{"id":"F2023L01072","name":"Corporations (Derivatives) Determination 2023","slug":"corporations-derivatives-determination-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442032,"registerId":"F2023L01072-fast-fetch-1775957160151","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Corporations (Derivatives) Determination 2023","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nCorporations (Derivatives) Determination 2023\n\nI, Stephen Jones, Assistant Treasurer and Minister for Financial Services, having had regard to the matters specified in subsection 901B(3) of the Corporations Act 2001, and having consulted the Australian Securities and Investments Commission, Australian Prudential Regulation Authority, and the Reserve Bank of Australia, make the following determination.\n\nDated   8 August  2023\n\n \n\nStephen Jones\n\nAssistant Treasurer  Minister for Financial Services\n\n \n\n \n\n \n\n \n\nContents\n\nPart 1—Preliminary\n\n1  Name \n\n2  Commencement\n\n3  Authority\n\n4  Schedules\n\n5  Definitions\n\nPart 2—Derivatives in relation to which rules may impose reporting requirements\n\n6  Determined derivatives for which reporting requirements may be imposed\n\nPart 3—Derivatives in relation to which rules may impose clearing requirements\n\n7  Determined derivatives for which clearing requirements may be imposed\n\nSchedule 1—Repeals\n\nCorporations (Derivatives) Determination 2013\n\nPart 1—Preliminary\n\n \n\n1  Name\n\n  This instrument is the Corporations (Derivatives) Determination 2023.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered.\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under the Corporations Act 2001.\n\n4  Schedules\n\n  Each 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  Definitions\n\nNote: Expressions have the same meaning in this instrument as in the Corporations Act 2001 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\nthe Act means the Corporations Act 2001.\n\nPart 2—Derivatives in relation to which rules may impose reporting requirements\n\n \n\n6  Determined derivatives for which reporting requirements may be imposed\n\n  Under subsection 901B(2) of the Act, each of the following classes of derivatives has been determined as a class of derivatives to which reporting requirements may be imposed:\n\n (a) commodity derivatives (other than electricity derivatives);\n\n (b) credit derivatives;\n\n (c) equity derivatives;\n\n (d) foreign exchange derivatives;\n\n (e) interest rate derivatives.\n\nPart 3—Derivatives in relation to which rules may impose clearing requirements\n\n7  Determined derivatives for which clearing requirements may be imposed\n\n  Under subsection 901B(2) of the Act, interest rate derivatives denominated in each of the following currencies have been determined as classes of derivatives to which clearing requirements may be imposed:\n\n (a) Australian dollars;\n\n (b) United States dollars;\n\n (c) Euros;\n\n (d) British pounds;\n\n (e) Japanese yen.\n\nSchedule 1—Repeals\n\nCorporations (Derivatives) Determination 2013\n\n1  The whole of the instrument\n\nRepeal the instrument.\n","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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is a straightforward re-enactment and update of the 2013 determination. The scope remains tightly focused on its original purpose: specifying which derivative classes can be subject to reporting and clearing requirements under the Corporations Act framework. The 2023 version appears to maintain the same scope as its predecessor, simply refreshing the instrument to ensure it remains current."},"complexity_factors":["Very short instrument (approximately 2 pages of substantive content)","Only 2 operative provisions (sections 6 and 7) that simply list derivative classes","No defined terms beyond 'the Act' — relies entirely on definitions in the parent Corporations Act 2001","No conditional logic, exceptions, or nested provisions","Straightforward repeal of a single previous instrument in Schedule 1","Minimal cross-referencing (only references to Corporations Act sections 901B(2) and 901B(3))"],"plain_english_summary":"This ministerial determination designates which derivative contracts may be made subject to Australia’s reporting and central-clearing rules. It covers reporting for commodity (except electricity), credit, equity, FX and interest-rate derivatives, and clearing for interest-rate derivatives denominated in AUD, USD, EUR, GBP and JPY. It affects banks, corporates, investors and regulators (ASIC, APRA, RBA), updates a 2013 list, and authorises the Minister to make the detailed derivative transaction rules rather than imposing them directly."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"This instrument repeals the Corporations (Derivatives) Determination 2013 and replaces it by specifying the derivative classes for potential reporting and the currencies for potential clearing. The text does not set out how these classes differ in detail from the 2013 Determination, so changes in substance relative to the repealed instrument cannot be determined from this instrument alone."},"complexity_factors":["Short, single-purpose legislative instrument (straightforward determinations rather than prescriptive rules).","Relies on subsection 901B(2)/(3) of the Corporations Act for legal effect—requires cross-reference to primary legislation for operative detail.","Specifies broad product classes (commodity, credit, equity, FX, interest rate) rather than granular contract definitions, leaving detail to future rules.","Clearing requirement limited by currency denominations (AUD, USD, EUR, GBP, JPY), adding a cross‑jurisdictional/currency dimension to compliance.","Repeals earlier instrument (2013 Determination), shifting legal baseline but without reproducing predecessor text here.","Instrument depends on subsequent rule‑making to impose actual reporting/clearing obligations—creates implementation uncertainty for market participants.","Consultation with ASIC, APRA and RBA is recorded but the instrument leaves discretion to regulators/Rule‑makers, affecting administrative burden and timing.","Operational and cost impacts (reporting systems, central counterparty access, margining) are not specified and will vary by participant.","Definitions and scope depend on terms as used in the Corporations Act, requiring legal interpretation of statutory terms."],"plain_english_summary":"This determination names which classes of over‑the‑counter derivatives regulators may require firms to report, and which interest‑rate derivatives may be required to be centrally cleared. It covers commodity (excluding electricity), credit, equity, foreign‑exchange and interest‑rate derivatives for reporting; and interest‑rate derivatives in AUD, USD, EUR, GBP and JPY for clearing. It repeals the 2013 Determination. Market participants trading those instruments are the ones likely to face future reporting, clearing, margin and operational costs if rules are made."}},"importantCases":[],"_links":{"self":"/api/acts/corporations-derivatives-determination-2023","history":"/api/acts/corporations-derivatives-determination-2023/history","analysis":"/api/acts/corporations-derivatives-determination-2023/analysis","conflicts":"/api/acts/corporations-derivatives-determination-2023/conflicts","importantCases":"/api/acts/corporations-derivatives-determination-2023/important-cases","documents":"/api/acts/corporations-derivatives-determination-2023/documents"}}