Corporations Laws Amendment (2014 Measures No. 3) Regulation 2014 (185 of 2014)

Schedule 2   Central clearing and trade reporting

Corporations Regulations 2001

2   Regulations 7.5A.150A and 7.5A.150B

Repeal the regulations, substitute:

7.5A.150A European Union requests for derivative trade data

(1) For paragraph 904B(2)(d) of the Act, the persons or bodies mentioned in Article 81(3)(a) to (e), (g), (h) and (j) of Regulation (EU) No 648/2012 of the European Parliament and the Council of the European Union, dated 4 July 2012, 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.

(2) For subsection 904B(4) of the Act, information must not be included in derivative trade data provided in response to a request under subregulation (1) unless:

(a) the information relates to a transaction or position that is required to be reported under either of the following:

(i) rules made under paragraph 901A(2)(b) of the Corporations Act 2001;

(ii) the conditions of an exemption given under section 907D of the Corporations Act 2001; and

(b) subregulation (3) or (4) applies.

(3) This subregulation applies if the information relates to a transaction or position that would, but for mutual regulatory recognition arrangements, be required to be reported under one or more of the following:

(a) Regulation (EU) No 648/2012 of the European Parliament and the Council of the European Union dated 4 July 2012;

(b) Commission Implementing Regulation (EU) No 1247/2012 of the European Parliament and the Council of the European Union, dated 19 December 2012;

(c) Commission Delegated Regulation (EU) No 148/2013 of the European Commission, dated 19 December 2012.

(4) This subregulation applies if the information:

(a) relates to a European Union or European Economic Area underlying asset, index, rate or currency; and

(b) is not covered by subregulation (3).

7.5A.150B Other requests for derivative trade data

(1) For paragraph 904B(2)(d) of the Act, the Monetary Authority of Singapore may request a derivative trade repository licensee to provide the Monetary Authority of Singapore with derivative trade data that is retained in the derivative trade repository.

(2) The request must be made in accordance with the standards set out in the report "Authorities' access to trade repository data":

(a) issued jointly by the Committee on Payment and Settlement Systems (the CPSS ) and the International Organization of Securities Commissions (the IOSCO ); and

(b) as supplemented, superseded or modified from time to time by principles, recommendations or standards issued by the CPSS or IOSCO (or a successor of the CPSS or IOSCO).

(3) If part of a request under subregulation (1) is made in accordance with the standards mentioned in subregulation (2), the part is taken to be a request for the purpose of this regulation.

(4) For subsection 904B(4) of the Act, information must not be included in derivative trade data provided to a person or body in response to a request under subregulation (1) unless:

(a) the information relates to a transaction or position that is required to be reported under either of the following:

(i) rules made under paragraph 901A(2)(b) of the Corporations Act 2001;

(ii) the conditions of an exemption given under section 907D of the Corporations Act 2001; and

(b) subregulation (5) or (6) applies.

(5) This subregulation applies if the information:

(a) relates to a transaction or position that is, or would be, but for mutual regulatory recognition arrangements, required to be reported under the laws of the jurisdiction in which the person or body is located; and

(b) is required by the person or body as part of the performance of its functions or exercise of its powers.

(6) This subregulation applies if the information:

(a) either:

(i) relates to an underlying asset, index, rate or currency of the jurisdiction in which the person or body is located; or

(ii) relates to a counterparty located in the jurisdiction in which the person or body is located; and

(b) is required by the person or body as part of the performance of its functions or exercise of its powers; and

(c) is not covered by subregulation (5).