ASIC RG 251 — ASIC Regulatory Guide – RG 251 Derivative transaction reporting

Page 1 REGULATORY GUIDE 251 Derivative transaction reporting April 2026 About this guide This guide is for reporting entities that have reporting obligations under the ASIC Derivative Transaction Rules (Reporting) 2024. It explains the derivative transaction reporting regulatory regime and gives targeted guidance to help reporting entities understand how to comply with their reporting obligations. Page 2 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 2 About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Consultation papers: seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides: give guidance to regulated entities by:  explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act)  explaining how ASIC interprets the law  describing the principles underlying ASIC’s approach  giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets: provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports: describe ASIC compliance or relief activity or the results of a research project. Document history This guide was issued in April 2026 and is based on legislation and regulations as at the date of issue. Previous versions: • Superseded Regulatory Guide 251, issued 29 August 2013 and reissued 13 February 2015, 17 March 2020, 2 February 2023 and 17 September 2024 (effective from 21 October 2024) Disclaimer This guide does not constitute legal advice. We encourage you to seek your own professional advice to find out how the Corporations Act and other applicable laws apply to you, as it is your responsibility to determine your obligations. Examples in this guide are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements. Page 3 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 3 Contents A Overview ........................................................................................... 4 Background ........................................................................................ 4 Overview of our guidance .................................................................. 7 B The scope of reportable transactions ........................................... 8 Overview of OTC derivatives ............................................................. 8 Asset classes and products that must be reported.......................... 11 Lifecycle or snapshot reporting ........................................................ 14 C Who the reporting obligations apply to ....................................... 16 Reporting entities ............................................................................. 16 Appointing another person to report (delegated reporting) ............. 18 Reporting trades made by a fund manager ..................................... 22 D Unique transaction identifier ........................................................ 23 Rule 2.2.9—Unique transaction identifier ........................................ 23 Determining the UTI generating entity ............................................. 25 E Derivative transaction data that must be reported .................... 36 Derivative trade data ........................................................................ 36 F Derivative transaction reporting breaches ................................. 39 Reporting entity types and breach reporting obligations ................. 39 Reportable situations regime for AFS licensees.............................. 40 Appendix: Accessible versions of figures .......................................... 48 Key terms ............................................................................................... 50 Related information ............................................................................... 54 Page 4 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 4 A Overview Key points ASIC is responsible for administering the derivative trade repository licensing regime. It is also responsible for making and enforcing derivative transaction rules that establish mandatory requirements for reporting and clearing derivative transactions. This guide explains the reporting obligations for over-the-counter (OTC) derivatives that apply to reporting entities under the ASIC Derivative Transaction Rules (Reporting) 2024. It gives guidance to help reporting entities understand how to comply with their reporting obligations. Background RG 251.1 After the global financial crisis in 2008, the Leaders of the Group of Twenty (G20) pledged in September 2009 to strengthen the international financial regulatory system and agreed to implement reforms to improve practices in OTC derivatives markets. These reforms included the mandatory reporting of OTC derivative transactions to derivative trade repositories (trade repositories) that would make information available about these transactions to regulators and the broader market. RG 251.2 The objectives of the OTC derivatives reforms are to: (a) improve the transparency of derivative transaction information available to relevant authorities and the public; (b) mitigate systemic risk; and (c) protect against market abuse. RG 251.3 Since then, all G20 members (including Australia) and three other member jurisdictions of the Financial Stability Board (FSB) have established mandatory derivative transaction reporting regimes. RG 251.4 In addition, between 2012 and 2018, the FSB and CPMI-IOSCO developed international standards and guidance for certain data elements collected under derivative transaction reporting regimes with a view to common adoption across G20 and FSB jurisdictions. This is to streamline and simplify reporting requirements for businesses and to enable regulatory authorities to more readily aggregate information about internationally traded OTC derivatives and better understand the multiple cross-border connections between counterparties. Note 1: CPMI-IOSCO refers to the joint work of the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements and the International Organisation of Securities Commissions (IOSCO). Page 5 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 5 Note 2: The international standards and guidance developed by CPMI-IOSCO include: • Technical guidance: Harmonisation of the unique transaction identifier (PDF 570KB) (UTI Guidance), February 2017; • Technical guidance: Harmonisation of the unique product identifier (PDF 602 KB) (UPI Guidance), September 2017; and • Technical guidance: Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) (PDF 2 MB) (CDE Technical Guidance), December 2025—as updated by the Regulatory Oversight Committee (ROC). RG 251.5 Starting in 2020 and progressively since then, the major jurisdictions of the United States, Canada, the European Union, the United Kingdom, Japan, Singapore and Hong Kong have finalised changes to their derivative transaction reporting regimes to adopt these international standards. RG 