ASIC Derivative Trade Repository Rules 2023

The ASIC Derivative Trade Repository Rules 2023 (registered 26 September 2023, commenced 1 October 2023, registered as F2023L01292) are a legislative instrument made by ASIC under section 903A of the Corporations Act 2001. They sit beneath Part 7.5A of the Corporations Act and prescribe the operating standards that any licensed derivative trade repository (Trade Repository) must meet as a condition of holding its Australian derivative trade repository licence (Licence).

Mechanically, the Rules do four things. First, they impose ongoing conduct obligations on the Operator of every licensed Trade Repository, covering how the repository accepts, retains, uses, discloses, and provides access to Derivative Trade Data. Second, they extend personal liability downward through the corporate structure by imposing a duty on each Officer of a Trade Repository to take all reasonable steps to ensure Operator compliance (r 2.1.1). Third, they establish the information and governance architecture that enables Australian Regulators (ASIC, APRA, and the RBA) to exercise their supervisory and systemic-risk oversight functions, including a right to free, continuous, direct, and immediate electronic access to all trade data retained in the repository (r 2.3.4(7)). Fourth, they impose public transparency obligations, most notably a mandatory weekly publication of aggregate statistical data on open positions and transaction volumes, published on a publicly accessible website at no charge (r 2.3.5).

The Rules apply to Operators as a class: they are not directed at individual Reporting Entities or counterparties who lodge derivative reports (those obligations flow from the ASIC Derivative Transaction Rules (Reporting) 2022 and, from 21 October 2024, the ASIC Derivative Transaction Rules (Reporting) 2024, collectively the Reporting Rules). The repository itself is the regulated entity; it is the infrastructure layer that sits between counterparties filing reports and the regulators consuming data. The Rules thus govern a concentrated choke-point in the post-trade transparency architecture for Australian over-the-counter derivatives markets.

Commonwealth Coat of Arms and ASIC logo

made under section 903A of the Corporations Act 2001

Compilation No. 1

Compilation date: 18/03/2026

Includes amendments up to: ASIC Derivative Trade Repository Rules (Amendment) Instrument 2026/52 (F2026L00263)

About this compilation

This compilation

This is a compilation of the ASIC Derivative Trade Repository Rules 2023 that shows the text of the law as amended and in force on 18/03/2026 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).

Application, saving and transitional provisions

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Chapter 1: Introduction

Part 1.1 Preliminary

Part 1.2 Interpretation

Chapter 2: Obligations of Officers and Operators

Part 2.1 Obligations of Officers

Part 2.2 Manner in which the Trade Repository provides its services

Part 2.3 Handling and use of Derivative Trade Data by Trade Repositories and their Officers and employees

Part 2.4 Governance, management and resources

Part 2.5 Disclosure of conditions (including fees) on which Trade Repositories provide their services

Part 2.6 Reporting to Australian Regulators on matters related to Trade Repositories

Part 2.7 Keeping of records, or the provision of records or other information, relating to compliance with (or determining whether there has been compliance with) the Rules

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Chapter 1: Introduction

Part 1.1 Preliminary

1.1.1 Enabling legislation

ASIC makes this instrument under section 903A of the Corporations Act.

1.1.2 Title

This instrument is the ASIC Derivative Trade Repository Rules 2023.

1.1.4 Penalties for a contravention of these Rules

The maximum pecuniary penalty payable for a contravention of a provision of these Rules is an amount determined by the Court under section 1317G of the Corporations Act.

Part 1.2 Interpretation

1.2.1 References to time

In these Rules, unless the contrary intention appears, a reference to time is to Australian Eastern Standard Time or Australian Eastern Daylight Time, as relevant, in Sydney, Australia.

1.2.2 Words and expressions defined in the Corporations Act

Words and expressions defined in the Corporations Act will, unless otherwise defined or specified in these Rules or the contrary intention appears, have the same meaning in these Rules.

1.2.3 Definitions

In these Rules, unless the contrary intention appears:

Ancillary Services means services ancillary to the Trade Reporting Services (e.g. collateral management, portfolio reconciliation or portfolio compression services).

APRA means the Australian Prudential Regulation Authority.

ASIC means the Australian Securities and Investments Commission.

Australian Regulator means each of ASIC, APRA and RBA.

Corporations Act means the Corporations Act 2001.

Derivative Position Information means information about positions relating to Derivative Transactions reported in accordance with the Reporting Requirements.

Derivative Trade Data has the meaning given by section 9 of the Corporations Act and includes Derivative Transaction Information and Derivative Position Information.

Derivative Transaction Information means information about Derivative Transactions reported in accordance with the Reporting Requirements.

Indirect Participant means a Reporting Entity that is not a Participant but that complies with the Reporting Requirements under an arrangement to do so with a Participant.

Licence means an Australian derivative trade repository licence within the meaning of section 9 of the Corporations Act.

Linked Entities means other Derivative Trade Repositories, payment systems, central securities depositories, securities settlement systems, central counterparties and other service providers (e.g. collateral management, portfolio reconciliation or portfolio compression service providers) with which an Operator has operational and contractual arrangements in connection with the acceptance, retention, use, disclosure and provision of access to Derivative Trade Data.

Non-Trade Reporting Services means services other than Trade Reporting Services, and includes Ancillary Services.

Operator means the operator of a Trade Repository.

Note: See paragraph 903B(a) of the Corporations Act. Under section 905B of the Corporations Act, a body corporate may, by lodging an application with ASIC in the prescribed form, apply for a Licence authorising the body corporate to operate a Trade Repository.

Participant means a Reporting Entity, or a person that reports Derivative Transaction Information or Derivative Position Information on behalf of a Reporting Entity, to which a Trade Repository provides Trade Reporting Services.

Note: A Participant that reports on behalf of a Reporting Entity may be a central counterparty, trading, confirmation or matching platform, service provider, broker or any other third party.

Prescribed Foreign Regulator means a person or body that has functions or powers relating to the regulation of Derivative Trade Repositories or markets in Derivatives in a foreign jurisdiction, and that is prescribed under regulations made for the purposes of paragraph 904B(2)(d) of the Corporations Act.

RBA means the Reserve Bank of Australia.

Reporting Entity means a person that is required to report Derivative Transaction Information or Derivative Position Information in accordance with the Reporting Requirements.

Reporting Requirements means reporting requirements within the meaning of subsection 901A(6) of the Corporations Act, imposed under the Reporting Rules.

Reporting Rules means the ASIC Derivative Transaction Rules (Reporting) 2022 and from 21 October 2024 means the ASIC Derivative Transaction Rules (Reporting) 2024.

Rules means these derivative trade repository rules.

Trade Reporting Services means all services provided by a Trade Repository for the acceptance, retention, use, disclosure and provision of access to Derivative Trade Data, including any services for the acceptance, retention, use, disclosure and provision of access to Derivative Trade Data that are outsourced by the Operator. Trade Repository means a licensed derivative trade repository as defined in section 9 of the Corporations Act.

Users means Participants and Linked Entities.

Chapter 2: Obligations of Officers and Operators

Part 2.1 Obligations of Officers

2.1.1 Obligations of Officers

An Officer of a Trade Repository must take all reasonable steps to ensure the Operator of the Trade Repository complies with its obligations under these Rules.

Note: See paragraph 903B(b) of the Corporations Act.

Part 2.2 Manner in which the Trade Repository provides its services

2.2.1 Legal basis

(1) An Operator must ensure there is a clear, transparent and enforceable legal basis, including rules, procedures and contractual arrangements, for each material aspect of the Trade Repository’s services.

Note: For example, there must be a high degree of certainty that actions taken by the Operator under its rules, procedures and contractual arrangements will be enforceable and will not be voided, reversed or subject to stays.

(2) Without limiting subrule (1), an Operator must have documented and enforceable rules, procedures and contractual arrangements in relation to the acceptance, retention, use, disclosure and provision of access to Derivative Trade Data.

