Commencing today, the (2024 Reporting Rules) replace the
The 2024 Reporting Rules make changes to:
- align with international reporting standards
- consolidate transitional provisions and exemptions, and
- ensure reporting requirements are fit for purpose.
The 2024 Reporting Rules were made on 19 December 2022 following two rounds of public consultation in November 2020 () and May 2022 ().
ASIC then undertook another two rounds of public consultation in November 2023 () and February 2024 (), which resulted in amendments to the 2024 Reporting Rules and supporting instruments being made.
In September 2024, we and announced that we will take a measured approach to compliance until March 2025 for reporting entities that make reasonable efforts to comply with the 2024 Reporting Rules.
In preparation for the commencement of the 2024 Reporting Rules, we have undertaken extensive industry engagement to better understand implementation issues. Broadly, we have observed strong industry collaboration and engagement with the changes to the reporting requirements and thank reporting entities and stakeholders for their significant efforts to date.
Importantly, the changes will greatly enhance the conformity and consistency of OTC derivative transaction data and ultimately improve its quality and useability for a range of regulatory purposes.
This work advances ASIC’s commitment to making changes to our practices to operate more efficiently with the regulated population.
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ASIC is Australia’s corporate, markets and financial services regulator.