251.6 The Australian derivative transaction reporting regime has been in place since 2013. Following public consultations by ASIC between November 2020 and February 2024, the Australian requirements were also updated to adopt these international standards. Reporting under the updated requirements commenced on 21 October 2024. Australian legislative framework RG 251.7 Part 7.5A was inserted into the Corporations Act 2001 (Corporations Act) in 2012 for the regulation of derivative transactions and derivative trade repositories. We are responsible for administering this regime by making and enforcing derivative transaction rules that establish mandatory requirements that apply to reporting, clearing and execution of derivative transactions: s901A. We are also responsible for licensing and supervising trade repositories: s903A. Note: In this document, references to chapters (Chs), parts (Pts), divisions (Divs) or sections (s) are to the Corporations Act, unless otherwise specified. RG 251.8 Under s901B, the Minister has the power to determine one or more classes of derivatives for which execution, reporting or clearing requirements may be imposed. RG 251.9 Subject to the scope of the Minister’s determination, we have made derivative transaction rules imposing reporting requirements and clearing requirements: s901A. RG 251.10 Regulations made in the Corporations Regulations 2001 (Corporations Regulations) may limit the operation of the derivative transaction rules: s901C and s901D. RG 251.11 We may exempt persons, facilities or derivative transactions from provisions of the Corporations Act, the regulations or the rules: s907D. Page 6 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 6 RG 251.12 We may also make determinations under the rules that a derivative able to be traded on an authorised financial market is, or is not, an OTC derivative for the purposes of the reporting requirements under the rules: Rule 1.2.4(3). Note: In this document, references to ‘Rule 1.2.5’, ‘Part 2.4’ or ‘Schedule 2’ (for example) are references to a particular rule, part or schedule of the ASIC Derivative Transaction Rules (Reporting) 2024 (derivative transaction rules (reporting)). RG 251.13 Table 1 sets out the legislative and regulatory architecture of the Australian OTC derivative transaction reporting requirements. Table 1: Legislative and regulatory architecture Purpose of the legislative and regulatory architecture Legislative or regulatory reference Primary legislation for the regulation of derivative transactions and derivative trade repositories Pt 7.5A Primary definition of a derivative s761D Prescribes the classes of derivatives on which reporting requirements may be imposed by ASIC- made rules Minister’s determination under s901B(2) Precludes imposing requirements on end users Corporations Regulations, reg 7.5A.50 Exempts entities with small-scale gross notional outstanding positions from reporting transactions where their counterparty reports the transactions Corporations Regulations, regs 7.5A.70–7.5A.74 ASIC-made rules imposing specific reporting requirements Derivative transaction rules (reporting) Exclusion of certain types of derivatives or contracts or arrangements Rule 1.2.4(2)–(7) Exclusion of certain types of entities Rule 1.2.5(3)–(4) ASIC exemptions made under s907D If applicable, see our Derivative transaction reporting webpage ASIC determinations for derivatives able to be traded on an authorised financial market If applicable, see our Derivative transaction reporting webpage RG 251.14 On 8 August 2023, the Minister’s first 2013 determination was remade in unchanged form as the Corporations (Derivatives) Determination 2023 (Ministerial determination). RG 251.15 This Ministerial determination continued to empower ASIC to make rules imposing reporting requirements for the following classes of derivatives: (a) commodity derivatives (other than electricity derivatives); (b) credit derivatives; Page 7 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 7 (c) equity derivatives; (d) foreign exchange derivatives; and (e) interest rate derivatives. RG 251.16 Regulations 7.5A.50 and 7.5A.70–7.5A.74 of the Corporations Regulations continue to affect the operation of the derivative transaction rules (reporting) as follows: (a) reg 7.5A.50 provides that derivative transaction rules cannot impose requirements on end users (i.e. reporting entities other than those specified in Table 1 of the derivative transaction rules (reporting)); and (b) regs 7.5A.70–7.5A.74 provide an exemption—the ‘single-sided’ exemption—for reporting entities with small-scale gross notional outstanding positions sustained below A$5 billion, from reporting transactions where their counterparty reports the transactions, and other conditions are met. RG 251.17 Having first made derivative transaction reporting rules in 2013 and renewed them in 2022, on 19 December 2022, ASIC made the updated derivative transaction rules (reporting), effective 21 October 2024. RG 251.18 In addition, commencing 20 October 2025, the ASIC Derivative Transaction Rules (Reporting and Clearing) Amendment Instrument 2024/416 amends the derivative transaction rules (reporting) to: (a) substitute dealings in ‘nexus derivatives’ as the scope test for foreign entities’ reporting requirements in place of the existing ‘entered into’ scope test, and simplify the scope of foreign central counterparties’ reporting requirements—see RG 251.65–Error! Reference source not found.; and (b) remove the provisions for alternative reporting. Overview of our guidance RG 251.19 This guide explains the reporting obligations that apply to reporting entities under the derivative transaction rules (reporting), and gives targeted guidance to help reporting entities understand how to comply with their reporting obligations, including: (a) the scope of reportable OTC derivative transactions (Section B); (b) who the reporting obligations apply to (Section C); (c) unique transaction identifier (see Section D); (d) derivative transaction information to be reported (see Section E); and (e) derivative transaction reporting breaches (Section F). Page 8 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 8 B The scope of reportable transactions Key points This section gives guidance about the scope of ‘OTC Derivatives’ used in the meaning of ‘Reportable Transactions’, asset classes and products that must be reported, and lifecycle and snapshot reporting requirements. The definition of an OTC derivative is based on the meaning of a derivative under s761D and is subject to definitional exclusions relating to: • spot settlement transactions; • exchange-traded derivatives; and • foreign exchange securities conversion transactions. Overview of OTC derivatives RG 251.20 The derivative transaction rules (reporting) impose obligations on reporting entities (Rule 1.2.5) to report information about