Federal Register of Legislation - Australian Government

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2016/258 Other as made
This instrument makes transitional arrangements in relation to Swaptions that were entered into before 4 April 2016.
Administered by: Treasury
Registered 01 Apr 2016
Tabling HistoryDate
Tabled HR18-Apr-2016
Tabled Senate18-Apr-2016
Table of contents.

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ASIC Corporations (Derivative Transaction Clearing Exemption) Instrument 2016/258

I, Oliver Harvey, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Dated  1 April 2016

Oliver Harvey

 



Part 1—Preliminary

1        Name of legislative instrument

This instrument is ASIC Corporations (Derivative Transaction Clearing Exemption) Instrument 2016/258.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

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

4        Definitions

(1)     In this instrument:

Rules means the ASIC Derivative Transaction Rules (Clearing) 2015.

Swaption means a derivative between two parties under which one or both parties is granted an option which if exercised would result in the parties entering into a Clearing Derivative.

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

 

 


Part 2—Exemption

5        Pre-commencement date Swaptions

Rule 2.1.1 of the Rules does not apply to a Clearing Transaction that is the entry into a Clearing Derivative where:

(a)     the Clearing Derivative was entered into as a result of a party to a Swaption exercising the option granted to the party under the Swaption; and

(b)     the Swaption was entered into before 4 April 2016.