(3) The rules, procedures and contractual arrangements referred to in subrule (2) must clearly define:

(a) the rights and obligations of the Operator, Users and, if applicable, Indirect Participants, with respect to acceptance, retention, use, disclosure and provision of access to Derivative Trade Data, including, without limitation:
  (i) the obligations of the Operator with respect to minimum service levels, operational reliability and maintaining the integrity, security and confidentiality of Derivative Trade Data; and
  (ii) the rights of Users with respect to access to the Derivative Trade Data; and
(b) procedures for the resolution of disputes between the Operator and Users.

(4) The rules, procedures, and contractual arrangements referred to in subrules (1)–(3) must be consistent with these Rules, the Reporting Rules, the Corporations legislation and any other applicable law of a State or Territory or law of the Commonwealth.

(5) If the Trade Repository provides services in more than one jurisdiction, the Operator must take all reasonable steps to identify and mitigate any risks arising from any potential conflict of laws across those jurisdictions.

2.2.2 Access and participation requirements

(1) An Operator must have and apply objective conditions for access to and participation in the Trade Repository’s services that permit open and non-discriminatory access to and participation in the Trade Repository by Users and, if applicable, Indirect Participants.

(2) The access and participation conditions referred to in subrule (1) must include conditions reasonably designed to ensure Users and, if applicable, Indirect Participants do not pose undue risks to the secure, efficient and effective operation of the Trade Repository.

(3) The access and participation conditions referred to in subrule (1), other than the conditions in subrule (2), must not unreasonably prohibit or limit access to or participation in the Trade Repository, and the Operator must not impose unreasonable conditions on participation or access.

(4) An Operator must monitor compliance with its access and participation conditions on an ongoing basis and have clearly defined procedures for facilitating the disciplining, suspension or orderly exit of a User that breaches or no longer meets the access or participation conditions.

2.2.3 Security, efficiency and effectiveness of services

(1) An Operator must ensure that the Trade Repository’s services are provided at all times in a secure, efficient and effective manner.

(2) An Operator must establish, implement, maintain and enforce mechanisms for regularly reviewing whether the Trade Repository is efficient and effective in meeting the requirements of Users, Australian Regulators, and the markets it serves.

Note: For example, the Operator should regularly review its minimum service levels, operational reliability, cost-effectiveness and pricing.

Part 2.3 Handling and use of Derivative Trade Data by Trade Repositories and their Officers and employees

2.3.1 Acceptance of Derivative Trade Data

(1) An Operator must accept from Participants Derivative Trade Data for all classes of Derivatives specified in the conditions of the Operator’s Licence.

Note: Under paragraph 905F(4)(b) of the Corporations Act, a Licence must be subject to conditions that specify the class or classes of Derivatives in respect of which the Trade Repository can provide services for the purposes of Part 7.5A of the Corporations Act.

(2) An Operator must establish, implement, maintain and enforce policies, procedures, systems and controls for the reporting of Derivative Trade Data to the Trade Repository.

(3) Without limiting subrule (2), an Operator must establish, implement, maintain and enforce policies, procedures, systems and controls:

(a) reasonably designed to maintain a continuous, reliable and secure connection between the Trade Repository and Participants for the purposes of accepting Derivative Trade Data; and
(b) designed to provide reasonable assurance that Derivative Trade Data reported to the Trade Repository by Participants is and remains at all times complete, accurate and current.

2.3.2 Retention of Derivative Trade Data

(1) An Operator must ensure that all Derivative Trade Data accepted by the Trade Repository, and each alteration and correction to that Derivative Trade Data, is recorded on a timely basis.

(2) An Operator must retain all records of Derivative Trade Data accepted by the Trade Repository, and records of each alteration or correction to that Derivative Trade Data, from the date the record is first made until five years have elapsed since the Derivative to which the record relates expires or terminates.

(3) An Operator must ensure that each record referred to in subrule (2) is, for the period of time that the record must be retained under that subrule, retained in a secure location and in an electronic format, and is immediately accessible by the Operator.

(4) An Operator must create at least one backup copy of each record referred to in subrule (2) and must ensure that, for the period of time that the record must be retained under that subrule, the backup copy is retained in a secure location and in an electronic format, separate from the location of the record, and is accessible by the Operator within 3 business days.

(5) This Rule applies subject to any direction given by ASIC under section 904K of the Corporations Act.

Note: Under section 904K, ASIC may make a direction relating to Derivative Trade Data if the Trade Repository ceases to be licensed, including a direction requiring an Operator or former Operator to destroy or transfer to another Trade Repository or a Prescribed Derivative Trade Repository all records of the Derivative Trade Data over which the Operator or former Operator has control.

2.3.3 Use and disclosure of Derivative Trade Data

(1) An Operator must establish, implement, maintain and enforce policies, procedures, systems and controls designed to ensure that the Operator, its Officers and employees comply with section 904B of the Corporations Act in handling, using and disclosing Derivative Trade Data.

(2) For subparagraph 904B(1)(b)(ii) of the Corporations Act, an Operator is permitted to use and disclose:

(a) statistical data that the Operator has disclosed in accordance with Rule 2.3.5 or Rule 2.3.6;
(b) Derivative Trade Data other than statistical data referred to in paragraph (a) that is, or that is created or derived from, Derivative Trade Data that has been reported to the Operator by a Participant, only if:
  (i) the Participant that reported the Derivative Trade Data has given prior written consent to the use or disclosure of the Derivative Trade Data by the Operator; and
  (ii) where the Derivative Trade Data is capable of identifying a counterparty to a Derivative Transaction, that counterparty has consented in writing to the use or disclosure of the Derivative Trade Data.

(3) For the purposes of paragraph (2)(b), an Operator:

(a) must not require a Participant to consent to the use or disclosure of Derivative Trade Data reported by the Participant as a condition of the Participant’s access to the Trade Repository’s services; and
(b) must not induce or attempt to induce a Participant to consent to the use or disclosure of the Participant’s Derivative Trade Data by offering or providing to the Participant incentives or benefits that are not offered or provided to Participants that do not consent to the use or disclosure of their Derivative Trade Data, unless the incentive or benefit is reasonably related to the value to the Operator of using or disclosing the Participant’s Derivative Trade Data.

Note: An example of an incentive or benefit for the purposes of paragraph (3)(b) is a reduced fee, rate or charge for access to the Trade Repository’s services.

2.3.4 Provision of access to Derivative Trade Data

Participant access

(1) Subject to subrule (4), an Operator must provide each Participant with access to the records of the Derivative Trade Data that the Participant has reported to the Trade Repository, including access for the purposes of making necessary corrections or alterations to that Derivative Trade Data.

(2) To the extent not provided under subrule (1) and subject to subrule (4), an Operator must provide each Participant with access to the records of each Derivative for which the Participant is a counterparty or for which the Participant reported on behalf of the counterparty.

(3) An Operator must ensure that its rules, procedures and contractual arrangements relating to the provision of access to Derivative Trade Data clearly define the categories of access available to Participants, if there is more than one category.

(4) An Operator is not required to provide access under this Rule to an entity that is suspended from being, or has ceased to be, a Participant in the Trade Repository.

Note: Under Rule 2.2.1, the Operator’s rules, procedures and contractual arrangements must also clearly define the rights and obligations of Users with respect to the provision of access to Derivative Trade Data.

(5) ASIC may give a written direction to an Operator requiring the Operator deal, in a specified way, with Derivative Trade Data reported by or on behalf of a Reporting Entity, if:

the Reporting Entity, or a person reporting on behalf of a Reporting Entity:
1. is suspended from being, or has ceased to be, a Participant in the Trade Repository; or
2. becomes a Chapter 5 Body Corporate, or becomes subject to a similar regime in a foreign jurisdiction; and
ASIC reasonably believes the direction will ensure the Derivative Trade Data the subject of the direction is accurate and current.
An Operator must comply with a subrule (5) direction as soon as reasonably practicable.

Provision of access to Australian Regulators

(7) An Operator must provide to each Australian Regulator, if requested by that Australian Regulator and at no charge, continuous, direct and immediate electronic access to the following information retained in the Trade Repository:

(a) all Derivative Trade Data reported by Participants in accordance with the Reporting Requirements; and
(b) all information (including statistical data) that is created or derived from Derivative Trade Data referred to in paragraph (a).