their reportable transactions in OTC derivatives to a licensed, or in certain circumstances a prescribed, trade repository (the reporting obligations). RG 251.21 The Ministerial determination sets out the classes of derivatives for which reporting requirements may be imposed: see RG 251.8–RG 251.9 and RG 251.14–RG 251.15. RG 251.22 Rule 1.2.4 defines an OTC derivative as a derivative, within the meaning of s761D, that is in a prescribed class under the Ministerial determination. RG 251.23 Table 2 sets out the definitional elements and legislative framework for defining an OTC derivative under the derivative transaction rules (reporting). Table 2: Framework for defining an OTC derivative OTC derivative definitional elements Legislative reference Within the principles definition of a derivative Section 761D(1) gives the principles definition of a derivative Excluding products that are not derivatives Excluding products that are, or may be, both a derivative and something else Section 761D(3)(c) of the meaning of a derivative under the Corporations Act excludes financial products covered by s764A(1) (e.g. a security, an interest in a scheme, an insurance contract or a government bond) The Corporations Regulations also declare things not to be a derivative: see, for example, reg 7.1.04(8)(a) (tradeable water rights) Page 9 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 9 OTC derivative definitional elements Legislative reference Excluding transactions in tangible property Section 761D(3)(a) excludes transactions for tangible property subject to various conditions, including that they are not for cash settlement, set-off or subject to usual market practices of close-out by matching Excluding transactions for spot settlement For s761D(1)(b), reg 7.1.04(1) of the Corporations Regulations excludes foreign exchange contracts for less than T+3 settlement Other contracts for intangible property are excluded by Rule 1.2.4(7) Excluding exchange-traded derivatives Excluded by Rule 1.2.4(2) Excluding FX contracts for foreign currency securities settlement purposes Excluded by Rule 1.2.4(6) Excluding transactions in tangible property RG 251.24 Section 761D(3)(a) generally excludes from the meaning of a derivative a transaction for the physical delivery of tangible property (e.g. a physical commodity such as wheat, crude oil or gold). This is subject to the arrangement not being subject to cash settlement, set-off between the parties or usual market practices, including by the rules of a licensed market or a clearing and settlement (CS) facility, permitting close-out by matching: s761D(3). RG 251.25 Transactions in intangible property (e.g. shares or environmental certificates) are not excluded by this provision. RG 251.26 Transactions in tangible property that are for physical delivery but have a usual market practice of being closed out by matching before the physical delivery date—because, for example, a party is not ordinarily able to make or take delivery—are not excluded by this provision. Excluding transactions for spot settlement RG 251.27 Key products for which ‘spot’ settlement is a common transaction type— such as foreign exchange and securities—are already excluded under provisions described above, including for transactions in tangible property for physical delivery. Note: The ‘spot’ leg of an FX swap is reportable as being a component of an FX swap ‘entered into as a single economic arrangement’: paragraph (c) of Item 92 Package Identifier in Table S1.1(1) Transaction information of the derivative transaction rules (reporting). RG 251.28 Under Rule 1.2.4(7), transactions in other products that are intangible property—such as Australian carbon credit units or other environmental units—for which market practice is spot settlement (e.g. T+2 or T+3) are Page 10 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 10 also excluded from the definition of an OTC derivative and the scope of reportable transactions. This is consistent with the approach taken in overseas jurisdictions, such as Singapore, Hong Kong, the European Union and the United States. RG 251.29 Rule 1.2.4(7)(a) refers to arrangements ‘at a price and within a period of no longer than the shortest period determined by the usual market practice for delivery of the property’. Reporting entities are responsible for determining if the price and delivery date of a transaction fall within this meaning, but we recognise that ‘usual market practice’ is not always commonly understood as a singular market convention. We consider that it is not unreasonable that reporting entities determine to include or exclude transactions on differing bases, but we expect there would only be small or infrequent differences between these bases. Excluding exchange-traded derivatives RG 251.30 Under Rule 1.2.4(2), an OTC derivative means a derivative that is not the entry into of an arrangement that is a derivative on, or reported to the operator of, an authorised financial market under the Operating Rules of the authorised financial market, and either: (a) ASIC has made a determination under Rule 1.2.4(3) that specifies the derivative, for the purposes of Rule 1.2.4(2)(a), is not an OTC derivative; or (b) meets the generic definition of an exchange-traded derivative under Rule 1.2.4(2)(b)(i)–(iv) and is not specified in a determination made by ASIC under Rule 1.2.4(3) that it is not an OTC derivative. RG 251.31 The generic definition of an exchange-traded derivative (which is set out in Rule 1.2.4(2)(b)(ii)–(iv) identifies ‘standardisation features’ as follows: (a) the derivative is able to be traded, or reported, in accordance with, and with terms documented under or prescribed by, the Operating Rules of the authorised financial market; and (b) the derivative is available in one or more series; and (c) the terms of the derivative, including the amount or size, are the same for every other derivative in the same series, with the exception of the price. RG 251.32 A derivative within the meaning of Rule 1.2.4(2)(a) may or may not have these ‘standardisation features’. If it does not, the derivative is only not an OTC derivative if it is determined as such by ASIC under Rule 1.2.4(3). RG 251.33 For example, a derivative such as an interest rate swap that is, under international norms and in ASIC’s view, not ordinarily treated as an exchange-traded derivative for derivative transaction reporting purposes, is not likely to be determined by ASIC under Rule 1.2.4(3) as not being an OTC derivative. Page 11 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 11 RG 251.34 Alternatively, a derivative may be an existing exchange-traded derivative for which the operator of the authorised financial market has relaxed its ‘standardisation features’ to the point that it is ‘OTC-like’. Subject to the particular circumstances, ASIC may determine under Rule 1.2.4(3) that the