fact that the Derivatives are not in a Prescribed Class,
but does not include positions in OTC Derivatives:
(c) held by a related body corporate of the Reporting Entity; or
(d) where the entry into, modification, termination or assignment of the OTC Derivative to which the position relates is not a Reportable Transaction in relation to the Reporting Entity within the meaning of Rule 1.2.5 (other than by reason that the Derivatives are not in a Prescribed Class).
(2) For the purposes of the Transaction Reporting Requirements and Position Reporting Requirements that apply in Phase 2 only, a Reporting Entity that is an RE or Trustee may determine whether the Reporting Entity holds total gross notional outstanding positions of $50 billion or more separately in relation to each managed investment scheme or trust for which the Reporting Entity is the RE or Trustee.
Note: See also subrules S1.1.1(2) and S1.2.1(2).
Chapter 2: Reporting Requirements
Part 2.1 Application
2.1.1 Application
This Chapter imposes obligations on Reporting Entities to report their Reportable Transactions and Reportable Positions to Licensed Repositories and Prescribed Repositories.
Note: Schedule 1 provides for phased implementation of the Reporting Requirements and Schedule 2 sets out the Derivative Transaction Information and Derivative Position Information to be reported.
Part 2.2 Reporting Requirements
2.2.1 Transaction Reporting Requirements and Position Reporting Requirements
Core Transaction Reporting Requirements and Position Reporting Requirements
(1) Subject to subrules (2) and (3) and Part 2.4, a Reporting Entity must report information about:
(a) each of its Reportable Transactions in accordance with the Transaction Reporting Requirements in Part S1.1 of Schedule 1, during the applicable Reporting Periods set out in that Part, other than a Reportable Transaction that is a modification, termination or assignment referred to in paragraph (c);
(b) each of its Reportable Positions in accordance with the Position Reporting Requirements in Part S1.2 of Schedule 1, by the applicable Position Reporting Date for that Reportable Position set out in that Part; and
(c) each Reportable Transaction that is a modification, termination or assignment of a Reportable Position and that occurs before the applicable Position Reporting Date for that Reportable Position, in accordance with Rule 2.4.4,
and must report the information in accordance with the requirements of this Part.
Note: Parts S1.1 and S1.2 of Schedule 1 deal with phased implementation of the Transaction Reporting Requirements and Position Reporting Requirements.
Exception where no Licensed Repository or Prescribed Repository
(2) A Reporting Entity is not required to comply with the requirements of subrule (1) and this Part that would otherwise apply to the Reporting Entity in relation to a Reportable Transaction or a Reportable Position if, at the time the Reporting Entity is required to comply with the requirements:
(a) there is no Licensed Repository authorised to provide services in respect of the class of Derivatives that includes the Derivatives to which the Reportable Transaction or Reportable Position relates; and
(b) there is no Prescribed Repository that is prescribed in relation to the class of Derivatives that includes the Derivatives to which the Reportable Transaction or Reportable Position relates.
Exception for foreign entities
(3) A Reporting Entity other than an Australian Entity or an RE or Trustee acting in its capacity as RE or Trustee of an Australian Entity, is not required to comply with the requirements of subrule (1) and this Part that would otherwise apply to the Reporting Entity in relation to a Reportable Transaction or a Reportable Position if, at the time the Reporting Entity is required to comply with the requirements:
(a) there is a Prescribed Repository in the jurisdiction (in this Rule, the Foreign Jurisdiction) in which the Reporting Entity is incorporated or formed; and
(b) either:
(i) the Reporting Entity or another entity has reported information about the Reportable Transaction or the Reportable Position to the Prescribed Repository, in compliance with requirements in the Foreign Jurisdiction that are substantially equivalent to the requirements that would otherwise apply to the Reporting Entity in relation to the Reportable Transaction or Reportable Position under subrule (1) and this Part; or
(ii) the Reporting Entity is exempt from the requirement in the Foreign Jurisdiction to report information about the Reportable Transaction or the Reportable Position, or there is no requirement in the Foreign Jurisdiction to report information about the Reportable Transaction or Reportable Position.
Maximum penalty: 1,000 penalty units
2.2.2 Reporting Requirement—Changes
(1) Where a Reporting Entity has reported information about a Reportable Transaction or Reportable Position in accordance with subrule 2.2.1(1) and there is a change to the information reported that does not constitute a Reportable Transaction, the Reporting Entity must report the change, and also the applicable information about the change set out in item 55 of Table S2.1(1), in accordance with the requirements of this Part.
