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This instrument provides class order exemption from the Reporting Requirements under the ASIC Derivative Rules (Reporting) 2013 to OTC Participants of ASX Clear (Futures) Pty Ltd, where an OTC Participant submits a transaction for clearing on behalf of an OTC Affiliate or Client, and the transaction is accepted for clearing by ASX Clear (Futures) Pty Ltd.
Administered by: Treasury
Registered 12 Aug 2016
Tabling HistoryDate
Tabled HR30-Aug-2016
Tabled Senate30-Aug-2016
Table of contents.

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

 

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

 

Dated: 12 August 2016

 

 

 

Oliver Harvey

 


Contents

Part 1—Preliminary                                                                                                     3

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

2    Commencement............................................................................................... 3

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

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

Part 2—Exemption                                                                                                       5

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

6    Exemption 2 (Clients)...................................................................................... 5

 


Part 1—Preliminary

1        Name of legislative instrument

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

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)(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) 2013.

 

(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.