Australia – Deadline for Phase 3B OTC Derivatives Issuers Moved to 4 December 2015

This article was written by Patricia Tsang and Sophie Gerber (Director, TRAction Fintech Pty Ltd which provides services to report on behalf of OTC derivatives issuers).

The Australian Securities and Investments Commission (ASIC) announced that it has taken an in principle decision to extend the commencement date for reporting of reportable transactions by Phase 3B reporting (from 12 October 2015).

In ASIC’s words:

We have been monitoring industry’s readiness to meet their trade reporting obligations. We are aware that, following the release by the Australian Treasury of the single-sided reporting regulations, some entities have revised business decisions about whether they can rely on single-sided reporting or whether to establish other trade reporting arrangements, such as delegated reporting. As such, some of these entities may not have completed the steps needed to meet their reporting obligations for the 12 October 2015 deadline.

In light of this, ASIC has taken an in principle decision to extend the commencement date for phase 3B reporting to 4 December 2015.

This should provide sufficient time for those who require it, to put in place final arrangements for the last phase of trade reporting in Australia. This will not preclude those who are ready, from commencing reporting on Monday 12 October.

Whilst this may give Phase 3B entities some breathing room, these entities will do well to act now to ensure that they are ready to report in line with the new deadline.