Accuracy of Reporting and Delegate Oversight – ASIC
ASIC's OTC derivative transaction reporting rules allow reporting entities to delegate their reporting obligations to a third party. In doing so, reporting entities are required to take all reasonable steps to ensure the completeness, accuracy and currency of the information reported (Rule 2.2.6 of the ASIC Trade Reporting Rules).
Removal of 'safe harbour' provisions and how to conduct delegate oversight moving forward
Reporting entities have full responsibility for reporting requirements where it chooses to delegate these requirements to one or more delegates.
Once a delegate is appointed, reporting entities must ensure there is a suitable governance framework and systems in place as well as processes and controls– this is to ensure the information required to be reported (including changes to such information) is and always remains complete, accurate and current.