derivative continues to be treated as not being an OTC derivative. RG 251.35 If a derivative within the meaning of Rule 1.2.4(2)(a) does have the ‘standardisation features’, then Rule 1.2.4(2)(b) applies and the derivative is not an OTC derivative unless ASIC makes a determination to the contrary under Rule 1.2.4(3). RG 251.36 For example, a derivative such as a commodity futures contract that is, under international norms and in ASIC’s view, ordinarily treated as an exchange- traded derivative for derivative transaction reporting, is not likely to be determined by ASIC under Rule 1.2.4(3) as an OTC derivative. RG 251.37 Alternatively, a derivative may be an existing OTC derivative for which the operator of the authorised financial market on which it is traded tightens its ‘standardisation features’ to the point that it is ‘exchange-traded- like’. Subject to the particular circumstances, ASIC may determine under Rule 1.2.4(3) that the derivative continues to be treated as an OTC derivative. Excluding FX securities conversion transactions RG 251.38 Excluded from the definition of an OTC derivative and the scope of reportable transactions are ‘FX securities conversion transactions’: see Rule 1.2.4(6)). An FX securities conversion transaction is a foreign exchange transaction, settling not more than seven business days forward, that the reporting entity reasonably believes is entered into solely to facilitate the settlement of a transaction of a foreign currency denominated security, or portfolio of securities. RG 251.39 A reporting entity is not required to conclusively determine that a foreign exchange contract must not be reported, and may report the transaction if it does not have a reasonable belief that it is not reportable. Asset classes and products that must be reported RG 251.40 A reporting entity must report details of its reportable transactions in the asset classes prescribed under the Ministerial determination, currently: (a) commodity derivatives that are not electricity derivatives; (b) credit derivatives; (c) equity derivatives; Page 12 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 12 (d) foreign exchange derivatives; and (e) interest rate derivatives. RG 251.41 Subject to the Ministerial determination, the types of derivatives that must be reported are those for which: (a) an applicable UPI code is obtainable from the UPI Service; and Note: In May 2019, the FSB designated The Derivatives Service Bureau (DSB) Limited as the UPI service provider. (b) the underlier is specifically identified in the reference data of the UPI code; or (c) the underlier is of a type set out in our guidance for reporting underliers that are not specifically identified in the reference data of the UPI code. RG 251.42 The derivative transaction rules (reporting) do not require all kinds of arrangements that may be a derivative to be reported. We consider that a derivative product is not a reportable derivative product if it would not be capable of being reported with a UPI code and an underlier as set out above. RG 251.43 The UPI Service supports UPI codes that identify derivative products, categorised by: (a) asset class—commodities, credit, equity, foreign exchange and rates (i.e. interest rates), which is aligned with the scope of the Ministerial determination; (b) instrument type—forward, swap and option; and (c) product name—differentiated standard products by asset class as determined by an industry-led ‘Product Committee’ that oversees the definitions of UPI Service. RG 251.44 The UPI Service also has designations of an asset class of ‘Other’, instrument type of ‘Other’ and product name of ‘Non-Standard’, but these do not, of themselves, widen the asset class, instrument type and product name scope of the UPI Service as explained in Table 3. Table 3: Limited scope of ‘Other’ and ‘Non-Standard’ designations UPI Service designation Limited scope of a UPI code Asset class of ‘Other’ ‘Other’ allows a UPI code to identify more than one asset class, but limited to among commodities, credit, equity, foreign exchange or rates Instrument type of ‘Other’ ‘Other’ allows a UPI code to identify more than one type of return attribute applicable to the derivative product, but limited to among forward, swap or option return attributes Page 13 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 13 UPI Service designation Limited scope of a UPI code Product name of ‘Non-Standard’ ‘Non-Standard’ allows a UPI code to identify a variant to a standard product, but limited to describing the product with the same set of attributes as describes a standard product RG 251.45 For completeness within the UPI Service, the UPI Service also supports a small number of UPI codes that designate an instrument type but not an asset class or designate neither an instrument type nor an asset class: see the UPI Service’s product definition of ‘Other:Other:Undefined’. RG 251.46 Where such a UPI code is applicable to a derivative product, it would only be reportable if, even if not so designated in the UPI code, a reporting entity determines that the actual asset class(es) of the derivative product is within the scope of the Minister’s determination and the actual instrument type(s) is among forward, swap and option. RG 251.47 In effect, a derivative product is reportable if it has the attributes of a named product in the UPI Service or is a variant of such a named product. RG 251.48 Finally, a reportable derivative product needs to have an underlier that is of a type supported as a specific identifiable underlier in the UPI Service or under the provisions of the derivative transaction rules (reporting) for underliers not specifically identified in the UPI Service (see Item 83 Underlier ID (Other) in Table S1.1(1) Transaction information of the derivative transactions rules (reporting)). RG 251.49 A wide range of types of underliers are supported in these ways, including currency codes, equity and debt securities, instruments identified by an international securities identification number (ISIN), exchange-traded derivatives, credit default swap indices and indices in the other asset classes, entity legal entity identifiers (LEIs) and names, interest rate, inflation index and commodity reference rates or prices and digital tokens. An underlier that is a basket, or a proprietary index supported by the UPI Service, would have constituents that are also of these types. RG 251.50 It is the reporting entity’s responsibility to determine if a transaction in a derivative product of a particular type is a reportable transaction. Exemption for electricity derivatives RG 251.51 Under s761D(1)(c), a condition of the meaning of a derivative is that ‘the amount of the consideration, or the value of the arrangement, is ultimately determined, derived from or varies by reference to (wholly or in part) the value or amount of something else (of any