Note 1: Direct access may be provided through an electronic system, platform or framework that provides secure internet or web-based access to Derivative Trade Data, or by way of a direct real-time feed of Derivative Trade Data.

Note 2: Under this Rule, an Operator may be required to provide access to aggregate-level data, position-level data and transaction-level data (including the identity of counterparties).

Requests to provide data to Australian Regulators and Prescribed Foreign Regulators

(8) For the purposes of subparagraph 904B(5)(b)(ii) of the Corporations Act, an Operator that receives a request from an Australian Regulator under subsection 904B(2) of the Corporations Act for Derivative Trade Data retained in the Trade Repository, including a request for information referred to in subrule (7), is excused from complying with the request unless the request is for Derivative Trade Data that is required by the Australian Regulator in connection with the performance of its functions or exercise of its powers.

(9) An Operator that receives a request from an Australian Regulator under subsection 904B(2) of the Corporations Act for Derivative Trade Data retained in the Trade Repository, including a request for Derivative Trade Data referred to in subrule (7), must comply with any reasonable requirement specified in the request to provide the Derivative Trade Data:

(a) on an ad hoc or periodic basis, or each time a particular circumstance or event occurs;
(b) by a specified time; and/or
(c) in a specified format.

(10) For the purposes of subparagraph 904B(5)(b)(ii) of the Corporations Act, an Operator that receives a request from a Prescribed Foreign Regulator under subsection 904B(2) of the Corporations Act for Derivative Trade Data retained in the Trade Repository, is excused from complying with the request unless:

(a) the request is for:
  (i) Derivative Trade Data reported by Participants in accordance with the Reporting Requirements; or
  (ii) information (including statistical data) that is created or derived from the Derivative Trade Data referred to in subparagraph (i);
(b) the Derivative Trade Data is required by the Prescribed Foreign Regulator in the performance of its functions or exercise of its powers; and
(c) the request is made subject to and in accordance with internationally accepted regulatory access standards applicable to Derivative Trade Repositories.

Note: Under this Rule, an Operator may be required to provide the Prescribed Foreign Regulator with aggregate-level data, position-level data or transaction-level data (including the identity of counterparties), depending on the Prescribed Foreign Regulator’s regulatory mandate.

Limitations on access and request

(11) Subrules (7)–(10) operate subject to any requirements of regulations made for the purposes of subsection 904B(4) or subparagraph 904B(5)(b)(i) of the Corporations Act.

Information taken to be given to ASIC in confidence

(12) For subsection 903A(5) of the Corporations Act, information given to ASIC by an Operator (or an Officer of an Operator), under a provision of:

(a) Part 7.5A of the Corporations Act;
(b) regulations made for the purpose of Part 7.5A of the Corporations Act; or
(c) these Rules or the Reporting Rules,

is to be taken, for the purpose of section 127 (confidentiality) of the Australian Securities and Investments Commission Act 2001, to be given to ASIC in confidence in connection with the performance of ASIC’s functions under the Corporations Act, unless the information has been made publicly available in accordance with the provisions referred to in paragraphs (a)–(c) or as otherwise required or permitted by law.

(13) An Operator must not disclose that:

(a) a request for particular Derivative Trade Data was made under subsection 904B(2) of the Corporations Act, or that particular Derivative Trade Data was provided in compliance with such a request;
(b) access to particular Derivative Trade Data was provided in accordance with subrule (7),

other than for the purposes of seeking legal advice or as required by law.

2.3.5 Obligation to create and disclose weekly statistical data

(1) An Operator must create and disclose in accordance with this Rule statistical data on Derivative Trade Data (in this Rule, Relevant Derivative Trade Data) that is retained in the Trade Repository and that was reported to the Trade Repository by Participants in accordance with the Reporting Rules.

(2) For the purposes of subrule (1), an Operator must, for each 7-calendar day period (in this Rule, Relevant Period) commencing from the day the Operator first accepts a report of Relevant Derivative Trade Data, create the following statistical data from the Relevant Derivative Trade Data:

(a) all aggregate open positions as at the end of the last day in the Relevant Period for which the statistical data is created; and
(b) volumes by number and by value of Derivative Transactions reported during the Relevant Period.

(3) The statistical data created in accordance with subrule (2) must include breakdowns by the following categories (if applicable):

(a) the asset class, currency of the notional amount, type and maturity of the Derivatives to which the statistical data relates; and
(b) whether the Derivatives to which the statistical data relates are cleared or uncleared.

(4) Subject to subrule (6), an Operator must disclose the statistical data required under subrules (1)–(3) in relation to a Relevant Period, from a day that is between 3–5 business days after the day on which the Relevant Period ends.

(5) An Operator must disclose the statistical data required under subrules (1)–(3) by making the statistical data available at no charge and through a publicly accessible website.

(6) The statistical data published under this Rule must not include Derivative Trade Data capable of identifying a counterparty to a Derivative Transaction.

2.3.6 Permission to create and disclose financial year-to-date statistical data

(1) Subject to subrule (2), an Operator may publish the statistical data created and disclosed in accordance with paragraph 2.3.5(2)(b) aggregated in financial-year-to-date form, by making the aggregated financial year-to-date statistical data available at no charge and through a publicly accessible website.

(2) The statistical data published under this Rule must not include Derivative Trade Data capable of identifying a counterparty to a Derivative Transaction.

2.3.7 Communication procedures and standards

An Operator must use or, at a minimum, accommodate, relevant internationally accepted communication procedures and standards to facilitate accurate, consistent, efficient and reliable acceptance, retention, use, disclosure and provision of access to Derivative Trade Data by the Trade Repository.

Part 2.4 Governance, management and resources

2.4.1 Governance

(1) An Operator must establish, implement, maintain and enforce documented arrangements for the governance and management of the Trade Repository that are clear and transparent, promote the secure, efficient and effective operation of the Trade Repository, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of Users.

(2) The governance arrangements referred to in subrule (1) must provide for:

(a) clear and direct lines of accountability in the governance and management of the Trade Repository;
(b) clearly defined roles and responsibilities for the Operator’s Officers and members of its governing body and management in the governance and management of the Trade Repository, including roles and responsibilities in relation to the identification, measurement, monitoring and management of risks;
(c) clearly defined decision-making processes, including processes for:
  (i) decision making in crises and emergencies; and
  (ii) ensuring significant decisions in relation to the design, rules or overall strategy of the Trade Repository are made taking into account the objectives of Users and, where appropriate, are disclosed to Users; and
(d) internal control functions to be exercised by persons with adequate authority, independence, resources, and access to the governing body and senior management to perform the control function.

Note: For example, internal control functions include compliance, audit and review functions.

2.4.2 Handling of conflicts of interest

An Operator must establish, implement, maintain and enforce documented arrangements for identifying and effectively managing (including by avoiding, controlling or disclosing) any actual or potential conflicts between:

(a) the interests of the Operator, its related bodies corporate or members of the Operator’s governing body, and the interests of Users;
(b) the interests of different Users; and
(c) the interests of the Operator, its related bodies corporate or members of the Operator’s governing body, and the need to ensure the Trade Repository’s services are provided in a secure, efficient and effective manner.

2.4.3 Monitoring and enforcement of compliance with obligations

(1) An Operator must establish, implement, maintain and enforce policies, procedures, systems and controls for monitoring and enforcing compliance by its Officers and employees with these Rules, the Reporting Rules, the Corporations legislation and any other applicable law of a State or Territory or law of the Commonwealth.

(2) Without limiting subrule (1), the Operator must ensure that the arrangements, rules, procedures, policies, plans, systems and controls required by these Rules are reviewed, audited and tested periodically and after significant changes, to ensure compliance with these Rules.

2.4.4 Risk management

(1) An Operator must establish, implement, maintain and enforce policies, procedures, systems and controls to enable the Operator to identify, measure, monitor and effectively manage risks to the secure or efficient or effective operation of the Trade Repository, including legal, operational and business risks.

(2) In establishing, implementing, maintaining and enforcing the policies, procedures, systems and controls required by subrule (1), the Operator must take into account, at a minimum, legal, operational and business risks that arise or may arise:

(a) from Users and, if applicable, Indirect Participants;
(b) in relation to the Operator’s operational and contractual arrangements with Linked Entities; and
(c) from the provision of Non-Trade Reporting Services by the Operator, a related body corporate of the Operator, or any other company with which the Operator has a material agreement in connection with Trade Reporting Services.

