Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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

Division 2 - Regulation of derivative transactions: derivative transaction rules  

Subdivision 2.1B - Phase 3 reporting entities - exemption from OTC derivative reporting requirements  

REGULATION 7.5A.74   REPORTING REQUIREMENT - EXEMPTION STOPS APPLYING  

Scope

7.5A.74(1)    
This regulation applies to a phase 3 reporting entity, in relation to an OTC derivative transaction or an OTC derivative position, if:

(a) regulation 7.5A.73 applies in relation to the entity, in relation to the transaction or position, during a particular period, and the period has ended (at the exemption end time ); and

(b) the entity is a counterparty to the relevant OTC derivative (including the derivative as modified) at the exemption end time; and

(c) in reliance on an exemption under regulation 7.5A.71 (the applicable exemption ), the entity does not report OTC derivative position information (the exempt information ) in relation to the transaction or position during that period; and

(d) if it were not for the applicable exemption, the entity would have been required to report the exempt information under:

(i) the Derivative Transaction Rules (Reporting); or

(ii) subsection 907D(3) of the Act, in relation to a provision of the ASIC exemption instrument that imposes a requirement, as a condition of an exemption under that instrument, to report that information.

Single-sided reporting requirement

7.5A.74(2)    
Despite the applicable exemption, the entity must report OTC derivative position information in relation to the OTC derivative, as at the exemption end time, in accordance with the Derivative Transaction Rules (Reporting), within 6 months after the exemption end time.

7.5A.74(3)    
If the entity fails to comply with subregulation (2), the applicable exemption is taken never to have applied to the entity in relation to the transaction or position.