nature whatsoever and whether or not deliverable)’. Page 14 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 14 RG 251.52 We consider that a derivative can be classified as an electricity derivative where the ‘something else’ referred to in s761D(1)(c) is an attribute related to electricity, including, but not limited to: (a) an electricity price; (b) the volatility of an electricity price; (c) an amount of electricity generated; and (d) an amount of electricity purchased or sold. Reporting more information than is required by the derivative transaction rules (reporting) RG 251.53 Subject to Rule 2.2.1(1A), which requires a reporting entity to use its best endeavours to avoid submitting duplicative reporting (e.g. the re-reporting on a day of all the outstanding derivative transactions on that day) the derivative transaction rules (reporting) do not prohibit a reporting entity from reporting information about a transaction that is in addition to the information required by the rules. Examples of additional information may include: (a) electricity derivatives; or (b) information required by a trade repository for its data handling processes. Further technical guidance RG 251.54 Further guidance materials (as amended from time to time) are available on our Derivative transaction reporting webpage including: (a) ASIC Derivative Transaction Rules (Reporting) 2024—Schedule 1 technical guidance (Schedule 1 technical guidance), which provides further information to inform the technical reporting of asset class and products within the framework of the UPI system; and (b) ASIC Derivative Transaction Reporting—Worked examples (worked examples), which set out template examples of reporting for a range of products for the prescribed asset classes. Lifecycle or snapshot reporting RG 251.55 Rule 2.2.8 refers to: (a) lifecycle reporting, which is the reporting of ‘Derivative Transaction Information for each Reportable Transaction in an OTC Derivative that takes place on a day’; and Page 15 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 15 (b) snapshot (or ‘end-of-day’) reporting, which is the reporting of ‘Derivative Transaction Information in relation to the Relevant OTC Derivative on its terms as of the Relevant Day’. RG 251.56 Lifecycle reporting is required for all reportable transactions except in the case of a ‘small-scale buy-side entity’ (see RG 251.68–RG 251.71) where: (a) lifecycle reporting is required for equity derivative transactions; and (b) either lifecycle or snapshot reporting is applicable to all other types of derivatives. RG 251.57 Where applicable to a reporting entity, lifecycle reporting requires reporting of transactions that include, for example: (a) buying a derivative and then selling or terminating that derivative later the same day; (b) entering into a derivative and then clearing that derivative later the same day; (c) entering into a block trade in a derivative and then allocating portions of that block trade to multiple new counterparties as new transactions; (d) having bought an equity derivative on a previous day, selling that derivative in multiple tranches of transactions on a subsequent day; and (e) in the particular case of reporting a new ‘position’, or modification of an existing ‘position’, with the event type that indicates inclusion of an OTC derivative into a position, each of the preceding transactions that have been included in that position. Intragroup transactions RG 251.58 For the avoidance of doubt, intragroup transactions, meaning transactions with related parties that are not consolidated at the domestic book reporting level, are by no means excluded under the derivative transaction rules (reporting)—hence they are reportable. Intra-entity derivative transactions, however, are not reportable as there are not two different legal entities as counterparties to the transaction. The inclusion of intragroup transactions in OTC derivative data is important for regulatory purposes as it provides transparency in relation to geographic and intragroup risks and exposures. Page 16 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 16 C Who the reporting obligations apply to Key points This section gives guidance on: • the reporting entities that must comply with the reporting obligations; and • how a reporting entity can appoint another person to report on its behalf. Reporting entities RG 251.59 The reporting obligations apply to the reporting entities listed in Rule 1.2.5, which defines ‘reporting entities’ and ‘reportable transactions’ for each type of reporting entity. RG 251.60 An Australian entity that is an authorised deposit-taking institution (ADI), and Australian financial services (AFS) licensee or a CS facility licensee must report information about all derivative transactions to which it is a counterparty. RG 251.61 A foreign entity that is required to be registered under Div 2 of Pt 5B.2 and is a CS facility licensee must report information about all derivative transactions entered into with an Australian entity—that is, an entity (including a corporation, partnership, managed investment scheme or trust) incorporated or formed in this jurisdiction: see Rule 1.2.3. RG 251.62 A foreign entity that is required to be registered under Div 2 of Pt 5B.2 and is: (a) a foreign ADI (within the meaning of s5 of the Banking Act 1959) that has a branch located in this jurisdiction; (b) an AFS licensee; or (c) an exempt foreign licensee (see Rule 1.2.3), must report information about all derivative transactions entered into with a retail client (within the meaning of s761G) located in this jurisdiction, booked to the profit or loss account of a branch of the reporting entity located in this jurisdiction, or that are nexus derivatives. RG 251.63 At all times, a responsible entity of a registered managed investment scheme, or a trustee of a trust is a reporting entity if it enters into a reportable transaction in its capacity as the responsible entity or trustee of an Australian entity. Similarly, a corporate director of a corporate collective investment vehicle (CCIV) is a reporting entity if the CCIV, or a person acting for or on behalf of the CCIV, enters into a reportable transaction: see Rule 1.2.5(2) and RG 251.87–RG 251.88. Page 17 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 17 RG 251.64 However, at all times, the following are excluded from the meaning of a reporting entity under Rule 1.2.5(3) and (4): (a) an AFS licensee, who is taken not to be an end user (see RG 251.16 and reg 7.5A.50 of the Corporations Regulations) only because they are an AFS licensee and whose AFS licence does not authorise them to provide financial services in relation to a prescribed class of derivatives; and (b) a clearing member, where the operating rules of an authorised clearing facility provide—such as for an agency clearing model—that both the clearing member