Join Desiree Denner, Platform Specialist at Novatus Global, as she introduces the ASIC reporting capabilities of the Novatus En:ACT platform. Learn how En:ACT automates transaction reporting, reconciliation, and compliance, reducing errors and regulatory risk. With pre-submission checks and post-submission validation, it ensures accurate, timely reporting, freeing teams from manual tasks and helping firms stay ahead of evolving regulations.
ASIC Reporting with
Novatus Global
Understanding ASIC Reporting: Ensuring compliance with Australia’s derivatives reporting obligations to enhance market transparency and protect against market abuse since 2013.
What is ASIC Reporting
The Australian derivative transaction reporting regime has been in place since 2013. The main objective of the regime is to improve transparency of derivative transaction information available to relevant authorities and the public, mitigate systemic risk, and protect against market abuse.
Following multiple rounds of consultations, the reporting requirements were updated as part of the global harmonization initiative to adopt international standards such as reporting in ISO 20022 format, UPI, UTI, and critical data elements (CDE)
The new ASIC Derivatives Transaction Rules (Reporting) 2024 became effective in October 2024 with some provisions having a later effective date of October 2025.
Are there ASIC Reporting Exemptions and
who do they Apply to?
There are two main exemptions from the reporting requirements:
- Where there are no licensed or prescribed trade repositories authorised to provide services in respect of the transaction
- Foreign entities which are subject to alternative reporting requirements in a foreign jurisdiction that has been deemed to be sufficiently equivalent to the reporting requirements in Australia or where the foreign entity is not subject to any reporting obligation in any foreign jurisdiction
The exemption for foreign entities subject to alternative reporting requirements will no longer be available from October 2025
ASIC Reporting Deadlines and Requirements
As with other harmonised reporting regimes, ASIC DTR 2024 requires details of OTC derivative transactions including
Identity of the counterparties
Identifiers for the transaction (UTI)
Product information (UPI and other product characteristics)
Economic details (notionals, price)
Venue of execution
Valuation
Collateral
Margin
Information must be submitted to a trade repository within 2 business days (T+2). This deadline is extended for package transactions (other than FX swaps) to T+4.
Is ASIC Reporting Single or Double-Sided?
ASIC DTR requires all eligible reporting entities to submit details of their transactions to a trade repository. Reporting is dual-sided.
Consequences of Non-Compliance with ASIC Reporting
Rule 1.1.4 of ASIC DTR prescribes that the maximum pecuniary penalty payable for a contravention of a provision of these Rules is an amount determined by the Court under section 1317G of the Corporations Act.
A recent example of a fine imposed on a firm for breaches of ASIC DTR is from 2020 when AMP Life and AMP Capital paid penalties of AUD 275,500 and 250,500 respectively to comply with infringement notices issued by ASIC.
More specifically, AMP Life failed to:
- report information about 940 transactions on 113 separate business days
- correctly report collateral information about 9,224 transactions on 388 separate business days and
- take all reasonable steps to ensure that BNP Paribas Fund Services Australasia Pty Ltd (BNP), on behalf of AMP Life, was reporting information that was complete, accurate and current.
AMP Capital failed to:
- report information about 140 transactions on 34 separate business days
- correctly report collateral information about 9,999 transactions on 417 separate business days and
- take all reasonable steps to ensure that BNP, on behalf of AMP Capital, was reporting information that was complete, accurate and current.
How Novatus Global Can Streamline Your ASIC Reporting
The Novatus En:ACT platform ensures all data submitted to trade repositories meets and exceeds data quality validations required by regulators. Our platform consists of over 1,000 rules, spanning eligibility, industry best practices, and anomaly checks created by our in-house SMEs to ensure full coverage and highest levels of data quality. Each rule is linked to its source document and a rationale provided for easier analysis.
En:Act analytics capabilities provide management a high-level view of their reporting performance across regimes, asset classes, and delegated reporting entities.
Further, En:Act allows clients to test using future versions of the rules ahead of go-live. As such, our clients can be certain that their reports will be fully compliant with ASIC DTR 2024 rules effective in October 2025.
ASIC Reporting FAQs
What Are the Common Mistakes with ASIC Reporting?
Logical inconsistencies between fields. While individual fields may contain valid values, when looked in combination with other related fields, the data is no longer accurate. This may occur where fields that are not applicable to a given product type or asset class are populated
Can you delegate ASIC Reporting?
Rule 2.2.7 allows a reporting entity to designate one or more persons to report on its behalf. The reporting entity who appoints a third-party to report on its behalf remains responsible for ensuring the completeness, accuracy, and timeliness of the information reported in accordance with Rule 2.2.6.
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