ASIC Trade Reporting Breaches – a Summary

Are you aware of the penalties for non-compliance with ASIC's trade reporting rules? Australian entities dealing in OTC derivatives are required to report under and comply with the ASIC Derivative Transaction Rules (Reporting) 2024 (the Reporting Rules).

What can you be fined for?

You could be subject to penalty should you fail to comply with the following provisions of the Reporting Rules:

• Transaction Reporting Requirements and Position Reporting Requirements (2.2.1);
• Changes (2.2.2);
• Timing – generally T+2 (2.2.3);
• Format (i.e. applicable ISO 20022 message definition using XML tags) (2.2.4);
• Continuity of reporting (2.2.5);
• Accuracy of reporting (includes back reporting i.e. correcting errors and omissions) (2.2.6);