and the client or affiliate of the clearing member for a cleared reportable transaction are both counterparties of the central counterparty—in which case, the clearing member is not a reporting entity, and only the client or affiliate and central counterparty may be reporting entities under Rule 1.2.5(4). Meaning of ‘nexus derivative’ RG 251.65 Broadly, a ‘nexus derivative’, defined under Rule 1.2.3, means an OTC derivative in relation to which Australian-located staff of a foreign entity are involved in one or more functions of pricing, seeking or providing quotes, structuring, offer and/or acceptance or managing its financial risks and a reporting entity is a counterparty. RG 251.66 The test for determining whether an OTC derivative is a nexus derivative is based on the functions performed by the persons involved in executing the relevant derivative transaction. The test is designed to capture functions which would typically be performed by a person who is commonly referred to as a ‘salesperson’ or ‘trader’. The test is not intended to capture functions performed by persons sitting in non-sales or trader functions such as management, counterparty risk, operational risk, finance and treasury. The person’s role in the organisation or job title is not definitive in determining whether an OTC derivative is a nexus derivative. RG 251.67 The information that must be reported about reportable transactions is explained further in Section E. Small-scale buy-side entity RG 251.68 The derivative transaction rules (reporting) provide some limited exemptions from requirements for entities that meet the definition of a small-scale buy- side entity, as defined in Rule 1.2.3. The definition of a ‘small-scale buy-side entity’(first defined in terms of the buy-side elements) is: (a) a responsible entity, trustee or a non-bank body regulated by APRA (i.e. an insurance company); and Page 18 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 18 (b) not an AFS licensee whose AFS licence authorises them to make a market in derivatives (i.e. a market-maker cannot be taken to be a buy- side entity); and (c) not an exempt foreign licensee (as the definition of an exempt foreign licensee does not exclude that they may be a market-maker). RG 251.69 Then the small-scale element is defined in terms of: (a) holding total gross notional outstanding non-centrally cleared derivatives of A$12 billion or less (measured at the managed investment scheme, trust or entity level (as applicable)); (b) being measured on each 31 March, 30 June, 30 September and 31 December (each a ‘quarter day’); (c) being small scale from the day after the quarter day where the holding is A$12 billion or less on the prior two quarter days; and (d) ceasing to be small scale from the day after the quarter day where the holding is greater than A$12 billion on the prior two quarter days. RG 251.70 This definition of small scale linking total gross notional outstanding and the pattern of the measure versus a threshold over successive quarter days follows the same logic used in reg 7.5A.73 of the Corporations Regulations for ‘small-scale, single-sided’ reporting entities and for mandatory clearing under the ASIC Derivative Transaction Rules (Clearing) 2015. RG 251.71 For an entity that meets the definition of being a ‘small-scale buy-side entity’, reporting requirements are relaxed in the following ways: (a) lifecycle reporting is only required for equity derivatives—snapshot reporting is otherwise allowed; (b) a narrower scope of valuation and collateral reporting is permitted by exempting certain data elements for small-scale buy-side entities; and (c) the delta of an option is not required to be reported. Appointing another person to report (delegated reporting) RG 251.72 The derivative transaction rules (reporting) allow a reporting entity to appoint one or more persons to report on its behalf. This may be a counterparty, central counterparty, operator of a financial market, service provider, broker or any other third party: Rule 2.2.7 (Derivative Transaction Information—Delegation of reporting). Delegated reporting is a form of outsourcing. A reporting entity’s delegation arrangements may involve the appointment of one or more sub-delegates depending on the nature of business activities and functions being performed. Page 19 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 19 RG 251.73 A reporting entity that appoints another person to report on its behalf remains responsible for taking all reasonable steps to ensure the completeness, accuracy and currency of the information reported: Rule 2.2.6 (Reporting Requirement—Accuracy of reporting). A reporting entity remains responsible for the content of reports submitted to a trade repository, including any misreporting or omissions by the delegate(s) they rely on. RG 251.74 Delegated reporting should not be confused with the small-scale single-sided reporting exemption under regs 7.5A.70–7.5A.74 of the Corporations Regulations. The small-scale single-sided exemption does not involve delegating an entity’s reporting to another person to fulfil dual-sided reporting requirements. Rather, it exempts a small-scale entity from its reporting requirements provided its counterparty makes their own report and subject to certain conditions being met. Removal of the ‘safe harbour’ RG 251.75 Until 21 October 2024, the derivative transaction rules (reporting) included a ‘safe harbour’ provision for reporting entities. Under the ‘safe harbour’, a reporting entity was taken as having complied with Rules 2.2.1–2.2.5 and 2.2.8, subject to the following conditions being met: (a) the terms of the delegate’s appointment and any related agreements or arrangements were to be documented in writing; and (b) the reporting entity was required to make regular inquiries reasonably designed to determine whether the delegate was discharging its obligations under the terms of its appointment. RG 251.76 The ‘safe harbour’ did not exempt a reporting entity from its requirement under Rule 2.2.6 to take all reasonable steps to ensure that the information reported under Rule 2.2.1 and any change to the information reported under Rule 2.2.2(1) was at all times complete, accurate and current. RG 251.77 Under the current derivative transaction rules (reporting), the ‘safe harbour’ has been removed to simplify and harmonise outsourcing requirements for regulated entities. A reporting entity now retains full responsibility for reporting requirements that it chooses to outsource to one or more delegates: see Section H of Consultation Paper 361 Proposed changes to simplify the ASIC Derivative Transaction Rules (Reporting): Second consultation (CP 361). Alignment of outsourcing requirements and guidance RG 251.78 Alignment of domestic and international regulatory requirements is important for standardising key concepts, promoting best practice and