Today ASIC has announced that it is offering an extension of time until Friday 4 December 2015 for Phase 3B Reporting Entities to start reporting under the ASIC Derivative Transaction Rules (Reporting) 2013. This is welcome news for entities which were not confident that they would be ready to meet ASIC’s 12 October timeframe.
ASIC's full announcement can be found on their website here.
ASIC has said:
“We have been monitoring industry's readiness to meet their trade reporting obligations. We are aware that, following the release by the Australian Treasury of the single-sided reporting regulations, some entities have revised business decisions about whether they can rely on single-sided reporting or whether to establish other trade reporting arrangements, such as delegated reporting. As such, some of these entities may not have completed the steps needed to meet their reporting obligations for the 12 October 2015 deadline.
In light of this, ASIC has taken an in principle decision to extend the commencement date for phase 3B reporting to 4 December 2015.
This should provide sufficient time for those who require it, to put in place final arrangements for the last phase of trade reporting in Australia. This will not preclude those who are ready, from commencing reporting on Monday 12 October.”
However, entities that take up the extension of time will still need to maintain the fast pace of implementation in order to achieve readiness by the new 4 December reporting start date, whether they choose to report themselves, or take advantage of either delegated reporting or single-sided reporting (see our recent Alerts on single sided reporting here and here).
By way of background…
The ASIC trade reporting rules, including start dates, were made by ASIC in July 2013. Those rules required Phase 3 Reporting Entities to commence reporting in October 2014. In June 2014, ASIC provided a 12 month extension of time for Phase 3B Reporting Entities to prepare for the commencement of reporting on 12 October 2015. To further support entities' preferences for the circumstances in which they were to report, in February 2015 ASIC also changed its rules to provide a safe-harbour for entities looking to delegate their reporting obligations. Our Alert on delegated reporting can be found here.