The 2024 Rules from 21 October 2024
On 19 December 2022, ASIC made ASIC Derivative Transaction Rules (Reporting) 2024, which repeal and remake ASIC Derivative Transaction Rules (Reporting) 2022 on 21 October 2024.
On 13 March 2024, ASIC made amendments to the rules – see Amendment Instrument 2024/1 in the table below – that commence on 21 October 2024.
On 19 August 2024, ASIC made amendments to the rules – see Amendment Instrument 2024/416 in the table below – that commence on 21 October 2024 for some amendments and on 20 October 2025 for other amendments.
This page contains:
- ASIC Derivative Transaction Rules (Reporting) 2024
- ISO 20022 Universal financial industry message scheme
We recognise that the 2024 Rules are a significant overhaul compared to the prior ASIC reporting rules requirements, including that ISO 20022 is specified as the technical standard for reporting. Since making the 2024 Rules in December 2022 there have been ongoing international developments and dependencies for consideration ahead of settling ASIC guidance, published in September 2024. Also, we are aware that other jurisdictions will be going live with revised reporting requirements on or around the same time as ASIC. Therefore, we will take a measured approach to compliance until March 2025 for reporting entities that make reasonable efforts to comply with the 2024 Rules.
If ASIC identifies deliberate or systemic breaches, or a failure to make all reasonable endeavours to come into compliance, we will take regulatory action.
ASIC Derivative Transaction Rules (Reporting) 2024
| Topic | Key information |
|---|---|
|
Rules |
ASIC Derivative Transaction Rules (Reporting) 2024 ASIC Derivative Transaction Rules (Reporting) 2024 Amendment Instrument 2024/1 ASIC Derivative Transaction Rules (Reporting and Clearing) 2024 Amendment Instrument 2024/416 On 21 October 2024:
|
|
Regulatory guidance |
Regulatory Guide 251 Derivative transaction reporting (RG 251), effective from 21 October 2024 |
|
Technical guidance |
ASIC 2024 Rules – Schedule 1 Technical Guidance (PDF 2.07 MB) ASIC 2024 Rules – Reporting Entity Guidance and Minimum TR Validation Guidance (XLS 113 KB) |
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Consultations |
|
ISO 20022 Universal financial industry message scheme
The 2024 Rules require reporting to a trade repository using the XML tags of an ISO 20022 message definition whose message elements include the Derivative Transaction Information set out in Part S1.3 – see Rule 2.2.4.
The relevant current ISO 20022 message definitions and external code sets in the Financial Instruments and Transactions Regulatory Reporting (Trade Repository Reporting) message set are
| Topic | Key information |
|---|---|
|
Transaction and Valuation reporting |
DerivativesTradeReportV04 |
|
Collateral reporting |
DerivativesTradeMarginDataReportV02 |
|
ASIC 2024 Rules mapping to ISO 2022 |
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|
ExternalBenchmarkCurveName1Code ExternalUnitOfMeasure1Code |