Note: See also Rule 2.2.1 (Legal basis), Rule 2.4.5 (Resources), Rule 2.4.7 (Financial resources), Rule 2.4.8 (Integrity and security of computer systems and other systems), Rule 2.4.9 (Operational reliability), Rule 2.4.10 (Business continuity planning), Rule 2.4.11 (Recovery and resolution) and Rule 2.4.12 (Operational separation of functions).

2.4.5 Resources

An Operator must establish and maintain sufficient and appropriate human, technological and financial resources to ensure that the Trade Repository operates at all times securely, efficiently and effectively.

2.4.6 Human resources

Without limiting Rule 2.4.5, an Operator must at all times ensure its Officers, managers and employees are fit for office, taking into account the experience, qualifications and skills necessary to perform their respective roles and responsibilities in the governance, management and operation of the Trade Repository.

2.4.7 Financial resources

(1) Without limiting Rule 2.4.5, an Operator must hold at all times net assets funded by equity (such as shares, disclosed reserves or other retained earnings) that, at a minimum, are equal to an amount that would enable the Trade Repository to cover at least six months of current operating expenses, calculated on a rolling basis at the end of each month.

Note: ASIC may also specify financial resources that the Operator is required to hold, in the conditions of the Operator’s Licence.

(2) An Operator must maintain a viable plan, approved by its governing body and updated regularly, for raising additional equity should its equity fall close to or below the amount needed under subrule (1).

2.4.8 Integrity and security of computer systems and other systems

An Operator must establish, implement, maintain and enforce policies, procedures, and physical and electronic controls over its systems for accepting, retaining, using, disclosing and providing access to Derivative Trade Data designed to:

(a) maintain the integrity, security and confidentiality of Derivative Trade Data at all times during transmission between the Trade Repository, Australian Regulators and Users, and while retained in the Trade Repository; and

Note: For example, ensuring the Derivative Trade Data is protected from loss, leakage and corruption.

(b) prevent unauthorised use or disclosure of, or access to, Derivative Trade Data.

2.4.9 Operational reliability

(1) An Operator must ensure that its systems for accepting, retaining, using, disclosing and providing access to Derivative Trade Data are reliable and have sufficient, scalable capacity for the ongoing and planned operations of the Trade Repository, including, without limitation, the capacity to accept and retain for the period required by Rule 2.3.2 all Derivative Trade Data reported to the Trade Repository by Participants.

(2) An Operator must establish, implement, maintain and enforce plans, including escalation plans, for its internal communications and its communications with Users and Australian Regulators in circumstances of an operational outage or other disruption to the Trade Repository’s services.

2.4.10 Business continuity planning

An Operator must establish, implement, maintain and enforce business continuity, backup and data recovery plans designed to:

(a) address events that pose a significant risk of disruption to the Trade Repository’s operations or services, including events that could cause a wide-scale or major disruption; and
(b) in the event of any disruption to the Trade Repository’s operations or services, enable the timely restoration of those operations and services and enable the Operator to meet its obligations to Australian Regulators and Users.

2.4.11 Recovery and resolution

(1) An Operator must establish, implement, maintain and enforce policies, procedures and plans designed to:

(a) identify scenarios that may potentially prevent the Operator from being able to provide the Trade Repository’s critical operations or services as a going concern and assess the effectiveness of a full range of options for recovery or orderly wind-down; and
(b) provide for the recovery or orderly wind-down of the Trade Repository’s critical operations or services based on the results of the assessment referred to in paragraph (a).

(2) An Operator must, on request by an Australian Regulator, provide the Australian Regulator with information reasonably required by the Australian Regulator for purposes of resolution planning in respect of the Operator or in respect of Users.

(3) In establishing, implementing, maintaining and enforcing the policies, procedures and plans required under subrule (1), the Operator must take into account its obligations under Rules 2.3.2 and 2.3.4, and any obligations that may arise under section 904K of the Corporations Act in the event that the Trade Repository ceases to be licensed under section 905C of the Corporations Act.

Note: Under section 904K, ASIC may make a direction relating to Derivative Trade Data if the Trade Repository ceases to be licensed, including a direction requiring an Operator or former Operator to destroy or transfer to another Trade Repository or a Prescribed Derivative Trade Repository, all records of the Derivative Trade Data over which the Operator or former Operator has control.

2.4.12 Operational separation of functions

Where the Operator, a related body corporate of the Operator, or any other company with which the Operator has a material agreement in connection with the Trade Reporting Services, provides Non-Trade Reporting Services, the Operator must:

disclose to ASIC a description of all of the Non-Trade Reporting Services, and update the disclosure as soon as practicable after any changes are made to the Non-Trade Reporting Services; and

(b) establish, implement, maintain and enforce policies, procedures, systems and controls designed to ensure operational separation between the Non-Trade Reporting Services and the Trade Reporting Services.

Note: Operational separation may be achieved, for example, by supervisory arrangements including information barriers.

2.4.13 Outsourcing of functions

If an Operator outsources any of the Trade Reporting Services to another person (in this Rule, the Service Provider), the Operator must:

(a) ensure that the outsourcing arrangement is covered by a contract with the Service Provider that is in writing;
(b) establish, implement, maintain and enforce documented policies, procedures, systems and controls for ensuring the Operator continues to comply with its obligations under Part 7.5A of the Corporations Act, including under these Rules, in relation to the outsourced Trade Reporting Services;
(c) at all times be able to access books, records and other information of the Service Provider relating to the outsourced Trade Reporting Services; and
(d) ensure that Australian Regulators have the same access to all Derivative Trade Data, books, records and other information relating to the outsourced Trade Reporting Services and maintained by the Service Provider, that the Australian Regulator would have if not for the outsourcing arrangements.

Part 2.5 Disclosure of conditions (including fees) on which Trade Repositories provide their services

2.5.1 Disclosure of rules, procedures and other information

(1) An Operator must disclose to Participants in writing:

(a) the Operator’s rules and procedures for accepting, retaining, using, disclosing and providing access to Derivative Trade Data;

Note: See also subrule 2.2.1(2).

(b) the Operator’s commitments in relation to minimum service levels and operational reliability;
(c) subject to subrule (2), a description of the design and operation of the Trade Repository’s systems for accepting, retaining and providing access to Derivative Trade Data; and
(d) subject to subrule (2) and to the extent not disclosed under paragraphs (a), (b) or (c) or Rule 2.5.2, any other information reasonably required by Participants to assess the risks and costs of participating in the Trade Repository.

(2) The Operator is not required to comply with paragraph (1)(c) or (d) to the extent that such disclosure would comprise the integrity or security of the Trade Repository or require the disclosure of commercially sensitive information.

(3) If the Operator proposes to make a change to the access and participation conditions referred to in Rule 2.2.2, or the fees, rates and charges for the Trade Reporting Services as referred to in paragraph 2.5.2(1)(g), the Operator must notify ASIC and Participants in writing about the change within a reasonable time before the change is implemented.

2.5.2 Public disclosures

(1) An Operator must disclose, on a publicly accessible section of its website and at no charge, a description of:

the Trade Reporting Services and any Ancillary Services;

(b) the class or classes of Derivatives for which the Trade Repository can provide services for the purposes of Part 7.5A of the Corporations Act, as specified in the conditions of the Operator’s Licence;

Note: See paragraph 905F(4)(b) of the Corporations Act.

(c) key elements of the Operator’s rules, procedures and contractual arrangements referred to in Rule 2.2.1, including the dispute resolution procedures referred to in paragraph 2.2.1(3)(b);
(d) the Operator’s access and participation conditions referred to in Rule 2.2.2;
(e) the organisational, legal and ownership structure of the Operator and the arrangements for the governance and management of the Trade Repository referred to in Rule 2.4.1;
(f) the Operator’s policies and procedures in relation to the commercial use of Derivative Trade Data retained in the Trade Repository; and

Note: See also Rule 2.3.3.

(g) the fees, rates and charges for the services referred to in paragraph (a), at an individual service level, and the Operator’s policies in relation to discounts and rebates, if any.

