Commonwealth legislation

Corporations (Derivatives) Determination 2023

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

This determination names which classes of over‑the‑counter derivatives regulators may require firms to report, and which interest‑rate derivatives may be required to be centrally cleared. It covers commodity (excluding electricity), credit, equity, foreign‑exchange and interest‑rate derivatives for reporting; and interest‑rate derivatives in AUD, USD, EUR, GBP and JPY for clearing. It repeals the 2013 Determination. Market participants trading those instruments are the ones likely to face future reporting, clearing, margin and operational costs if rules are made.

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Direct links to the current provisions in Corporations (Derivatives) Determination 2023.

Corporations (Derivatives) Determination 2023

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Commonwealth Coat of Arms of Australia

Corporations (Derivatives) Determination 2023

I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, having had regard to the matters specified in subsection 901B(3) of the Corporations Act 2001, and having consulted the Australian Securities and Investments Commission, Australian Prudential Regulation Authority, and the Reserve Bank of Australia, make the following determination.

Dated 8 August 2023

Stephen Jones

Assistant Treasurer Minister for Financial Services

Contents

Part 1—Preliminary

1 Name

2 Commencement

3 Authority

4 Schedules

5 Definitions

Part 2—Derivatives in relation to which rules may impose reporting requirements

6 Determined derivatives for which reporting requirements may be imposed

Part 3—Derivatives in relation to which rules may impose clearing requirements

7 Determined derivatives for which clearing requirements may be imposed

Schedule 1—Repeals

Corporations (Derivatives) Determination 2013

Part 1—Preliminary

1 Name

This instrument is the Corporations (Derivatives) Determination 2023.

2 Commencement

(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this instrument The day after this instrument is registered.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3 Authority

This instrument is made under the Corporations Act 2001.

4 Schedules

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

5 Definitions

Note: Expressions have the same meaning in this instrument as in the Corporations Act 2001 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

In this instrument:

the Act means the Corporations Act 2001.

Part 2—Derivatives in relation to which rules may impose reporting requirements

6 Determined derivatives for which reporting requirements may be imposed

Under subsection 901B(2) of the Act, each of the following classes of derivatives has been determined as a class of derivatives to which reporting requirements may be imposed:

(a) commodity derivatives (other than electricity derivatives);

(b) credit derivatives;

(d) foreign exchange derivatives;

(e) interest rate derivatives.

Part 3—Derivatives in relation to which rules may impose clearing requirements

7 Determined derivatives for which clearing requirements may be imposed

Under subsection 901B(2) of the Act, interest rate derivatives denominated in each of the following currencies have been determined as classes of derivatives to which clearing requirements may be imposed:

(a) Australian dollars;

(b) United States dollars;

(d) British pounds;

(e) Japanese yen.

Schedule 1—Repeals

Corporations (Derivatives) Determination 2013

1 The whole of the instrument

Repeal the instrument.

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Corporations (Derivatives) Determination 2023

Dated 8 August 2023

Stephen Jones

Assistant Treasurer Minister for Financial Services

Contents

Part 1—Preliminary

1 Name

2 Commencement

3 Authority

4 Schedules

5 Definitions

Part 2—Derivatives in relation to which rules may impose reporting requirements

6 Determined derivatives for which reporting requirements may be imposed

Part 3—Derivatives in relation to which rules may impose clearing requirements

7 Determined derivatives for which clearing requirements may be imposed

Schedule 1—Repeals

Corporations (Derivatives) Determination 2013

Part 1—Preliminary

1 Name

This instrument is the Corporations (Derivatives) Determination 2023.

2 Commencement

Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this instrument The day after this instrument is registered.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.