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.
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Rules |
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Consultations |
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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 all of 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:
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Transaction and Valuation reporting |
DerivativesTradeReportV03 |
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Collateral reporting |
DerivativesTradeMarginDataReportV01 |
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ExternalBenchmarkCurveName1Code ExternalUnitOfMeasure1Code |
To provide industry with some initial information of ASIC’s views on the relationship between the 2024 Rules data elements and the ISO 20022 base message elements, ASIC has prepared this ASIC preliminary mapping of the 2024 Rules data elements to the ISO 20022 message elements and XML tags. We intend to seek industry design views in the development of final schema designs for reporting under the 2024 Rules.
Further consultation in 2023
In CP 361, we set out a number of outstanding matters that we had deferred to a third consultation – see Section J ‘Outstanding matters’:
- Alternative reporting
- Excluding exchange-traded derivatives
- Reporting by foreign entities trading with Australian wholesale clients
Our indicative consultation timeline is:
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Consultation Round 3 |
Q2 2022 |
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Further Rules amendments made (if any) |
To be confirmed |
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Further Rules amendments commence (if any) |
21 October 2024 |