AUSTRALIA: Government Publishes Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015

Thursday September 17 2015

The Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 has been published by the Treasury. The regulation amends the Corporations Regulations 2011 to implement central clearing of prescribed classes of over-the-counter interest rate derivatives and provide single-sided reporting relief for entities with lower levels of OTC derivatives transactions.

The Australian Government is implementing reforms to the regulation of over-the-counter (OTC) derivatives markets. OTC derivatives are traded directly between two parties, without using a formal exchange such as the ASX. These reforms form part of a coordinated effort by G20 jurisdictions to improve transparency and risk management in these important markets. As one of these reforms the Australian Government is imposing by Ministerial determination a central clearing mandate for prescribed classes of interest rate derivatives denominated in Australian dollars and four global currencies.

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