Upcoming Rules and Exemptions changes

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Exemptions

In Consultation Round 2, we are proposing specific changes to simplify the ASIC Derivative Transaction Rules (Reporting) 2013 by removing outdated transitional provisions and consolidating some exemptions within the rules text.

Rules

16 May 2022: ASIC has released Consultation Paper 361 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): Second consultation (CP 361).

ASIC is continuing with a project to review and update the ASIC Derivative Transaction Rules (Reporting) 2013 (Current ASIC Rules).

Having considered the feedback we received from stakeholders to Consultation Paper 334, the breadth of the consultation and the lead times requested by stakeholders to implement systems and process changes, we have decided to split our further proposals into two more rounds of consultation.

In Consultation Round 2, we are proposing specific changes to the Current ASIC Rules in relation to longer lead time elements of implementing the internationally harmonized standards of the UTI, UPI and data elements and to specify ISO 20022 as the data messaging standards.

In Consultation Round 3, we may propose further changes to the Current ASIC Rules about outstanding matters not addressed in Consultation Round 2.

Consultation timeline

Our indicative consultation timeline is:

Consultation Round 1

27 November 2020 to 15 March 2021

Consultation Round 2

16 May 2022 to 8 July 2022

Rules made

To be confirmed

Consultation Round 3

Q4 2022

Remade Rules and deferred start amendments made

Q4 2022

Further Rules amendments made (if any)

To be confirmed

Remade Rules commence

est. 1 October 2023

Further amendments commence

est. 1 April 2024

Our rules change proposals will be principally focused on implementing the harmonised international standards for transaction, product and party identifiers and transaction data elements:

Our project also includes a fit-for-purpose review of a number of other rules elements, including the:

  • removal of outdated transitional implementation provisions
  • consolidating reporting exemptions within the rules
  • coverage scope of reporting entities
  • coverage scope of reportable transactions
  • coverage scope of life cycle reporting
  • alternative reporting provisions
  • delegated reporting provisions.

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Last updated: 11/05/2022 12:00