(2) An Operator must ensure the disclosures required under subrule (1) are at all times complete, accurate and current.

Part 2.6 Reporting to Australian Regulators on matters related to Trade Repositories

2.6.1 Annual compliance report

(1) An Operator must, within three months after the end of its financial year, give ASIC a written report (the Annual Compliance Report) on the extent to which the Operator has complied during the financial year with its obligations as an Operator under the Corporations legislation, including under these Rules and the Reporting Rules, unless ASIC relieves the Operator from this requirement in writing.

(2) The Operator must, on request by ASIC, obtain an audit report on the Annual Compliance Report, prepared by such specified person or body as ASIC nominates or accepts as suitably qualified to prepare the audit report.

(3) A request by ASIC for an audit report under subrule (2) must be in writing and allow the Operator a reasonable period to comply.

2.6.2 Disclosure of proceedings

An Operator must notify ASIC in writing as soon as practicable after the Operator becomes aware that:

(a) any civil or criminal legal proceeding has been instituted against the Operator or an Officer of the Operator, other than by ASIC, whether or not in Australia;
(b) any disciplinary action has been taken against the Operator or an Officer of the Operator by any regulatory authority other than ASIC, whether or not in Australia; and
(c) any significant changes are made to the regulatory requirements imposed on the Operator or an Officer of the Operator by any regulatory authority other than ASIC, whether or not in Australia.

2.6.3 Notification of acquisition of significant holding in the Operator

(1) An Operator must notify ASIC of the information in subrule (2) as soon as practicable after the Operator becomes aware that a person has come to have, or has ceased to have, more than 15% of the total voting power in the Operator or in a holding company of the Operator.

(2) For the purposes of subrule (1), the information to be given to ASIC by the Operator is:

(a) the person’s name and contact details;
(b) if known by the Operator, the date on which the person came to have, or ceased to have, more than 15% of the voting power; and
(c) if the Operator knows the voting power that the person had immediately before the person came to have, or ceased to have, more than 15% of the voting power, that voting power; and
(d) whether the Operator knows the manner in which the person came to have, or ceased to have, more than 15% of the voting power and, if the Operator knows the manner, details of what the Operator knows.

Note: Under subsection s904C(3) of the Corporations Act, the Operator must also notify ASIC as soon as practicable after a person becomes, or ceases to be, a director, secretary or senior manager of the Operator or its holding company.

2.6.4 Delays, disruptions, suspension and termination, breaches of data security, integrity and confidentiality

If the Trade Repository experiences:

(a) a disruption of, delay in, or suspension or termination of any of the Trade Repository’s systems for the acceptance, retention, use, disclosure or provision of access to Derivative Trade Data, including as a result of any system failure; or
(b) a breach of the integrity, security, or confidentiality of the Derivative Trade Data retained in the Trade Repository,

the Operator must:

as soon as practicable, notify ASIC of the occurrence of the circumstance; and

(d) within 14 days of the occurrence of the circumstance, submit a report to ASIC describing the cause and results of the occurrence of the circumstance, and any remedial actions already taken or planned by the Operator in response to the occurrence of the circumstance.

Part 2.7 Keeping of records, or the provision of records or other information, relating to compliance with (or determining whether there has been compliance with) the Rules

2.7.1 Keeping of records

(1) An Operator must keep records that enable the Operator to demonstrate that it has complied with the requirements of these Rules.

(2) An Operator must keep the records referred to in subrule (1) for a period of at least five years from the date the record is made or amended, or for any longer period for which the record is required to be kept under any other Rule.

2.7.2 Provision of records or other information

(1) An Operator must, on request by ASIC, provide ASIC with records or other information relating to compliance with, or determining whether there has been compliance with, these Rules.

(2) A request by ASIC under subrule (1) must be in writing and give the Operator a reasonable time to comply.

(3) The Operator must comply with a request under subrule (1) within the time specified in the request or, if no time is specified, within a reasonable time.

2.7.3 Language of records

(1) All records required to be kept by these Rules must be kept in writing in the English language, or in a manner that enables them to be readily accessible and readily converted into writing in the English language.

(2) If any of the records are not kept in writing in the English language, the Operator must, if required by ASIC to convert the records into writing in the English language, comply with that requirement within a reasonable time.

Endnotes

Endnote 1—About the endnotes

Note: The endnotes provide information about this compilation and the compiled law.

Note: The following endnotes are included in every compilation:

Note: Endnote 1—About the endnotes

Note: Endnote 2—Abbreviation key

Note: Endnote 3—Legislation history

Note: Endnote 4—Amendment history

Note: Abbreviation key—Endnote 2

Note: The abbreviation key sets out abbreviations that may be used in the endnotes.

Note: Legislation history and amendment history—Endnotes 3 and 4

Note: Amending laws are annotated in the legislation history and amendment history.

Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Note: Misdescribed amendments

Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	orig = original
am = amended	p = page(s)
amdt = amendment	para = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
ch = Chapter(s)	pres = present
cl = clause(s)	prev = previous
cont. = continued	(prev…) = previously
def = definition(s)	pt = Part(s)
Dict = Dictionary	r = regulation(s)/Court rule(s)
disallowed = disallowed by Parliament	reloc = relocated
div = Division(s)	renum = renumbered
exp = expires/expired or ceases/ceased to have	rep = repealed
effect	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	/rule(s)/subrule(s)/order(s)/suborder(s)
LIA = Legislative Instruments Act 2003	sch = Schedule(s)
(md not incorp) = misdescribed amendment	SLI = Select Legislative Instrument
cannot be given effect	SR = Statutory Rules
mod = modified/modification	sub ch = Sub‑Chapter(s)
No. = Number(s)	sub div = Subdivision(s)
Ord = Ordinance	sub pt = Subpart(s)
	underlining = whole or part not
	commenced or to be commenced

Endnote 3—Legislation history

Name	Registration	Commencement	Application, saving and transitional provisions
ASIC Derivative Trade Repository Rules 2023	26/09/2023(F2023L01292)	01/10/2023
ASIC Derivative Trade Repository Rules (Amendment) Instrument 2026/52	17/03/2026(F2026L00263)	18/03/2026

Endnote 4—Amendment history

Provision affected	How affected
Rule 1.1.3 (Commencement)	rep s48D LA
Rule 1.2.2 (the note)	rep F2026L00263, Sch 1, item 1
Rules 1.2.3 (definition of Chapter 5 Body Corporate)	rep F2026L00263, Sch 1, item 2
Rule 1.2.3 (definition of Derivative)	rep F2026L00263, Sch 1, item 3
Rule 1.2.3 (definition of Derivative Trade Data)	am F2026L00263, Sch 1, item 4
Rule 1.2.3 (definition of Derivative Trade Repository)	rep F2026L00263, Sch 1, item 5
Rule 1.2.3 (definition of Derivative Transaction)	rep F2026L00263, Sch 1, item 6
Rule 1.2.3 (definition of Licence)	am F2026L00263, Sch 1, item 7
Rule 1.2.3 (definition of Officer)	rep F2026L00263, Sch 1, item 8
Rule 1.2.3 (definition of Prescribed Derivative Trade Repository)	rep F2026L00263, Sch 1, item 9
Rule 1.2.3 (definition of Trade Repository)	am F2026L00263, Sch 1, item 10
Paragraph 2.4.4(2)(b)	am F2026L00263, Sch 1, item 11

1 ASIC Derivative Trade Repository Rules 2023

ASIC Derivative Trade Repository Rules 2023

made under section 903A of the Corporations Act 2001

Compilation No. 1

Compilation date: 18/03/2026

Includes amendments up to: ASIC Derivative Trade Repository Rules (Amendment) Instrument 2026/52 (F2026L00263)

About this compilation

This compilation

This is a compilation of the ASIC Derivative Trade Repository Rules 2023 that shows the text of the law as amended and in force on 18/03/2026 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

Application, saving and transitional provisions

Modifications

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Chapter 1: Introduction

Part 1.1 Preliminary

Part 1.2 Interpretation

Chapter 2: Obligations of Officers and Operators

Part 2.1 Obligations of Officers

Part 2.2 Manner in which the Trade Repository provides its services

Part 2.3 Handling and use of Derivative Trade Data by Trade Repositories and their Officers and employees

Part 2.4 Governance, management and resources

Part 2.5 Disclosure of conditions (including fees) on which Trade Repositories provide their services

Several defined terms control the scope and application of every operative provision.