reducing regulatory burden for regulated entities. In forming our guidance, we have drawn on: (a) IOSCO report, Principles on Outsourcing: Final Report (IOSCO principles on outsourcing) (PDF 630 KB), published October 2021; Page 20 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 20 (b) Regulatory Guide 104 AFS licensing: Meeting the general obligations (RG 104); (c) Regulatory Guide 265: Guidance on ASIC market integrity rules for participants of securities markets (RG 265) (see RG 265.601– RG 265.622 ‘Outsourcing of critical services’); and (d) APRA’s Prudential Standard CPS 231 Outsourcing as superseded by Prudential Standard CPS 230 Operational Risk Management (CPS 230). IOSCO principles on outsourcing RG 251.79 The IOSCO principles on outsourcing are broadly applicable to delegated reporting. We encourage reporting entities to: (a) conduct suitable due diligence processes in selecting an appropriate reporting delegate and in monitoring its ongoing performance; (b) enter into a legally binding written contract with each reporting delegate, the nature and detail of which should be appropriate to the materiality of the reporting function; (c) take appropriate steps to ensure they, and any reporting delegate, establish procedures and controls to protect their proprietary and client- related information and to ensure continuity of service, including a plan for disaster recovery with periodic testing of backup procedures; (d) take appropriate steps to ensure that a reporting delegate protects confidential information and data related to reporting entities and their clients from intentional or inadvertent unauthorised disclosure to third parties; (e) be aware of the risks posed and, where appropriate, manage them effectively where they are dependent on a reporting delegate for reporting services; (f) take appropriate steps to ensure they are able to obtain promptly, on request, information concerning derivative transaction reporting that is relevant to contractual and regulatory compliance. This includes access to reported data including rejections, reconciliation breaks as well as other data quality measures relating to the relevant data; and (g) include written provisions relating to the termination of tasks in their contracts with reporting delegates and ensure they maintain appropriate exit strategies. Nature, scale and complexity factors RG 251.80 A fundamental compliance concept for AFS licensees is that the nature, scale and complexity of a business will determine what you need to do to demonstrate compliance with obligations: see RG 104, Section B ‘Key compliance concepts’. We do not take a ‘one size fits all’ approach to Page 21 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 21 regulation. We apply the same concept to reporting entities—what a reporting entity needs to do to demonstrate taking ‘all reasonable steps’ to ensure it meets its reporting requirements, including under delegated reporting arrangements, depends on the nature, scale and complexity of its business. RG 104.22 sets out examples of ‘nature, scale and complexity’ factors. Frequency and form of delegate oversight RG 251.81 A reporting entity that appoints another person to report on its behalf is required to have an appropriate governance framework and systems, processes and controls designed to ensure that the information reported (under Rule 2.2.1(1)) and any change to that information is and remains at all times complete, accurate and current. RG 251.82 Subject to the nature, scale and complexity of a reporting entity’s activities, we encourage reporting entities to perform reconciliations at least monthly, irrespective of whether the reporting function is performed in-house or outsourced to one or more delegates. Reconciliations should be designed to ensure that the outstanding derivative records held by the derivative trade repository match the books and records of the reporting entity and its delegates, where applicable. A reporting entity should consider the potential impact of errors or omissions to the underlying data quality for transparency, market conduct, systemic risk monitoring and broader regulatory purposes. We would expect large, active, domestic and international banks and institutions to undertake proportionately more frequent reconciliations of reporting. RG 251.83 Change management problems with the implementation of new systems, processes or controls are a common root cause of breaches and reportable situations. We expect a reporting entity to increase the frequency and form of reconciliations and checks performed during periods of change implementation. Without additional diligence in the oversight of change implementation, undetected reporting errors can compound for extended periods of time. The duration of a breach is a factor to consider when assessing its significance because the reporting entity’s arrangements to ensure compliance are more likely to be inadequate the longer the errors or omissions remain undetected. RG 251.84 We consider that best practice oversight by reporting entities involves accessing transaction, position, collateral and valuation records directly from the trade repository to which a delegate is reporting and performing reconciliations and checks against source data, rather than relying solely on the information from a delegate, or chain of delegates. A delegate’s written appointment or any related agreements should outline the approach to reconciliations to ensure a reporting entity’s reporting obligations are met. Page 22 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 22 RG 251.85 For many reporting entities, accessing reported data directly from the trade repository facilitates end-to-end reconciliation against data held in source systems, including but not limited to risk, trading and client systems. For some buy-side reporting entities, we note that access to source data can require oversight of multiple third parties. In such circumstances, it is important to have clear delegation arrangements and workflows in place to ensure the accuracy, timeliness and completeness of reporting (including in relation to reconciliations and checks), and plans for remediation of any reporting errors and omissions. RG 251.86 The outcome we are seeking is for systems, processes and controls to be designed to minimise reporting breaches and, where breaches occur, for issues and fixes to be promptly identified and deployed. Reporting trades made by a fund manager RG 251.87 Generally, where a fund manager enters into an arrangement that is an OTC derivative as agent on behalf of: (a) a responsible entity of an Australian managed investment scheme; (b) a trustee of an Australian trust; or (c) a CCIV or corporate director of a CCIV, the responsible entity, trustee, or corporate director is the reporting entity for that reportable transaction for the purposes of the