(2) Without limiting subrule (1) and subject to subrule (3), a Reporting Entity must report:
(a) each updated mark-to-market, mark-to-model or other valuation of the OTC Derivative to which the Reportable Transaction or Reportable Position relates, whether performed by the Reporting Entity or by another person on behalf of the Reporting Entity; and
(b) each change to the collateral held in relation to the OTC Derivative to which the Reportable Transaction or Reportable Position relates.
(3) If there is more than one update or change of the kind referred to in paragraphs (2)(a) or (b) during a Business Day, the Reporting Entity is only required to report the update or change that occurs closest to the end of that Business Day.
Maximum penalty: 1,000 penalty units
2.2.3 Reporting Requirement—Timing (generally, T+1)
(1) Subject to subrule (2), a Reporting Entity that is required to report:
(a) information about a Reportable Transaction in accordance with paragraph 2.2.1(1)(a) or (c); or
(b) a change to information about a Reportable Transaction or Reportable Position in accordance with subrule 2.2.2(1),
must report the information or change by no later than the end of the next Business Day after the requirement to report the information or change arises.
(2) If the Licensed Repository or Prescribed Repository to which the information or change is to be reported is not available to accept the report of information or changes by the time required under subrule (1), the Reporting Entity must report the information or changes as soon as practicable after the Licensed Repository or Prescribed Repository becomes available to accept the report.
Maximum penalty: 1,000 penalty units
2.2.4 Reporting Requirement—Format
A Reporting Entity that is required to report:
(a) information about a Reportable Transaction or a Reportable Position in accordance with subrule 2.2.1(1); or
(b) a change to information referred to in paragraph (a), in accordance with subrule 2.2.2(1),
must report the information or change in an electronic form and in accordance with any format requirements specified:
(c) in these Rules; and
(d) by the Licensed Repository or Prescribed Repository to which the information or change is reported, to the extent those format requirements are not inconsistent with any format requirements referred to in paragraph (c).
Maximum penalty: 1,000 penalty units
2.2.5 Reporting Requirement—Continuity of reporting
(1) Subject to subrule (2) and Rule 2.4.5, a Reporting Entity that reports to a Derivative Trade Repository (in this Rule, the Original Trade Repository):
(a) information about a Reportable Transaction in an OTC Derivative, or a Reportable Position in an OTC Derivative, in accordance with subrule 2.2.1(1); or
(b) a change to information referred to in paragraph (a), in accordance with subrule 2.2.2(1),
must take all reasonable steps to ensure that it reports further information or changes that relate to the same OTC Derivative, to the Original Trade Repository.
(2) If the Reporting Entity or the person that reports on its behalf is no longer a participant of the Original Trade Repository, or the Reporting Entity is no longer able to comply with subrule 2.2.1(1) or 2.2.2(1) by reporting the information or change to the Original Trade Repository, the information or change must be reported to another Licensed Repository or Prescribed Repository in accordance with the requirements of this Part.
Maximum penalty: 1,000 penalty units
2.2.6 Reporting Requirement—Accuracy of reporting
A Reporting Entity must take all reasonable steps to ensure that information it reports under subrule 2.2.1(1) and any change to that information it reports under subrule 2.2.2(1), whether reported by the Reporting Entity on its own behalf or by another person on behalf of the Reporting Entity, is and remains at all times complete, accurate and current.
Maximum penalty: 1,000 penalty units
2.2.7 Derivative Transaction Information—Delegation of reporting
A Reporting Entity may appoint one or more persons to report on its behalf information under subrule 2.2.1(1) or any change to that information under subrule 2.2.2(1).
Note: For example, the Reporting Entity may appoint a counterparty of the Reporting Entity, central counterparty, trading platform, service provider, broker or any other third party.
Part 2.3 Records
2.3.1 Keeping of records
(1) A Reporting Entity must keep records that enable the Reporting Entity to demonstrate it has complied with the requirements of these Rules.
(2) A Reporting Entity must keep the records referred to in subrule (1) for a period of at least five years from the date the record is made or amended.
(3) Without limiting subrule (1) and subject to subrule (4), a Reporting Entity must keep a record of all information that it is required to report under subrules 2.2.1(1) and 2.2.2(2).