"Derivative Trade Data" carries the meaning given by section 9 of the Corporations Act and is further decomposed in the Rules into two sub-types: Derivative Transaction Information (information about individual Derivative Transactions reported under the Reporting Requirements) and Derivative Position Information (information about positions derived from those transactions). The combination means repositories must handle both the raw transaction record and any position-level aggregation that derives from it.

"Operator" means the operator of a Trade Repository, a body corporate that holds a Licence under section 905B of the Corporations Act. The Licence itself must specify the class or classes of Derivatives for which the repository may provide services (paragraph 905F(4)(b) of the Corporations Act), so the scope of an Operator's acceptance obligation under r 2.3.1 is bounded by the Licence conditions rather than an open-ended duty.

"Participant" means a Reporting Entity, or a third party that reports on behalf of a Reporting Entity, to which the Trade Repository provides Trade Reporting Services. Participants may include central counterparties, brokers, trading platforms, or other service providers acting as intermediaries. This is distinct from an "Indirect Participant," which is a Reporting Entity that fulfils its reporting obligations through an arrangement with a Participant rather than by connecting to the repository directly.

"Trade Reporting Services" encompasses all services provided for the acceptance, retention, use, disclosure, and provision of access to Derivative Trade Data, including any outsourced portion of those services. This is an important drafting choice: outsourcing does not relieve the Operator of its obligations; the outsourced functions remain within the regulatory perimeter (r 2.4.13).

"Non-Trade Reporting Services" and "Ancillary Services" carve out the commercial add-on products that repositories often offer alongside their core function, such as collateral management, portfolio reconciliation, and portfolio compression. These services are permitted but must be operationally separated from core trade reporting functions (r 2.4.12) and publicly disclosed.

"Australian Regulator" means ASIC, APRA, and the RBA collectively. The tripartite definition reflects each body's distinct mandate: ASIC for market conduct and systemic disclosure, APRA for prudential supervision of authorised deposit-taking institutions and insurers, and the RBA for payments system stability. All three are granted equivalent data access rights.

"Linked Entities" captures the ecosystem of other financial market infrastructure providers and service providers with which an Operator has operational or contractual arrangements in connection with handling Derivative Trade Data. Risk arising from Linked Entities must be factored into the Operator's risk management framework (r 2.4.4(2)(b)).

"Prescribed Foreign Regulator" refers to foreign regulators prescribed by regulation for the purposes of paragraph 904B(2)(d) of the Corporations Act. These bodies have a qualified right to request data from the repository, subject to restrictions that protect Participant data from disclosure to foreign authorities whose mandate does not extend to the specific data requested (r 2.3.4(10)).

The primary regulated party is the Operator: any body corporate that holds, or applies for, an Australian derivative trade repository licence under section 905B of the Corporations Act. There is currently only a small number of such licensed entities in Australia, reflecting the concentrated infrastructure nature of trade repositories as a sector. The compliance burden is therefore narrow in terms of the number of directly bound entities, but deep in terms of the internal systems, documentation, governance, and ongoing reporting those entities must maintain.

Officers of the Operator are separately bound by r 2.1.1. "Officer" takes its meaning from the Corporations Act, capturing directors, secretaries, persons who make or participate in making decisions affecting the whole or a substantial part of the business, and persons with significant influence over the company's financial standing. The personal duty on Officers to take all reasonable steps creates accountability that cannot be delegated away: an Officer cannot excuse non-compliance by pointing to a compliance function that failed to escalate a problem.

Participants interact with the Rules indirectly. Their rights against the Operator (access to their own data under r 2.3.4(1) and (2), non-discriminatory participation conditions under r 2.2.2, and prior written consent protections under r 2.3.3(2) and (3)) are creatures of these Rules, not merely of the Reporting Rules or of private contract. Any Participant that believes an Operator is denying or restricting access unreasonably has the Rules as a foundation for a complaint to ASIC.

Indirect Participants are acknowledged but have a reduced footprint in the Rules. Their rights and obligations must be defined in the Operator's documented rules and contractual arrangements (r 2.2.1(3)), but the Rules do not directly address Indirect Participants in the way they address Participants.

Australian Regulators are beneficiaries of several provisions: the right to continuous direct electronic access to all data (r 2.3.4(7)), the right to request data on an ad hoc, periodic, or event-triggered basis in a specified format (r 2.3.4(9)), and the right to resolution-planning information from the Operator on request (r 2.4.11(2)). ASIC alone receives annual compliance reports (r 2.6.1), breach notifications (r 2.6.4), ownership-change notifications (r 2.6.3), and records or compliance information on demand (r 2.7.2).

Prescribed Foreign Regulators can request data under a qualified framework (r 2.3.4(10)), but must satisfy three cumulative conditions: the data must be data reported under the Reporting Requirements or derived from it; the regulator must need the data to perform its functions; and the request must be made in accordance with internationally accepted regulatory access standards for derivative trade repositories.

Financial market infrastructure broadly (central counterparties, payment systems, central securities depositories, securities settlement systems) are affected as "Linked Entities" to the extent they have operational or contractual arrangements with an Operator. Their arrangements must be factored into the Operator's risk management and legal-basis documentation, but they bear no direct obligations under the Rules.

The Rules impose obligations on Operators across seven substantive Parts, and the following are the most practically significant.

Legal basis (r 2.2.1): The Operator must maintain a clear, transparent, and enforceable legal basis for each material aspect of its services. This requires documented rules, procedures, and contracts that unambiguously allocate rights and obligations among the Operator, Users, and Indirect Participants, including minimum service level commitments, data integrity and security obligations owed by the Operator, and dispute resolution procedures. Where services cross jurisdictions, the Operator must identify and mitigate conflict-of-laws risks. The practical effect is that vague terms and conditions that might survive in an ordinary commercial context are insufficient: the Operator must be able to demonstrate, on examination, that every aspect of its data handling has a clear contractual or procedural foundation.

Open access (r 2.2.2): Participation conditions must be objective and non-discriminatory. The Operator may impose conditions designed to prevent users from creating undue operational risk to the repository, but may not use access conditions as a tool to foreclose competition among Participants or to favour affiliated entities. Ongoing monitoring of compliance with access conditions is required, and suspension or exit procedures must be clearly defined.

Acceptance and data quality (r 2.3.1): The Operator must accept Derivative Trade Data for all Derivative classes specified in its Licence. It must maintain systems designed to provide reasonable assurance that data is complete, accurate, and current at all times after acceptance. This places a data quality obligation on the infrastructure operator, not merely on reporting entities, ensuring that errors introduced in transmission are identified.

Data retention (r 2.3.2): Records must be retained from first creation until five years after the relevant Derivative expires or terminates. Records and alterations must be in a secure electronic format immediately accessible by the Operator, with at least one backup copy in a separate secure location accessible within three business days. The five-year post-termination clock means an Operator running a large book of long-dated derivatives (for example, interest rate swaps with 30-year tenors) faces very long retention obligations.

Data use and consent (r 2.3.3): The Operator's ability to make commercial use of trade data is tightly constrained. Use of non-statistical Derivative Trade Data requires prior written consent from the Participant that reported it, and, where the data identifies a counterparty, that counterparty's written consent too. Critically, consent cannot be made a condition of access to the repository's services (r 2.3.3(3)(a)), and incentives to obtain consent must be reasonably related to the value the Operator derives from the data rather than functioning as a mechanism to extract consent through unequal bargaining power (r 2.3.3(3)(b)).

Participant data access (r 2.3.4(1) and (2)): Each Participant has a right of access to records of data it has reported, including for the purposes of making corrections or alterations. More broadly, Participants have access to records of each Derivative for which they are a counterparty or for which they reported on behalf of a counterparty. Access rights survive the relationship except where the Participant has been suspended or has exited.

