The Australian Securities and Investments Commission (ASIC) has implemented new OTC derivatives reforms, initially being applied for the 5 major Australian Banks; CBA, ANZ, NAB, Westpac and Macquarie Bank. 

The Australian reforms have been designed to ensure, as far as possible, consistency with international requirements as well as to maximise the prospects of substituted compliance or sufficient equivalence judgments being reached by foreign regulators.  The final trade reporting rules set out which entities will need to report to trade repositories, what information will need to be reported, and when the reporting obligation will start for different classes of reporting entities and different instrument types.

End users of OTC derivatives (i.e. those that are not financial institutions or intermediaries) will not be covered by the reporting regime and ASIC will consult on their reporting obligations later this year.