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ASIC Corporations (Amendment) Instrument 2022/775

Authoritative Version
  • - F2022L01170
  • In force - Latest Version
Other as made
This instrument amends the ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844 to extend the operation of certain conditional exemptions and to exempt spot settlement transactions from transaction reporting requirements and position reporting requirements under the ASIC Derivative Transaction Rules (Reporting) 2013.
Administered by: Treasury
Registered 05 Sep 2022
Tabling HistoryDate
Tabled HR06-Sep-2022
Tabled Senate07-Sep-2022
To be repealed 01 Dec 2022
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2022/775

I, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    5 September 2022

 

 

Nathan Bourne

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2022/775.

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        Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.


Schedule 1—Amendments

ASIC Corporations (Derivative Transaction Reporting Exemption) Instrument 2015/844

1        Subsections 5(1), 7(1) and 11(1) and section 13

          Omit “30 September 2022”, substitute “30 September 2023”.

2        Paragraphs 5(3)(a) and (b)

          Omit “1 October 2022”, substitute “1 October 2023”.

3        After Section 13

          Insert

13A  Exemption 10 (Spot Settlement Transactions) 

Relief

A Reporting Entity does not have to comply with Rule 2.2.1 of the Rules to the extent that Rule requires the Reporting Entity to report a Reportable Transaction or Reportable Position in an OTC Derivative that is an arrangement in relation to which the following are satisfied:

(a)     a party has obligation to buy, and another party has an obligation to sell, intangible property at a price and within a period of no longer than the shortest period determined by usual market practice for delivery of the property;

(b)     the arrangement does not permit the seller’s obligations to be wholly settled by cash, or by set-off between the parties, rather than by delivery of the property;

(c)     the arrangement is not a foreign exchange contract or an option;

but only to the extent that the arrangement deals with that purchase and sale.

4          Section 14 (heading)

            Omit “9”, substitute “10”.