Background
Proposals to introduce 'safe harbour' protections should
have reporting entities that choose to delegate their derivatives
reporting obligations breathing a sigh of relief.
On 25 July 2014, the Australian Securities and Investments
Commission (ASIC) issued
a consultation paper (CP 221) seeking industry
feedback on certain proposed amendments to the ASIC Derivative
Transaction Rules (Reporting) 2013 (Reporting
Rules) that came into effect in July last year.
Proposed amendments
CP 221 proposes some amendments to the Reporting Rules to
address a number of issues raised by the financial services
industry regarding compliance costs and undesirable gaps in the
reporting regime. One of the key proposals that will be of interest
to reporting entities, particularly those caught by 'Phase
3' of the reporting regime, is the proposed introduction of a
'safe harbour' from enforcement action if a reporting
entity chooses to delegate its reporting obligations to
