Download file as PDF - HFW

hfw.com

Download file as PDF - HFW

Whilst there would be no obligationto report until a licensed repositoryis available, it is anticipated that anumber of trade repositories currentlyoperating in other jurisdictions willapply for Australian licences in 2013.ASIC has taken steps to facilitate thisand in March, it proposed draft rulesand regulatory guidance to establish atrade repository regime.What you need to doParticipants in Australia’s OTCderivative markets will need tofamiliarise themselves with thenew regime.Recognising the true driver behind theregime will help businesses understandhow to work within it. In brief, the driveris that any domestic Australian regimemust be sufficiently equivalent to theregimes in place in major overseasjurisdictions like the EU and USA.Carve-outs implemented in other G-20jurisdictions that become generallyaccepted are likely to be repeated inAustralia.Market participants should monitordevelopments closely: implementationis likely to be rapid and in responseto global developments. The firstchallenge will be to establish internalprocesses to manage the mandatoryreporting obligations when theybegin. At a minimum, this will involvereviewing standard documents andtraining staff in relation to ongoingcompliance requirements.For further information, please contactAaron Jordan, Partner, on+61 (0)3 8601 4535, oraaron.jordan@hfw.com, orHazel Brasington, Partner, on+61 (0)3 8601 4533, orhazel.brasington@hfw.com, or yourusual contact at HFW.Conferences & EventsEnergy and Resources SeminarHFW Perth (15 May 2013)Presenting: Hazel Brewer,Cheryl Edwardes, James Donoghue,Julian SherGAFTA Trade and TrendsConference and annualGAFTA dinnerGeneva (15–17 May 2013)Attending: Brian Perrott, Chris Swart,Katie Pritchard and John RollasonThe first challenge will be to establish internalprocesses to manage the mandatory reportingobligations when they begin. At a minimum, this willinvolve reviewing standard documents and trainingstaff in relation to ongoing compliance requirements.05 Commodities Bulletin


Lawyers for international commerceHOLMAN FENWICK WILLAN LLPFriary Court, 65 Crutched FriarsLondon EC3N 2AET: +44 (0)20 7264 8000F: +44 (0)20 7264 8888hfw.com© 2013 Holman Fenwick Willan LLP. All rights reservedWhilst every care has been taken to ensure the accuracy of this information at the time of publication, the information is intended as guidance only. It should not be considered as legal advice.Holman Fenwick Willan LLP is the Data Controller for any data that it holds about you. To correct your personal details or change your mailing preferences please contact Craig Martinon +44 (0)20 7264 8109 or email craig.martin@hfw.com

More magazines by this user
Similar magazines