Introduction
Following the receipt of public submissions on the Australian
government's Consultation Paper, "Implementation of a
framework for Australia's G20 over-the-counter derivatives
commitments",1 the government has released an
exposure draft of the Corporations Legislation Amendment
(Derivatives Transactions) Bill 2012 (Derivatives
Bill). The Derivatives Bill proposes to amend the
Corporations Act 2001 (Cth) to provide for a legislative framework
for the regulation of derivatives transactions in order to
implement Australia's G20 commitments relating to the
regulation of OTC derivatives by the end of 2012.
The proposed legislative framework
The Derivatives Bill follows the proposals set out in the
Consultation Paper. It establishes a legislative framework that
will allow the government to require that certain prescribed
classes of derivatives be subject to one or more mandatory
obligations relating to trade reporting, central clearing and trade
execution