(4) A Reporting Entity is not required to keep the records referred to in subrule (3) where the Reporting Entity has arrangements in place to access those records in a Licensed Repository or Prescribed Repository, either directly or through another person, for the period set out in subrule (2).
Maximum penalty: 1,000 penalty units
2.3.2 Provision of records or other information
(1) A Reporting Entity must, on request by ASIC, provide ASIC with records or other information relating to compliance with or determining whether there has been compliance with these Rules.
(2) A request by ASIC under subrule (1) must be in writing and give the Reporting Entity a reasonable time to comply.
(3) The Reporting Entity must comply with a request under subrule (1) within the time specified in the request or if no time is specified, within a reasonable time.
Maximum penalty: 1,000 penalty units
Part 2.4 Transitional matters
2.4.1 Opt-In Reporting Phase—Opt-In Notice
(1) A Reporting Entity may lodge a notice (the Opt-In Notice) with ASIC setting out:
(a) the name of the Reporting Entity;
(b) the Reportable Transactions or class or classes of Reportable Transactions, and positions in relation to those Reportable Transactions, that the Reporting Entity intends to report during the Opt-In Reporting Phase;
Note: For example, the Reporting Entity may specify a class of Reportable Transactions that relates to a particular Prescribed Class.
(c) the Derivative Trade Data, being Derivative Transaction Information and Derivative Position Information, or information that is substantially equivalent to the Derivative Transaction Information and Derivative Position Information, that the Reporting Entity intends to report during the Opt-In Reporting Phase in relation to the Reportable Transactions, and positions in relation to Reportable Transactions, referred to in paragraph (b);
(d) whether the Reporting Entity intends to report the Derivative Trade Data referred to in paragraph (c) to a Licensed Repository or a Prescribed Repository, and the name of the Licensed Repository or Prescribed Repository; and
(e) the date (Effective Date) or series of Effective Dates from which the Reporting Entity intends to report during the Opt-In Reporting Phase the Derivative Trade Data referred to in paragraph (c), in relation to the Reportable Transactions or class or classes of Reportable Transactions, and positions in relation to those Reportable Transactions, referred to in paragraph (b), to the Licensed Repository or Prescribed Repository referred to in paragraph (d).
(2) Each Effective Date must be a date that falls on or after 1 July 2013 and on or after the date on which the Opt-In Notice is lodged, and an Effective Date in respect of a position in relation to a Reportable Transaction, must be a date no later than 30 September 2014.
(3) ASIC may publish on its website any Opt-In Notice given to it by a Reporting Entity.
Note: Under Rule 2.2.1 and Parts S1.1 and S1.2 of Schedule 1, a Reporting Entity that has lodged an Opt-In Notice in accordance with this Rule must comply with the applicable Transaction Reporting Requirements and Position Reporting Requirements during the Opt-In Reporting Phase.
2.4.2 Conditional alternative reporting and one-sided reporting until 1 October 2014
Alternative reporting—Phase 1 and first stage of Phase 2
(1) Subject to subrule (4) and Rule 2.4.5, a Reporting Entity that is required by subrule 2.2.1(1) to report Derivative Transaction Information about a Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2, is taken to comply with subrule 2.2.1(1) and the requirements of Part 2.2 in relation to the Reportable Transaction where:
(a) the Reporting Entity reports information (in this subrule, the Equivalent Information) that is substantially equivalent to the Derivative Transaction Information, about the Reportable Transaction, to a Prescribed Repository;
(b) the Equivalent Information is reported substantially in accordance with the requirements of Part 2.2; and
(c) the Prescribed Repository has accepted the report.
One-sided reporting of transactions with another Reporting Entity
(2) Subject to subrule (4) and Rule 2.4.5, a Reporting Entity that is required by subrule 2.2.1(1) to report Derivative Transaction Information about a Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2, is taken to comply with subrule 2.2.1(1) and the requirements of Part 2.2 in relation to that Reportable Transaction where:
(a) another Reporting Entity (in this subrule, the Other Reporting Entity) is required by subrule 2.2.1(1) to report Derivative Transaction Information about the same Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2;
(b) the Other Reporting Entity has reported the Derivative Transaction Information about the same Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with subrule 2.2.1(1) and the requirements of Part 2.2; and
(c) the Licensed Repository or Prescribed Repository (as applicable) has accepted the report.
