(1) A Reporting Entity may lodge a notice (the Opt-In Notice) with ASIC setting out:
(a) the name of the Reporting Entity;
(b) the Reportable Transactions or class or classes of Reportable Transactions, and positions in relation to those Reportable Transactions, that the Reporting Entity intends to report during the Opt-In Reporting Phase;
Note: For example, the Reporting Entity may specify a class of Reportable Transactions that relates to a particular Prescribed Class.
(c) the Derivative Trade Data, being Derivative Transaction Information and Derivative Position Information, or information that is substantially equivalent to the Derivative Transaction Information and Derivative Position Information, that the Reporting Entity intends to report during the Opt-In Reporting Phase in relation to the Reportable Transactions, and positions in relation to Reportable Transactions, referred to in paragraph (b);
(d) whether the Reporting Entity intends to report the Derivative Trade Data referred to in paragraph (c) to a Licensed Repository or a Prescribed Repository, and the name of the Licensed Repository or Prescribed Repository; and
(e) the date (Effective Date) or series of Effective Dates from which the Reporting Entity intends to report during the Opt-In Reporting Phase the Derivative Trade Data referred to in paragraph (c), in relation to the Reportable Transactions or class or classes of Reportable Transactions, and positions in relation to those Reportable Transactions, referred to in paragraph (b), to the Licensed Repository or Prescribed Repository referred to in paragraph (d).
(2) Each Effective Date must be a date that falls on or after 1 July 2013 and on or after the date on which the Opt-In Notice is lodged, and an Effective Date in respect of a position in relation to a Reportable Transaction, must be a date no later than 30 September 2014.
(3) ASIC may publish on its website any Opt-In Notice given to it by a Reporting Entity.
Note: Under Rule 2.2.1 and Parts S1.1 and S1.2 of Schedule 1, a Reporting Entity that has lodged an Opt-In Notice in accordance with this Rule must comply with the applicable Transaction Reporting Requirements and Position Reporting Requirements during the Opt-In Reporting Phase.
2.4.2 Conditional alternative reporting and one-sided reporting until 1 October 2014
Alternative reporting—Phase 1 and first stage of Phase 2
(1) Subject to subrule (4) and Rule 2.4.5, a Reporting Entity that is required by subrule 2.2.1(1) to report Derivative Transaction Information about a Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2, is taken to comply with subrule 2.2.1(1) and the requirements of Part 2.2 in relation to the Reportable Transaction where:
Part Part 2 - ASIC Derivative Transaction Rules (Reporting) 2022 - 4 Transitional matters | Zoe
(a) the Reporting Entity reports information (in this subrule, the Equivalent Information) that is substantially equivalent to the Derivative Transaction Information, about the Reportable Transaction, to a Prescribed Repository;
(b) the Equivalent Information is reported substantially in accordance with the requirements of Part 2.2; and
(c) the Prescribed Repository has accepted the report.
One-sided reporting of transactions with another Reporting Entity
(2) Subject to subrule (4) and Rule 2.4.5, a Reporting Entity that is required by subrule 2.2.1(1) to report Derivative Transaction Information about a Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2, is taken to comply with subrule 2.2.1(1) and the requirements of Part 2.2 in relation to that Reportable Transaction where:
(a) another Reporting Entity (in this subrule, the Other Reporting Entity) is required by subrule 2.2.1(1) to report Derivative Transaction Information about the same Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2;
(b) the Other Reporting Entity has reported the Derivative Transaction Information about the same Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with subrule 2.2.1(1) and the requirements of Part 2.2; and
(c) the Licensed Repository or Prescribed Repository (as applicable) has accepted the report.
