Regulatory Reporting | ASIC Transaction Reporting

What is ASIC Derivative Transaction Reporting?

The Australian Securities and Investment Commission (ASIC) transaction reporting regime requires certain firms to report details of their over-the-counter (OTC) derivative transactions and positions to a trade repository (TR) licensed by ASIC.

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Former FCA regulator, Sophia Fulugunya discusses the challenges firms face with ASIC Derivative Transaction Reporting requirements.

About ASIC Derivative Transaction Reporting

Like many other regulators, the Australian Securities and Investments Commission (ASIC) introduced a derivative transaction reporting regime post the 2008 financial crisis to align with G20 commitments made in response to those events. More recently, following a number of consultations, the regime was subject to what was commonly referred as a rewrite that came into force in October 2024. The rewrite resulted in extensive changes, aligning the ASIC regime more closely to global standards.

ASIC's primary objective via the transaction reporting regime is to collect detailed data on OTC derivative transactions to monitor systemic risk, detect potential market abuse, and support informed policymaking. The regime encompasses interest rate, credit, equity, foreign exchange, and commodity derivatives.

ASIC Rewrite

The ASIC Rewrite went live on 21 October 2024 and primarily implemented changes that increased harmonisation with international standards. This, for example, included the introduction of global standards for legal entity identifiers (LEIs), unique product identifiers (UPIs), unique transaction identifier (UTIs) and the adoption of the ISO 20022 XML message format. Perhaps more unusually, the deadline for reporting was changed from T+1 to T+2 - this does, however, align the ASIC regime with another regime in the same region, MAS, which may explain this change.

FAQ: ASIC Transaction Reporting / ASIC Rewrite

The Australian transaction reporting regime that requires certain firms to report details of their over-the-counter (OTC) derivative transactions to a designated trade repository on T+2.
The ASIC transaction reporting regime requires the following entities to report: authorised deposit-taking institutions, clearing and settlement facility licensees, and holders of an Australian financial services licence (AFSL) to deal in derivatives. For foreign entities, you are required to report if you rely on a licensing exemption to deal in derivatives with wholesale clients.
This regime requires the reporting of interest rate, credit, foreign exchange, commodity, and equity OTC derivative contracts. Exchange-traded derivatives contracts, which also includes futures and options are not within scope.
The reporting obligation is double-sided – i.e. if either counterparty has a reporting obligation, both parties must report the transaction to ASIC. This is subject to a small number of exceptions, such as if one party is deemed not to be a reporting entity (this could be because they are a small by-side firm or are an offshore exempt entity).
In summary, the changes sought to align the ASIC transaction reporting regime more closely with other global regimes. This included the adoption of ISO 20022 XML message format, as well as the introduction of the mandatory use of legal entity identifiers (LEIs), unique transaction identifiers (UTIs) and unique product identifiers (UPIs). The main change that did not align with global standards was the change from T+1 to T+2 reporting – although this aligns other regional reporting regimes such as MAS.

Rely On Qomply To Help

Qomply has a variety of solutions to help firms comply with their regulatory MAS reporting requirements as mandated under MAS Rewrite:

QomplyEngine generates ASIC transaction reports

QomplyEngine - Generate Transaction Reports From Raw Data


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Find reportable ISINs

ISIN Quest - Find ISINs Instantly


Improve your ASIC reporting by easily retrieving reportable ISINs for your transactions through Qomply's ISIN Quest
Find UPIs for Financial Instruments

UPI Finder - Find the UPI related data for OTC derivative contracts


Combine with ISIN Quest, easily find the UPI and other associated data for your OTC derivative contracts.
Outsource your ASIC Report Operations

Qomply Managed Services - Delegate Your Transaction Reporting Operations to Qomply


Qomply Managed Service alleviates the burden of technical expertise but also provides peace of mind that regulatory requirements are being met in a risk-free and cost-effective manner

Free ASIC Resources

● UPI Finder - Retrieves the ISIN for a UPI
● ISIN Finder - Retrieves the UPI for an ISIN

External Resources

● Derivatives transaction reporting | ASIC
● RG 251 Derivative Transaction Reporting | ASIC
● Corporations Act 2001 - Federal Register of Legislation
● New derivative transaction reporting rules are now in force - is your data in order?
● Derivative transaction reporting | ASIC
● OTC derivatives | ASIC
● The 2024 Rules from 21 October 2024 | ASIC
● FAQs: OTC derivatives | ASIC

More Reporting Regimes

● MiFID II Transaction Reporting 101
● MiFID II Post-Trade Reporting 101
● EMIR Refit Transaction Reporting 101
● CFTC Transaction Reporting 101
● CSA Transaction Reporting 101
● MAS Transaction Reporting 101
● SFTR Transaction Reporting 101

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