Commonwealth legislation

ASIC Corporations (Amendment) Instrument 2022/206

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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What this does: This instrument extends an existing exemption that allows certain financial market participants to avoid mandatory central clearing requirements for derivatives (like swaps and futures).

The change: It pushes back the expiry date of the exemption from 2 April 2022 to 2 April 2024 by amending the ASIC Corporations (Derivative Clearing Exemption) Instrument 2018/209.

Who it affects: Banks, investment firms, and other entities trading derivatives who currently rely on ASIC's exemption from having to clear these trades through a licensed central counterparty (a special type of clearing house that sits between buyers and sellers to reduce risk).

Why it matters: Without this extension, these entities would have had to comply with mandatory clearing requirements from April 2022 onwards. The extension gives them two more years of relief before the exemption expires.

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Current sections

Direct links to the current provisions in ASIC Corporations (Amendment) Instrument 2022/206.

ASIC Corporations (Amendment) Instrument 2022/206

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2022/206

I, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Dated 28 March 2022

Nathan Bourne

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Schedules

Schedule 1—Amendments

ASIC Corporations (Derivative Clearing Exemption) Instrument 2018/209

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2022/206.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 907D(2)(a) of the Corporations Act 2001.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

ASIC Corporations (Derivative Clearing Exemption) Instrument 2018/209

1 Section 5

Omit “2 April 2022”, substitute “2 April 2024”.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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ASIC Corporations (Amendment) Instrument 2022/206

I, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Dated 28 March 2022

Nathan Bourne

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Schedules

Schedule 1—Amendments

ASIC Corporations (Derivative Clearing Exemption) Instrument 2018/209

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2022/206.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 907D(2)(a) of the Corporations Act 2001.

4 Schedules

Schedule 1—Amendments

ASIC Corporations (Derivative Clearing Exemption) Instrument 2018/209

1 Section 5

Omit “2 April 2022”, substitute “2 April 2024”.

Read the source document