One-sided reporting of transactions with another entity that is not a Reporting Entity
(3) Subject to subrule (4) and Rule 2.4.5, a Reporting Entity that is required by subrule 2.2.1(1) to report Derivative Transaction Information about a Reportable Transaction to a Licensed Repository or Prescribed Repository in accordance with the requirements of Part 2.2, is taken to comply with subrule 2.2.1(1) and the requirements of Part 2.2 in relation to that Reportable Transaction where:
(a) another entity (in this subrule, the Other Entity) is required under the requirements (in this subrule, the Foreign Requirements) of a foreign jurisdiction to report information (in this subrule, Equivalent Information) that is substantially equivalent to the Derivative Transaction Information, about the same Reportable Transaction, to a Licensed Repository or Prescribed Repository;
(b) the Other Entity has reported the Equivalent Information about the same Reportable Transaction in accordance with the Foreign Requirements;
(c) the Equivalent Information reported is complete and accurate; and
(d) the Licensed Repository or Prescribed Repository (as applicable) has accepted the report.
(4) Subrules (1), (2) and (3) cease to apply on 1 October 2014.
2.4.3 Reporting of valuations, barrier type and barrier value
(1) Subject to subrule (2), a Reporting Entity is not required to comply with subrules 2.2.1(1) or 2.2.2(1) to the extent those subrules require the Reporting Entity to report the Derivative Transaction Information in items 30–32 (mark-to-market, mark-to-model, or other valuation), items 40–44 (collateral) and items 51–52 (barrier type and value) in Table S2.1(1), or changes to that information.
(2) Subrule (1) ceases to apply:
(a) on 1 October 2014, for a Reporting Entity that is first required to start complying with subrules 2.2.1(1) and 2.2.2(1) as part of Phase 1 or Phase 2; and
(b) on 1 April 2015, for a Reporting Entity that is first required to start complying with subrules 2.2.1(1) and 2.2.2(1) as part of Phase 3.
2.4.4 Modification, termination or assignment of outstanding positions before the Position Reporting Date
For the purposes of paragraph 2.2.1(1)(c), where:
(a) a Reporting Entity is required to report information about a Reportable Position in accordance with the Position Reporting Requirements in Part S1.2 of Schedule 1 to a Licensed Repository or a Prescribed Repository; and
(b) before the Position Reporting Date, the arrangement that is the OTC Derivative to which the Reportable Position relates is modified or terminated, or a party to that arrangement assigns some or all of its rights and obligations under the arrangement,
the Reporting Entity must report all of the applicable information in Tables S2.1(1)–(5) about:
(c) the OTC Derivative to which the Reportable Position relates; and
(d) the Reportable Transaction that is the modification, termination or assignment of that OTC Derivative (as applicable),
to the Licensed Repository or Prescribed Repository to which the Reportable Position will be reported, and must report the information referred to in paragraphs (c) and (d) in accordance with Part 2.2 of these Rules.
Note: A requirement to report a modification, termination or assignment under this Rule does not extinguish the requirement to report position information under paragraph 2.2.1(1)(b).
2.4.5 Reporting to Licensed Repositories from 1 October 2014
Reporting Entities relying on alternative reporting
(1) Subrule (3) applies to a Reporting Entity where:
(a) the Reporting Entity, on a day prior to 1 October 2014, complied with subrule 2.2.1(1) by reporting Derivative Transaction Information, or substantially equivalent information, about a Reportable Transaction (in this Rule, a Relevant Reportable Transaction) to a Prescribed Repository; and
(b) the Prescribed Repository to which the Derivative Transaction Information or substantially equivalent information was reported does not become a Licensed Repository by 1 October 2014.
Reporting Entities relying on conditional one-sided reporting
(2) Subrule (3) applies to a Reporting Entity where the Reporting Entity, on a day prior to 1 October 2014, did not report Derivative Transaction Information, or substantially equivalent information, about a Reportable Transaction (in this Rule, a Relevant Reportable Transaction) to a Licensed Repository or Prescribed Repository, in reliance on subrule 2.4.2(2) or (3).
Reporting to a Licensed Repository
(3) The Reporting Entity must, by 1 October 2014, for each Relevant Reportable Transaction, report to a Licensed Repository:
(a) Derivative Transaction Information for the Relevant Reportable Transaction; or
(b) Derivative Position Information, as at the end of 30 September 2014, for the OTC Derivative to which the Relevant Reportable Transaction relates.