ASIC Rewrite: Key Changes and Reporting Deadlines

The Australian Securities and Investments Commission (ASIC) is set to implement significant updates to the reporting requirements for over-the-counter (OTC) derivatives in October 2024, harmonising Australia’s Derivatives’ Reporting regime with the work carried out by IOSCO-CPMI on critical derivatives elements.

With the compliance deadline set for October 21st, 2024, market participants must swiftly adapt their reporting practices to align with the revised requirements.

The ASIC Rewrite introduces several changes to enhance transparency, data accuracy, and regulatory oversight in the local derivatives market.

Some of the key differences that are introduced by the ASIC Rewrite are:

  • ISO 20022 XML Data Format: The ASIC Rewrite mandates the adoption of a new reporting format, leveraging the ISO 20022 messaging standard. This standardized format streamlines data exchange and improves interoperability between market participants and regulatory authorities.
  • Unique Trade Identifier (UTI) and Unique Product Identifier (UPI): This updated iteration introduces more detailed transaction and instrument information to improve traceability and risk assessment. These will have identical modalities as those introduced in other jurisdictions such as the EU, the UK, and the USA.
  • Additional Details on Counterparties: There will be increased granularity on the type and location of entities involved, facilitating better counterparty risk evaluation.
  • Collateral and Valuation Reporting: Mandatory reporting on the valuation of derivatives and associated collateral will be introduced, aimed at providing a clearer view of exposure and credit risk.
  • New and Expanded Reporting Details: Market participants will be obligated to include additional or expanded details and values in their reports, like the Notional Schedule fields, Spreads and Options related information, information related to Other Payment Types, Package fields, Action Type Revive, Event Types, Delta values, and more. These enhancements aim to provide regulators with deeper insights into market activities.
  • New Reports: Counterparties will be receiving streamlined Trade and Margin related intraday and end-of-day reports, which will empower them by providing enhanced transparency and clarity into their reporting. This will facilitate their risk management, compliance oversight, and informed decision-making.
  • T+2 Reporting Deadline: ASIC Rewrite stipulates a T+2 reporting timeline, requiring market participants to submit derivative transaction reports within two business days following the transaction execution date.

In conclusion, the ASIC Rewrite heralds a new era of derivatives reporting in Australia, ushering in comprehensive reforms aimed at bolstering transparency, data quality, and regulatory oversight. Market participants must swiftly adapt to these changes to ensure seamless compliance with the revised regulatory landscape.

How MAP FinTech May Assist

To navigate this complex landscape seamlessly, trust MAP FinTech’s expertise, cutting-edge technology and customised solutions. Our team provides expert guidance to ensure your understanding of the implications of the ASIC Rewrite, while our advanced reporting solutions ensure accuracy and efficiency. With personalized support and ongoing assistance, we can help you swiftly adapt and confidently embrace compliance in this evolving regulatory environment.


Contact us