Weekly statistical publication (r 2.3.5): Operators must publish, on a free, publicly accessible website, aggregate open position data and transaction volumes by number and value, for each seven-day period, within three to five business days after the end of that period. The statistical data must be broken down by asset class, currency of the notional amount, type, maturity, and clearing status. Individual counterparty identity must not be discernible. This is the only data publication obligation that runs to the general public rather than to regulators or Participants.

Governance and officer fitness (rr 2.4.1, 2.4.6): Governance arrangements must provide for clear lines of accountability, defined roles and responsibilities (including for crisis decision-making), and internal control functions with genuine independence and authority. Officers, managers, and employees must be fit for office, assessed by reference to experience, qualifications, and skills.

Financial resources (r 2.4.7): The Operator must hold net assets funded by equity equal to at least six months of current operating expenses, calculated monthly on a rolling basis. A board-approved plan for raising additional equity must be maintained and kept current. This is a going-concern capital floor rather than a risk-weighted capital requirement; it is structurally simpler than prudential capital requirements but meaningful for what are typically specialist, single-purpose infrastructure entities.

Outsourcing (r 2.4.13): Trade Reporting Services can be outsourced, but the Operator remains fully liable. The outsourcing contract must be in writing, the Operator must retain access to all books and records of the service provider, and Australian Regulators must have equivalent access to service provider records as they would have had absent the outsourcing arrangement.

Annual compliance report (r 2.6.1): Within three months after each financial year end, the Operator must provide ASIC with a written compliance report. ASIC may require the report to be independently audited.

Incident notification (r 2.6.4): System disruptions, delays, suspensions, terminations, and data integrity or confidentiality breaches must be notified to ASIC as soon as practicable, with a detailed remedial report due within 14 days of the occurrence.

Ownership change notification (r 2.6.3): If any person acquires or ceases to hold more than 15% of the total voting power in the Operator or in a holding company of the Operator, ASIC must be notified as soon as practicable.

Records (r 2.7.1 and 2.7.3): All compliance records must be retained for at least five years and kept in English, or in a form readily convertible to English.

Rule 1.1.4 states that the maximum pecuniary penalty for contravention of the Rules is determined by the Court under section 1317G of the Corporations Act. The Rules do not set a fixed dollar amount; instead, they invoke the Corporations Act's civil penalty regime.

Section 1317G of the Corporations Act empowers a court to order a person to pay the Commonwealth a pecuniary penalty of up to the greater of: the benefit derived and detriment avoided as a result of the contravention; or the penalty ceiling set by the Act for the relevant provision. For body corporates, penalty ceilings under the Corporations Act for financial market infrastructure provisions are substantial, operating on a multiple-of-penalty-units basis that can reach millions of dollars for serious or sustained contraventions.

The Rules do not in themselves create any criminal liability. Criminal consequences would arise only if a contravention also constituted an offence under the Corporations Act, for example dishonest conduct or making a false statement to ASIC.

ASIC's enforcement toolkit under Part 7.5A of the Corporations Act is broader than civil penalty proceedings alone. ASIC can vary, suspend, or revoke a Licence (sections 905G to 905J), which for a single-purpose trade repository amounts to a de facto shutdown of its business. ASIC can issue directions under section 904K regarding the disposition of trade data if a Trade Repository ceases to be licensed. These regulatory powers operate independently of and in addition to civil penalty proceedings and are the more likely first response to operational failures or governance concerns.

The personal duty on Officers in r 2.1.1 creates a separate exposure pathway: an Officer who fails to take all reasonable steps to procure compliance by the Operator may face a civil penalty proceeding in their own right.

The Rules do not specify infringement notices or on-the-spot penalties. Enforcement is therefore litigation-dependent or dependent on ASIC's licence powers, which means formal enforcement actions carry significant transaction costs for both ASIC and the Operator.

The Rules are a subordinate instrument under section 903A of the Corporations Act 2001. They operate within a layered statutory framework and must be read alongside several other instruments and Acts.

The Corporations Act Part 7.5A is the primary enabling legislation. Sections 903A to 905J of that Part create the licensing regime for trade repositories, confer powers on ASIC to make rules and issue directions, and set the substantive framework (including the data use restrictions in section 904B and the data custody powers in section 904K) that the Rules implement and elaborate. The Rules' operative provisions frequently cross-refer to specific subsections and paragraphs of Part 7.5A; reading the Rules in isolation without reference to Part 7.5A will result in an incomplete picture.

The Reporting Rules (defined in r 1.2.3 as the ASIC Derivative Transaction Rules (Reporting) 2022 and, from 21 October 2024, the ASIC Derivative Transaction Rules (Reporting) 2024) govern who must report and what they must report. The Trade Repository Rules govern the infrastructure operator receiving those reports. The two instruments are therefore complementary: a deficiency in one creates a gap in the overall trade transparency regime. The Operator's systems and controls for data acceptance (r 2.3.1) must accommodate the data formats and requirements specified by the Reporting Rules, and the Operator's own rules and contractual arrangements must be consistent with both sets of rules (r 2.2.1(4)).

The ASIC Act 2001, section 127, intersects through r 2.3.4(12): information given to ASIC by an Operator or its Officers under the relevant provisions is taken to have been given in confidence. This engages the confidentiality protections in section 127 of the ASIC Act, which restrict ASIC's ability to disclose that information to third parties, subject to specified exceptions.

The Legislation Act 2003 governs the instrument's status as a legislative instrument, its registration, compilation, and the effect of amendments. Rule 1.1.3 (commencement) was repealed by section 48D of the Legislation Act (as reflected in Endnote 4) once commencement was spent.

State and Territory laws can apply concurrently: r 2.2.1(4) requires the Operator's rules and contractual arrangements to be consistent with applicable State and Territory laws as well as Commonwealth laws. Cross-border services trigger an obligation to identify and mitigate conflict-of-laws risks (r 2.2.1(5)), which has practical relevance for operators with systems hosted or governed across multiple jurisdictions.

Privacy law is implicitly engaged by r 2.3.3 and r 2.4.8. The consent requirements for commercial use of data that identifies counterparties, and the controls required over integrity, security, and confidentiality, interact with obligations under the Privacy Act 1988 and the Australian Privacy Principles, particularly APP 6 (use or disclosure of personal information) and APP 11 (security). The Rules do not expressly displace privacy law; compliance with the Rules' consent framework does not necessarily discharge all Privacy Act obligations.

The Foreign Acquisitions and Takeovers Act 1975 may intersect with the ownership change notification obligation in r 2.6.3, depending on the identity and nature of an acquiring person, though the Rules do not address this connection explicitly.

International standards are incorporated by reference in several places. The communication standards requirement in r 2.3.7 refers to "internationally accepted communication procedures and standards." The foreign regulator access condition in r 2.3.4(10)(c) requires requests to be made "in accordance with internationally accepted regulatory access standards applicable to Derivative Trade Repositories." These references embed expectations derived from instruments such as the CPMI-IOSCO Principles for Financial Market Infrastructures without formally incorporating any specific document.

The instrument was registered on 26 September 2023 and commenced on 1 October 2023 (F2023L01292). As at the compilation date of 18 March 2026, it has been amended by one instrument: the ASIC Derivative Trade Repository Rules (Amendment) Instrument 2026/52 (F2026L00263), registered 17 March 2026 and commenced 18 March 2026.

The 2026 amendment made eleven changes recorded in Endnote 4. The bulk of these were repeals of definitions that had been superseded, presumably by amendments to the parent Corporations Act that caused the defined terms to be picked up from that Act directly rather than from these Rules: the definitions of Chapter 5 Body Corporate, Derivative, Derivative Trade Repository, Derivative Transaction, Officer, and Prescribed Derivative Trade Repository were all repealed (items 2, 3, 5, 6, 8, and 9 of Schedule 1 to F2026L00263). The definitions of Derivative Trade Data, Licence, and Trade Repository were amended rather than repealed (items 4, 7, and 10). A note to r 1.2.2 (about words defined in the Corporations Act) was also repealed (item 1), likely because the updated definition framework made the note redundant or inconsistent. Paragraph 2.4.4(2)(b) (concerning risks arising from the Operator's arrangements with Linked Entities) was also amended (item 11), though the compiled text shows the amended version and does not reproduce the pre-amendment wording. In substance, the 2026 amendment was definitional maintenance rather than a change to the substantive obligations imposed on Operators.

