AUSTRALIA: ASIC consults on trade repository regime

Friday March 15 2013

ASIC has proposed draft rules and regulatory guidance to establish a trade repository regime – the next step in implementing Australia’s international commitments regarding over-the-counter (OTC) derivatives such as credit default swaps.

Consultation Paper 201 Derivative trade repositories (CP 201) sets out proposals for the licensing of, and rules governing, derivative trade repositories, or data warehouses, which maintain an electronic database of records of derivative transactions.

The proposed regime is consistent with international principles for financial market infrastructures as developed by the Committee on Payment and Settlement Systems and International Organization of Securities Commissions, and with Australia’s existing regulatory regime for market operators and clearing and settlement facilities. ASIC has also considered regimes for trade repositories in other parts of the world including the EU, US, Singapore and Canada.

The guidance sets out the proposed approach to granting Australian derivative trade repository licences and how to apply for them. It also includes draft rules relating to the operation of trade repositories in Australia.

Submissions to CP 201 are due by 12 April 2013.

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