One-sided reporting of transactions with another entity that is not a Reporting Entity
(3) Subject to subrule (4) and Rule 2.4.5, a Reporting Entity that is required by subrule 2.2.1(1) to report Derivative Transaction Information about a Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2, is taken to comply with subrule 2.2.1(1) and the requirements of Part 2.2 in relation to that Reportable Transaction where:
(a) another entity (in this subrule, the Other Entity) is required under the requirements (in this subrule, the Foreign Requirements) of a foreign jurisdiction to report information (in this subrule, Equivalent Information) that is substantially equivalent to the Derivative Transaction Information, about the same Reportable Transaction, to a Licensed Repository or Prescribed Repository;
(b) the Other Entity has reported the Equivalent Information about the same Reportable Transaction in accordance with the Foreign Requirements;
(c) the Equivalent Information reported is complete and accurate; and
(d) the Licensed Repository or Prescribed Repository (as applicable) has accepted the report.
(4) Subrules (1), (2) and (3) cease to apply on 1 October 2014.
2.4.3 Reporting of valuations, barrier type and barrier value
(1) Subject to subrule (2), a Reporting Entity is not required to comply with subrules 2.2.1(1) or 2.2.2(1) to the extent those subrules require the Reporting Entity to report the Derivative Transaction Information in items 30–32 (mark-to-market, mark-to-model, or other valuation), items 40–44 (collateral) and items 51–52 (barrier type and value) in Table S2.1(1), or changes to that information.
(2) Subrule (1) ceases to apply:
(a) on 1 October 2014, for a Reporting Entity that is first required to start complying with subrules 2.2.1(1) and 2.2.2(1) as part of Phase 1 or Phase 2; and
(b) on 1 April 2015, for a Reporting Entity that is first required to start complying with subrules 2.2.1(1) and 2.2.2(1) as part of Phase 3.
2.4.4 Modification, termination or assignment of outstanding positions before the Position Reporting Date
For the purposes of paragraph 2.2.1(1)(c), where:
(a) a Reporting Entity is required to report information about a Reportable Position in accordance with the Position Reporting Requirements in Part S1.2 of Schedule 1 to a Licensed Repository or a Prescribed Repository; and
(b) before the Position Reporting Date, the arrangement that is the OTC Derivative to which the Reportable Position relates is modified or terminated, or a party to that arrangement assigns some or all of its rights and obligations under the arrangement,
the Reporting Entity must report all of the applicable information in Tables S2.1(1)–(5) about:
(c) the OTC Derivative to which the Reportable Position relates; and
(d) the Reportable Transaction that is the modification, termination or assignment of that OTC Derivative (as applicable),
to the Licensed Repository or Prescribed Repository to which the Reportable Position will be reported, and must report the information referred to in paragraphs (c) and (d) in accordance with Part 2.2 of these Rules.
Note: A requirement to report a modification, termination or assignment under this Rule does not extinguish the requirement to report position information under paragraph 2.2.1(1)(b).
Maximum penalty: 1,000 penalty units
2.4.5 Reporting to Licensed Repositories from 1 October 2014
Reporting Entities relying on alternative reporting
(1) Subrule (3) applies to a Reporting Entity where:
(a) the Reporting Entity, on a day prior to 1 October 2014, complied with subrule 2.2.1(1) by reporting Derivative Transaction Information, or substantially equivalent information, about a Reportable Transaction (in this Rule, a Relevant Reportable Transaction) to a Prescribed Repository; and
(b) the Prescribed Repository to which the Derivative Transaction Information or substantially equivalent information was reported does not become a Licensed Repository by 1 October 2014.
Reporting Entities relying on conditional one-sided reporting
(2) Subrule (3) applies to a Reporting Entity where the Reporting Entity, on a day prior to 1 October 2014, did not report Derivative Transaction Information, or substantially equivalent information, about a Reportable Transaction (in this Rule, a Relevant Reportable Transaction) to a Licensed Repository or Prescribed Repository, in reliance on subrule 2.4.2(2) or (3).
Reporting to a Licensed Repository
(3) The Reporting Entity must, by 1 October 2014, for each Relevant Reportable Transaction, report to a Licensed Repository:
(a) Derivative Transaction Information for the Relevant Reportable Transaction; or
(b) Derivative Position Information, as at the end of 30 September 2014, for the OTC Derivative to which the Relevant Reportable Transaction relates.
Maximum penalty: 1,000 penalty units