{"id":"F2022L00697","name":"ASIC Derivative Transaction Rules (Clearing) Amendment Instrument 2022/224","slug":"asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441381,"registerId":"F2022L00697-fast-fetch-1775956690089","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Derivative Transaction Rules (Clearing) Amendment Instrument 2022/224","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Derivative Transaction Rules (Clearing) Amendment Instrument 2022/224\n\nI, Nathan Bourne, delegate of the Australian Securities and Investments Commission, acting with the written consent of the Minister, make the following legislative instrument.\n\n \n\nDate 12 May 2022\n\n \n\n \n\nNathan Bourne\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc103184637)\n\n[1 Name of legislative instrument](#_Toc103184638)\n\n[2 Commencement](#_Toc103184639)\n\n[3 Authority](#_Toc103184640)\n\n[4 Schedules](#_Toc103184641)\n\n[5 Repeal of amending and repealing instruments](#_Toc103184642)\n\n[Schedule 1—Amendments](#_Toc103184643)\n\n[ASIC Derivative Transaction Rules (Clearing) 2015](#_Toc103184644)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Derivative Transaction Rules (Clearing) Amendment Instrument 2022/224.\n\n2 Commencement\n\nThis instrument commences on the day that is 3 months after the day it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under sections 901A and 901M of the Corporations Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5 Repeal of amending and repealing instruments\n\n(1) The repeal of an instrument by section 4 does not affect any amendment to or repeal of another instrument (however described) made by the instrument.\n\n(2) Subsection (1) does not limit the effect of section 7 of the Acts Interpretation Act 1901 as it applies to the repeal of an instrument by section 4 of this instrument.\n\nSchedule 1—Amendments\n\nASIC Derivative Transaction Rules (Clearing) 2015\n\n1 Subrule 1.2.3(2) (table items 3 and 4)\n\nRepeal the items.\n\n2 Subrule 1.2.3(2) (table item 5)\n\nRenumber as item 3.\n\n3 Subrule 1.2.3(3) (table items 3 and 4)\n\nRepeal the items.\n\n4 Subrule 1.2.3(3) (table item 5)\n\nRenumber as item 3.\n\n5 Subrule 1.2.3(4) (cell at table item 2, column headed “Floating Rate Index”)\n\nOmit “Euro Overnight Index Average (EONIA)”, substitute “Euro Short-Term Rate (€STR)”.\n\n6 Subrule 1.2.3(4) (cell at table item 2, column headed “Termination Date Range”)\n\nOmit “2 years”, substitute “3 years”.\n\n7 Subrule 1.2.3(4) (cell at table item 3, column headed “Termination Date Range”)\n\nOmit “2 years”, substitute “50 years”.\n\n8 Subrule 1.2.3(4) (after table item 4)\n\nInsert:\n\n| 5 | Japanese yen | Tokyo Overnight Average Rate (TONA) | 7 days to 30 years |\n| --- | --- | --- | --- |\n\n\n \n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The amendments maintain the original scope of the 2015 Clearing Rules — regulating mandatory central clearing of OTC derivatives. The changes are technical updates to reflect market evolution (benchmark transitions) and jurisdictional alignment (adding yen), rather than expansion into new asset classes or market participants."},"complexity_factors":["Short amendment instrument (8 items) with narrow, technical scope","No new defined terms introduced; relies entirely on existing 2015 Rules definitions","Straightforward mechanical amendments: repeals, renumbering, substitutions, and insertions","No nested conditional logic or cross-referencing beyond the parent instrument","Changes are table-based modifications to existing threshold criteria (benchmark names and date ranges)"],"plain_english_summary":"This instrument updates ASIC’s mandatory-clearing rules for OTC interest rate derivatives to reflect benchmark reform and global market practice. It removes EONIA and Swiss franc LIBOR from clearing, replaces EONIA with €STR (and lengthens €STR and SONIA maturity ranges), and adds JPY derivatives cleared against TONA.\n\nIt affects banks, funds, corporates and central counterparties trading or clearing major currency interest-rate swaps in Australia, ensuring rules stay aligned with international standards and current market benchmarks."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"This instrument makes targeted, technical changes to the scope of authorised cleared-derivative templates in the ASIC DTR (Clearing) 2015. It removes and renumbers certain table items, substitutes Euro Overnight Index Average (EONIA) with Euro Short-Term Rate (€STR), extends specific termination-date ranges (including an increase to 50 years), and adds a Japanese yen/TONA entry with a 7‑day to 30‑year range (see Schedule 1, subrule 1.2.3). These amendments alter which reference rates and maturity bands are recognised under the Rules."},"complexity_factors":["Technical financial-content changes (reference-rate nomenclature: EONIA → €STR; addition of TONA)","Modifications to termination-date ranges, including a large upper bound (up to 50 years)","Table deletions and renumberings in subrule 1.2.3 requiring careful redrafting and cross‑checking","Operational and systems updates required by clearing participants and CCPs (contract templates, pricing, risk models)","Short statutory drafting scope (Schedule 1) but potential downstream contractual and market-model impacts","Commencement timing (3 months after registration) creates a defined compliance window","Made under sections 901A and 901M of the Corporations Act, so interacts with existing ASIC DTR (Clearing) 2015 framework"],"plain_english_summary":"This instrument amends the ASIC Derivative Transaction Rules (Clearing) 2015 by changing specified reference interest-rate indices and permitted maturity ranges for certain standard cleared-derivative templates. It replaces one Euro index with €STR, lengthens some termination-date ranges (including up to 50 years), removes and renumbers table items, and adds Japanese yen/TONA with a 7‑day to 30‑year range.\n\nThe changes affect market participants and clearing services that use ASIC’s standard contract templates: they must update contract wording, pricing and operational systems. The instrument is made under the Corporations Act and commences three months after registration (secs 2–3; Schedule 1, subrule 1.2.3)."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224","history":"/api/acts/asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224/history","analysis":"/api/acts/asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224/analysis","conflicts":"/api/acts/asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224/conflicts","importantCases":"/api/acts/asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224/important-cases","documents":"/api/acts/asic-derivative-transaction-rules-clearing-amendment-instrument-2022-224/documents"}}