Australian Single-Sided Reporting Multiple Representations Letter

(published November 18, 2015)

On September 3, 2015, the Australian Treasury promulgated the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 which (amongst other things) amends the Corporations Regulations 2001 to include a single-sided reporting exemption (the “single-sided reporting exemption”). This representation letter allows market participants to provide counterparties with status representations which may be used to help determine whether the single-sided reporting exemption is applicable. This letter also allows a Counterparty flexibility to provide multiple representations to cover certain types of trades, such as those trades booked to an Australian branch or reportable under the “nexus test”. In addition, this letter includes an undertaking by the Exempt Phase 3 Reporting Entity to onboard itself to a licensed derivatives repository to assess whether a Counterparty has reported. The ISDA Australian Single-Sided Reporting Letter published on September 24, 2015 may continue to be used with Counterparties, depending on the requirements of the Counterparties.

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