TRAction's Reporting Recap: September 2024
Stay ahead by exploring new regulatory reporting insights in TRAction’s Reporting Recap.
This month’s edition features:
UK/EU
ASIC/MAS
UK/EU
New Video: TRAction's Services in Detail EMIR/MiFIR
This video explores the pricing plans for TRAction's EMIR and MiFIR services. Whether you're seeking basic reporting support or full-service solutions, we outline each plan's available features, and benefits.
Discover how TRAction assists your business to meet its trade reporting requirements.
Want to know more about TRAction's services? Watch our helpful video to find out or head to our website for more information.
UK EMIR Refit: what additional reporting information do you need from me?
UK EMIR Refit go-live date is set for 30 September 2024, prompting the most commonly asked question by Reporting Counterparties using TRAction’s services – what new information is required in UK EMIR Refit?
We have listed the key new information points required in relation to counterparty, UPI and Option fields:
EMIR REFIT for the UK Will Become Effective This Month: How Should Firms Prepare?
EMIR Refit goes live in the UK this month - are you and your firm prepared?
TRAction's co-CEO Quinn Perrott, has published an insightful article on Finance Magnates, where he outlines the key changes to reporting which start on 30 September 2024, and what you and your firm can do to prepare.
Some of the challenges include:
FinanceFeeds: Pinnacle x TRAction
TRAction is pleased to announce our partnership with Pinnacle Investment Management Group, a leading multi-affiliate investment firm operating in Australia, the UK, the EU, and the US. This collaboration aims to ensure that Pinnacle's EMIR and ASIC trade reporting is streamlined and compliant, by utilising TRAction's services.
Dan Longan, CEO & CFO of Pinnacle Investment Management, added: “Pinnacle Investment Management is pleased to collaborate with TRAction and leverage their specialist knowledge and expertise in the complex Regulatory technology area to ensure all our trade reporting obligations are met. By working with specialists in their fields Pinnacle can offer a broad range of services to support our affiliated Fund Management businesses, so they can focus on Investment excellence.”
To learn more, check out the article featured in FinanceFeeds, which details the key aspects of the partnership.
ASIC/MAS
Daylight savings begins
Daylight Saving Time (DST) starts next weekend (Sunday, 6 October 2024) in Australia for most states. While you enjoy the sun and longer days, you’ll need to check your ASIC OTC derivative reporting is using the correct time settings after the time change.
Here are 2 tips to help you ensure your trades/transactions are reported at the correct time:
1. Check your Time fields in your handback files
2. Check time recorded for daily snapshot (if applicable)
Finance Magnates Pacific Summit: Negotiating Favourable Prime Brokerage Agreements
Recently our co-CEO Sophie Gerber spoke at Finance Magnates FMPS:24 in Sydney, alongside other industry experts Andrew Wood ( IG Prime ), Martin St-Hilaire ( Titan FX ) and Astrid Raetze ( ABML Legal ).
Missed out on this insightful panel discussion? Don't worry! You can find the recording on YouTube below.
Finance Magnates Pacific Summit: Beyond the bASICs: Regulation and Operations in Australia and Offshore
Missed out on the many valuable insights shared at this @Finance Magnates FMPS:24 panel?
You can find the recording of TRAction's co-CEO Quinn Perrott speaking with other legal and compliance industry experts Courtney Fitzsimmons ( MEX Markets ), Vakul T. ( Crypto.com ), Tony Rose ( LNP Audit and Assurance ), Eugenio Accongiagioco co ( APAC Management Consultancy Pte. Ltd. ) and Paul Derham ( Holley Nethercote ), on YouTube below:
Recommended by LinkedIn
ASIC Rewrite: Single-sided Reporting
Are you reporting with single-sided relief? Your reporting obligations may be changing!
Single-sided relief has a useful reporting exemption for firms captured by the ASIC OTC derivative reporting requirements, however these provisions are changing under ASIC Rewrite.
See our latest article to ensure you understand and stay compliant under both the current provisions, and under the upcoming ASIC Rewrite changes.
Do you need further assistance with understanding your reporting obligations? Don't hesitate to reach out to us for help.
The Complexities of ISO 20022 XML for Transaction Reporting
The XML reporting structure in accordance with the ISO 20022 XML methodology is required for ASIC and MAS Rewrite, and it will no longer be permitted to submit in CSV format.
The structure was created to provide an industry-wide framework to be used by all financial standards initiatives, with the aim of improving reporting quality and consistency. There are some drawbacks with this structure, as creating these files in XML is not easily done.
See more details about the background, objective, complexities, and drawbacks of ISO 20022 XML for transaction reporting in our new article.
Use of LEIs mandatory from October 2024 - use of AVID or BIC as an entity identifier will no longer be possible
Which type of identifier do you use for your ASIC reporting? BIC, AVID, LEI, or Client code?
From 21 October 2024, only LEIs can be used in ASIC's derivative reporting. The final version of the rules have been released and require that a Legal Entity Identifier (LEI) is the only allowable entity identifier for all eligible relevant entities.
TRAction recommends that you implement an LEI-only policy for all your non-individual clients in anticipation of the changes commencing on 21 October 2024.
See our new article below to learn more, and don't hesitate to contact us if you have any questions.
ASIC Rewrite: What Additional Information Do I Need To Report?
The updated ASIC OTC derivative transaction reporting covers 128 fields. So, what new information do firms need to send TRAction so we can complete your reporting once the new ASIC regime goes live in October 2024?
Read more about:
Check out our website that breaks down what you need to know.
What do reported trades in Australia say about our brokerage?
Under ASIC’s Reporting Rules, most Australian margin FX and CFD brokers are Reporting Entities that are required to report their transactions as they are considered to be over-the-counter (OTC) derivatives.
TRAction takes a look at what ASIC can surmise about your FX/CFD brokerage from the data they receive.
We discuss:
Stay informed about the upcoming ASIC Rewrite and how it will change the landscape for reporting entities.
Media
Finance Magnates: ASIC Rewrite Is Knocking: What Should CFDs Brokers Know?
ASIC Rewrite is just around the corner - are you prepared?
TRAction breaks down important information about ASIC Rewrite changes for CFD Brokers.
Some of these changes include:
For more details, check out the article for Finance Magnates by TRAction's co-CEO, Sophie Gerber .
Securities Finance Times: Australia: Embracing change amid technological and regulatory overhauls
In the September Issue of Securities Finance Times , TRAction's co-CEO, Sophie Gerber , was featured in the country profile - 'Australia: Embracing change amid technological and regulatory overhauls', alongside other industry experts including Stephen Howard ( PASLA ), Benoit Uhlen ( BNP Paribas ), Matthew Chessum ( S&P Global Market Intelligence ), and the Treasury of the Australian Government .
Enjoyed this month's Reporting Recap? Don't forget to subscribe and make sure you don't miss next month's issue!