{"id":"F2024L01035","name":"ASIC Corporations (DDRS Class Exemption) Instrument 2024/557","slug":"asic-corporations-ddrs-class-exemption-instrument-2024-557","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105334,"registerId":"commonwealth-F2024L01035-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (DDRS Class Exemption) Instrument 2024/557","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (DDRS Class Exemption) Instrument 2024/557\n\nI, Benjamin Cohn-Urbach, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 19 August 2024\n\nBenjamin Cohn-Urbach\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Definitions...................................................3\n\nPart 2—Exemption 4\n\n5 Liability of Officers............................................4\n\n6 Condition....................................................4\n\nPart 3—Repeal 5\n\n7 Repeal.......................................................5\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (DDRS Class Exemption) Instrument 2024/557.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under paragraph 907D(2)(a) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nCorporations Act means the Corporations Act 2001.\n\nDDRS means DTCC Data Repository (Singapore) Pte Ltd (ARBN 601 601 021).\n\nDTRRs means the ASIC Derivative Trade Repository Rules 2023.\n\nOfficer means an officer within the meaning of section 9 of the Corporations Act.\n\nPart 2—Exemption\n\n5 Liability of Officers\n\n1.  An Officer of DDRS does not have to comply with Rule 2.1.1 of the DTRRs to the extent that:\n\n(a) Rule 2.1.1 requires the Officer to take all reasonable steps to ensure that DDRS complies with its obligations under a provision (Relevant Rule) of the DTRRs; and\n\n(b) ASIC has granted DDRS an exemption under paragraph 907D(2)(a) of the Corporations Act from the requirement to comply with the Relevant Rule.\n\n(2) The exemption in subsection 5(1) of this instrument applies for so long as the Officer of DDRS takes all reasonable steps to ensure that DDRS complies with the conditions (if any) of its exemption from the Relevant Rule.\n\n6 Condition\n\nIt is a condition of the exemption in subsection 5(1) of this instrument that the Officer of DDRS must take all reasonable steps to ensure that DDRS complies with the conditions of the Australian derivative trade repository licence granted to DDRS under section 905C of the Corporations Act.\n\n  \n\nPart 3—Repeal\n\n7 Repeal\n\nThis instrument is repealed at the start of 1 October 2029.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument narrows the personal liability imposed on officers by Rule 2.1.1 of the DTRRs where ASIC has separately granted an exemption to DDRS: officers need not comply with that DTRRs duty to the same extent as the entity (see s5(1)). That relief is conditional on officers taking all reasonable steps to ensure compliance with the conditions of the ASIC exemption and DDRS’s Australian derivative trade repository licence (see s5(2) and s6). The instrument is entity‑specific (DDRS only) and time‑limited (repeal 1 Oct 2029) (see s4, s7)."},"complexity_factors":["Cross-reference to external rules: relies on Rule 2.1.1 of the ASIC Derivative Trade Repository Rules (DTRRs) rather than restating the duty (see s5(1)).","Dependence on ASIC discretion: effect applies only when ASIC has granted DDRS an exemption under paragraph 907D(2)(a) of the Corporations Act (see s5(1)(b) and s3).","Conditional obligations: officers are exempt only if they continue to take reasonable steps to ensure DDRS complies with exemption conditions and licence conditions (see s5(2) and s6).","Interplay with statutory licences: ties officer duties to compliance with the Australian derivative trade repository licence under section 905C of the Corporations Act (see s6).","Limited scope by entity and rule: applies solely to DDRS and to the extent of any ASIC exemption from the Relevant Rule (see s4 definition of DDRS and s5).","Temporal limit: instrument is repealed 1 October 2029, creating a fixed window for the adjusted liability regime (see s7).","Definitions and legal references: relies on defined terms (Officer, Corporations Act) and external statutory provisions, increasing interpretive steps (see s4 and s3)."],"plain_english_summary":"This instrument relieves officers of DTCC Data Repository (Singapore) Pte Ltd (DDRS) from the DTRRs obligation to “take all reasonable steps” to secure the entity’s compliance, but only to the extent ASIC has separately exempted DDRS from the same DTRR provision. Officers must nonetheless take all reasonable steps to meet any conditions of that ASIC exemption and the conditions of DDRS’s Australian derivative trade repository licence. The instrument runs until 1 October 2029."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing a targeted exemption for officers of a specific entity (DDRS) regarding liability for compliance with exempted rules. There is no scope creep or expansion beyond this narrow technical adjustment."},"complexity_factors":["Only 4 defined terms in the interpretation section","Single operative provision (section 5) with straightforward conditional logic","No cross-references to external legislation beyond basic authority and definition provisions","No nested exceptions or complex temporal conditions","Total length of approximately 350 words","Clear sunset clause (automatic repeal date)"],"plain_english_summary":"This instrument gives officers of DTCC Data Repository (Singapore) Pte Ltd (DDRS) a limited personal‑liability exemption: where ASIC grants DDRS an exemption from a specific ASIC Derivative Trade Repository Rule (DTRR), those officers are not required to take reasonable steps to ensure compliance with that particular rule. Officers must still take reasonable steps to ensure DDRS complies with any conditions attached to the exemption and with its Australian licence.\n\nThe exemption ends on 1 October 2029."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-ddrs-class-exemption-instrument-2024-557","history":"/api/acts/asic-corporations-ddrs-class-exemption-instrument-2024-557/history","analysis":"/api/acts/asic-corporations-ddrs-class-exemption-instrument-2024-557/analysis","conflicts":"/api/acts/asic-corporations-ddrs-class-exemption-instrument-2024-557/conflicts","importantCases":"/api/acts/asic-corporations-ddrs-class-exemption-instrument-2024-557/important-cases","documents":"/api/acts/asic-corporations-ddrs-class-exemption-instrument-2024-557/documents"}}