Rule 1.1.3, which set the commencement date of the original instrument, was repealed by operation of section 48D of the Legislation Act 2003, a routine consequence of commencement being spent.

No other amendments are recorded in the compilation. There are no uncommenced amendments noted in the compilation as at 18 March 2026.

The source instrument does not name any cases, and no litigation is referenced in the text, notes, or endnotes. The Rules came into force on 1 October 2023; as at the compilation date of 18 March 2026, less than two and a half years had elapsed. No enforcement proceedings, judicial review applications, or other litigation arising under the Rules are disclosed in or can be attributed to the source document.

Any reader researching whether ASIC has commenced proceedings against a trade repository Operator or an Officer under these Rules should consult the Federal Court of Australia's online file search and ASIC's published enforcement outcomes register, which are authoritative sources not reproduced in the instrument itself.

Several features of the Rules create practical traps that may not be immediately apparent.

The five-year post-termination retention clock (r 2.3.2(2)) is measured from the date a Derivative expires or terminates, not from the date of reporting or acceptance. For long-dated instruments such as 30-year interest rate swaps, this can produce retention obligations exceeding three decades from the date of initial trade. Operators need to ensure their data management and storage cost models account for this extended tail rather than assuming five years from reporting date.

The backup accessibility window is stricter than it may appear. While primary records must be immediately accessible (r 2.3.2(3)), backup records need only be accessible within three business days (r 2.3.2(4)). However, in a scenario where the primary record location is destroyed and the backup must serve as the operational store, a three-business-day recovery window may breach the Operator's commitments to Participants on minimum service levels, creating an internal inconsistency that requires careful architecture.

The consent structure for commercial data use (r 2.3.3) creates an asymmetry that may frustrate legitimate data-product development. An Operator cannot condition access to the repository on consent to data use (r 2.3.3(3)(a)), which means that consent must be sought through a separate process and cannot be bundled into participation agreements at onboarding. Since Participants have little commercial incentive to give consent without tangible benefit, and since any benefit offered must be "reasonably related to the value to the Operator" of using the data (r 2.3.3(3)(b)), the scope for building data analytics revenue streams from identified transaction-level data is narrower than it may appear from the architecture of the provision.

The anti-tipping-off obligation in r 2.3.4(13) is broader than typical non-disclosure obligations. An Operator must not disclose that a regulator requested particular data or that access was provided, except for legal advice purposes or where required by law. This means the Operator cannot inform the relevant Participant that the Australian Regulator or a Prescribed Foreign Regulator has been accessing or has requested its data, creating an information asymmetry that practitioners advising derivatives counterparties should be alert to.

The ASIC direction power over data on Participant insolvency (r 2.3.4(5)) operates immediately and overrides normal access rights. If a Participant becomes a Chapter 5 Body Corporate (or equivalent under foreign insolvency law), ASIC may direct the Operator on how to deal with that Participant's trade data. Insolvency practitioners and advisers acting for failed Reporting Entities need to consider early whether and how this power could affect the availability of trade data for claims resolution or hedging book novation.

Outsourcing does not reduce regulatory access (r 2.4.13(d)): Australian Regulators must retain the same access to service provider records as they would have had absent the outsourcing. This is a contractual obligation that must flow down to every outsourced service provider. A vendor that refuses to grant Australian Regulator access effectively makes the outsourcing arrangement impermissible under the Rules, regardless of how the outsourcing contract is drafted with the Operator.

The 15% ownership notification threshold in r 2.6.3 captures holding company changes as well as direct ownership changes in the Operator. An acquisition in a parent or holding company structure, potentially far removed from the Operator itself, triggers a notification obligation if it crosses the 15% voting power threshold. This is a common structural feature of licensing regimes but one that corporate finance practitioners need to flag in transaction advice where a trade repository Operator sits within a larger group.

The weekly statistics publication obligation (r 2.3.5(4)) requires disclosure within three to five business days after the end of each seven-day period. This is an ongoing operational obligation with no materiality threshold and no exception for periods of low volume. Operators that experience system outages or operational disruption during the publication window face simultaneous obligations to notify ASIC under r 2.6.4 and to publish statistics under r 2.3.5, with different deadlines that must be managed concurrently.

Compliance with the Rules requires a structured programme across legal, technology, governance, and reporting dimensions. The following represents the minimum viable framework grounded in the Rules' text.

Start with the legal-basis architecture (r 2.2.1). Every contractual arrangement, operational procedure, and published rulebook that touches Trade Reporting Services must be mapped and reviewed for clarity, transparency, and enforceability. The review must confirm that: rights and obligations of the Operator, Users, and Indirect Participants are unambiguously defined; minimum service level commitments and security obligations are contractually binding; dispute resolution procedures are documented and accessible; and all arrangements are consistent with the Corporations legislation, the Reporting Rules, and applicable State, Territory, and Commonwealth laws. If the Operator operates across jurisdictions, a conflict-of-laws analysis must be conducted and documented.

Build or audit the data lifecycle controls (rr 2.3.1 to 2.3.4). Systems for accepting data must maintain a continuous and reliable connection with Participants and must provide reasonable assurance of completeness, accuracy, and currency. Retention systems must support the post-termination five-year clock on a per-Derivative basis, with immediate primary access and three-business-day backup recovery. Data use policies must implement the consent framework: a standalone consent process (not bundled with access terms), a records system that logs written consents, and an incentive-design review ensuring any consent-linked benefit is reasonably calibrated to the Operator's commercial use of the data.

Establish the regulators-access layer (r 2.3.4(7) to (13)). Direct, continuous, and immediate electronic access for Australian Regulators must be technically implemented, tested, and maintained. The system must be capable of delivering aggregate, position-level, and transaction-level data (including counterparty identity) on request and in formats specified by the requesting regulator. Tipping-off controls must prevent staff from communicating regulatory access to affected Participants without legal advice having been obtained first.

Implement the weekly statistics pipeline (r 2.3.5). An automated process should calculate, for each seven-calendar-day period commencing from the date of the Operator's first data acceptance: aggregate open positions as at end of the last day of the period; and volumes by number and value of transactions during the period. The output must be broken down by asset class, notional currency, derivative type, maturity, and cleared or uncleared status, and must be scrubbed of any data capable of identifying a counterparty. Publication must occur within three to five business days after period end on a free, publicly accessible website.

Build out the governance and risk framework (rr 2.4.1 to 2.4.13). Document governance arrangements with clear accountability lines, defined roles for Officers and management including crisis decision-making, and internal control functions (compliance, audit, review) with genuine independence and resource adequacy. Conduct a risk assessment covering legal, operational, and business risks arising from Users, Indirect Participants, Linked Entities, and the provision of Non-Trade Reporting Services. Maintain a rolling monthly calculation of six months of operating expenses and confirm that net equity-funded assets meet or exceed that floor; keep the board-approved capital raising plan current. If Non-Trade Reporting Services are offered, document and disclose them to ASIC and implement operational separation controls. For each outsourced service provider, execute a written contract, retain full access rights, and confirm regulator pass-through access in the contract.

Maintain the disclosure and notification programme (rr 2.5.1, 2.5.2, 2.6.1 to 2.6.4, 2.7.1 to 2.7.3). The public website must at all times carry accurate, complete, and current descriptions of all services, fee schedules, governance structures, data use policies, and access conditions. ASIC and Participants must receive advance written notice of proposed changes to access conditions or fees. The annual compliance report must be submitted within three months of financial year end; if ASIC requests an audit, the Operator has a reasonable period to procure one from an ASIC-approved auditor. Incident detection and response procedures must produce a notification to ASIC as soon as practicable following a system disruption or data breach, followed by a detailed remedial report within 14 days. Ownership monitoring should be built into the corporate secretarial function to detect any crossing of the 15% voting power threshold in the Operator or any holding company. All compliance records must be kept for at least five years, in English or convertible to English, and must be produced to ASIC on written request within the time specified or a reasonable time if no time is specified.

ASIC Derivative Trade Repository Rules 2023

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