Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES  

Division 5 - Regulation of licensed derivative trade repositories: other obligations and powers  

Subdivision A - Obligations  

SECTION 904B   OBLIGATIONS RELATING TO DERIVATIVE TRADE DATA  

Obligation relating to use or disclosure of derivative trade data

904B(1)    
A derivative trade repository licensee, or an officer or employee of a derivative trade repository licensee, may use or disclose derivative trade data only if:

(a)    the use or disclosure:

(i) is for the purpose of, or occurs in the course of, the provision of the repository ' s services, or the performance of the duties of the officer or employee as an officer or employee of the licensee; and

(ii) is not excluded by regulations made for the purpose of this subparagraph; or

(b)    the use or disclosure is required or permitted by any of the following:

(i) another provision of this Act;

(ii) the derivative transaction rules or the derivative trade repository rules;

(iii) another law of the Commonwealth, or a law of a State or Territory.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Obligation to comply with requests from regulators for derivative trade data

904B(2)    
Any of the following persons or bodies may request a derivative trade repository licensee to provide the person or body with derivative trade data that is retained in the derivative trade repository:

(a)    ASIC;

(b)    APRA;

(c)    

the Reserve Bank;

(d)    a person or body prescribed by the regulations for the purpose of this paragraph;

(e)    another derivative trade repository licensee.

904B(3)    
Regulations must not be made prescribing a person or body for the purpose of paragraph (2)(d) unless the Minister is satisfied that there are adequate controls on the use or disclosure of any derivative trade data provided to the person or body pursuant to requests under subsection (2) .

904B(4)    
The regulations may require that certain information must not be included in derivative trade data provided pursuant to requests, or a class of requests, under subsection (2) .

904B(5)    
If:

(a)    a derivative trade repository licensee receives a request for derivative trade data under subsection (2) ; and

(b)    the licensee is not excused or prohibited from complying with the request by:

(i) regulations made for the purpose of this subparagraph; or

(ii) the derivative trade repository rules or the derivative transaction rules;

the licensee must comply with the request, subject to any requirements of regulations made for the purpose of subsection (4) .

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Obligations relating to the creation of statistical data

904B(6)    
The regulations may:

(a)    impose obligations on operators of licensed derivative trade repositories to:

(i) create statistical information from derivative trade data; and

(ii) to provide that statistical information to a person or persons, or to make it available, in accordance with the regulations; and

(b)    provide for offences in relation to those obligations.

Note: For the limit on penalties for offences against the regulations, see paragraph 1364(2)(w) .