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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.5A - REGULATION OF DERIVATIVE TRANSACTIONS AND DERIVATIVE TRADE REPOSITORIES    View history reference

Division 4 - Regulation of licensed derivative trade repositories: derivative trade repository rules    View history reference

Subdivision A - Power to make derivative trade repository rules    View history reference

SECTION 903A  ASIC MAY MAKE DERIVATIVE TRADE REPOSITORY RULES  

 View history reference

Power to make derivative trade repository rules

903A(1)  

Subject to this Division, ASIC may, by legislative instrument, make rules (derivative trade repository rules) dealing with matters as permitted by this section.

Note: Subdivision C deals with the process of making derivative trade repository rules.

Main matters that may be dealt with in derivative trade repository rules

903A(2)  

The derivative trade repository rules may (subject to this Division) deal with all or any of the following matters (including by imposing requirements for or relating to any of the following matters):


(a) the manner in which licensed derivative trade repositories provide their services;


(b) the handling or use of derivative trade data by licensed derivative trade repositories and their officers and employees, including the following:


(i) the acceptance and retention of derivative trade data;

(ii) the creation of statistical data from derivative trade data;

(iii) the use and disclosure of, and provision of access to, derivative trade data (including statistical data referred to in subparagraph (ii));


(c) the governance, management and resources (including financial, technological and human resources) of licensed derivative trade repositories, including the following:


(i) the handling of conflicts of interest;

(ii) the monitoring and enforcement of compliance with obligations;

(iii) the resources that licensed derivative trade repositories should have (including requirements relating to the experience, qualifications or fitness for office of operators and their officers and employees);

(iv) the integrity and security of computer systems and other systems;

(v) operational reliability;

(vi) business continuity planning;

(vii) the operational separation of functions;

(viii) the outsourcing of functions to other entities;


(d) the disclosure of conditions (including fees) on which licensed derivative trade repositories provide their services;


(e) the reporting to ASIC or other regulators of matters related to licensed derivative trade repositories.

Note: Paragraph (a): the rules may (for example) require licensed derivative trade repositories to provide open and non-discriminatory access to their services.

Other matters that may be dealt with in derivative trade repository rules

903A(3)  

The derivative trade repository rules may also (subject to this Division) deal with matters incidental or related to matters referred to in subsection (2), including any of the following:


(a) specifying the persons (being persons referred to in section 903B) who are required to comply with requirements imposed by the rules;


(b) the manner and form in which persons must comply with requirements imposed by the rules;


(c) the circumstances in which persons are, or may be, relieved from complying with requirements in the rules that would otherwise apply to them;


(d) the keeping of records, or the provision of records or other information, relating to compliance with (or determining whether there has been compliance with) the rules;


(e) any other matters that the provisions of this Act provide may be dealt with in the derivative trade repository rules.

Penalty amounts

903A(4)  

The derivative trade repository rules may specify a penalty amount for a rule. A penalty amount must not exceed 1,000 penalty units.

Rules may provide that derivative trade data is taken to be given to ASIC in confidence

903A(5)  

The derivative trade repository rules may provide, either generally or in circumstances specified in the rules, that information given to ASIC, by the operator (or an officer of the operator) of a licensed derivative trade repository, under a provision of:


(a) this Part; or


(b) regulations made for the purpose of this Part; or


(c) the derivative transaction rules or the derivative trade repository rules;

is to be taken, for the purpose of section 127 (confidentiality) of the ASIC Act, to be given to ASIC in confidence in connection with the performance of ASIC's functions under this Act.

903A(6)  

Derivative trade repository rules that provide as mentioned in subsection (5) have effect accordingly for the purpose of section 127 of the ASIC Act.

Note: Subsections (5) and (6) do not limit the circumstances in which information given to ASIC by a licensed derivative trade repository may, for the purpose of section 127 of the ASIC Act, be regarded as having been given to ASIC in confidence in connection with the performance of ASIC's functions under this Act.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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