derivative transaction rules (reporting): see Rule 1.2.5(2). Under this scenario, the fund manager is the execution agent and the fund is counterparty 1. RG 251.88 Where an Australian entity (e.g. an Australian fund manager) enters into an arrangement that is an OTC derivative as a principal, then the Australian entity is the reporting entity in relation to that transaction and counterparty 1. Page 23 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 23 D Unique transaction identifier Key points The unique transaction identifier (UTI) is a globally unique transaction identifier used in derivative transaction reporting by each party to the transaction, so that each reported transaction is solely identified by a single UTI. It provides significant regulatory benefit in terms of matching both sides of the same transaction, including avoiding double counting in market metrics such as turnover and aggregate notional principal. Generally, implementation of Rule 2.2.9 ‘Reporting requirement—Unique transaction identifier’ requires an ASIC reporting entity, or a person appointed on its behalf, to: • in certain circumstances, receive and report a UTI generated by another entity; and • in other circumstances, generate, report and provide a UTI to another entity. Rule 2.2.9—Unique transaction identifier RG 251.89 The UTI is one of the international harmonised standards for which CPMI- IOSCO have developed global technical guidance: CPMI IOSCO, Technical guidance: Harmonisation of the unique transaction identifier, February 2017 (UTI Guidance). Note that, since October 2020, the Regulatory Oversight Committee (ROC) is responsible for publishing updates or changes to the UTI Guidance. RG 251.90 Rule 2.2.9 (the UTI rule) sets out requirements for determining the UTI generating entity, generating a UTI and providing it to the other counterparty as soon as practicable. It also deals with generating and reporting a UTI when the reporting entity does not receive a UTI from the UTI generating entity in sufficient time for reporting and that a reporting entity may appoint a service provider to generate the UTI and provide it to the other counterparty. Note: The Schedule 1 technical guidance on our Derivative transaction reporting webpage provides guidance on reporting transaction identifiers, including when a Rule 2.2.9 UTI is reported and when the transaction identifier for a pre-21 October 2024 reportable transaction is reported. RG 251.91 In terms of UTI rule compliance, we take an outcomes-focused approach— that is, the outcome we seek is a high level of same-UTI reporting by the counterparties to a transaction no matter which jurisdiction(s) the transaction is reported to. We take the view that the method of UTI generation is less important than the same-UTI reporting outcome. Page 24 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 24 When a UTI is required RG 251.92 A reporting entity is required to report a UTI for a reportable transaction that is an: (a) entry into of an arrangement that is an OTC derivative; (b) assignment of an arrangement that is an OTC derivative; and (c) change in the recording of an OTC derivative from representation as a transaction to representation as a position. RG 251.93 Each of these kinds of reportable transactions involve reporting a new transaction or position, and reporting a new transaction or position requires generating and reporting a new UTI. Conversely, a new UTI is not required for a reportable transaction that modifies or terminates an arrangement that is an OTC derivative which is reported using the transaction identifier of the original transaction that is being modified or terminated. RG 251.94 The UTI rule does not apply to a report made under the current alternative reporting provisions specified in Rule 2.2.1(3). However, from 20 October 2025, this provision is removed for new transactions and the UTI rule will then apply to new transactions. UTI rule compliance—Appointing another person RG 251.95 Rule 2.2.9(2) provides that in the UTI rule, other than subrule (8), a reference to a reporting entity that is a responsible entity (RE), trustee or corporate director of a CCIV, includes a person appointed by an RE, trustee or corporate director of a CCIV to enter into OTC derivatives on behalf of the RE, trustee or corporate director of a CCIV. RG 251.96 By way of example, a person appointed by an RE, trustee or corporate director of a CCIV may be a fund manager—in which case, the reporting entity or the fund manager may: (a) determine the UTI generating entity under subrule (3); (b) generate and provide the UTI to the other counterparty under subrule (4); (c) act on non-receipt of a UTI under subrule (6); and (d) appoint a service provider under subrule (7). RG 251.97 The actions, in relation to complying with the UTI rule, include actions that ordinarily are required to be performed promptly after the entry into of an OTC derivative. The fund manager or other appointed person that entered into the OTC derivative may be able to perform the actions for the reporting entity more efficiently and effectively than the reporting entity itself. Page 25 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 25 RG 251.98 Separately, Rule 2.2.9(7) deals with the appointment of a person (service provider) to generate the UTI for a reportable transaction for which the reporting entity is the UTI generating entity, provided that: (a) the terms of the service provider’s appointment and any related agreements or arrangements require the service provider to generate a UTI using the service provider’s LEI as the LEI component of the UTI; and (b) the terms of the service provider’s appointment and any related agreements or arrangements require the service provider to provide that UTI to the other counterparty in accordance with Rule 2.2.9(5)(b). RG 251.99 In keeping with delegated reporting more broadly, reporting entities that use third parties to generate and provide UTIs remain responsible for compliance with the UTI rule: see Rule 2.2.9(8). Determining the UTI generating entity RG 251.100 Rule 2.2.9(3) sets out the reporting entity’s obligation to determine the UTI generating entity. Table 2 of the derivative transaction rules (reporting) sets out the ‘UTI generating entity for specified Reportable Transactions’. A reporting entity must determine the UTI generating entity: (a) for a reportable transaction specified in column 2 of Table 2—which are specified for circumstances of a reportable transaction that, in summary: (i) is cleared by an authorised clearing facility (see item 1); (ii) is a transaction between a clearing member of an authorised clearing facility (acting in its capacity of a clearing member) and a client of the clearing services of that clearing member (see item 2); (iii) is entered into through a facility that is an authorised financial market or, in certain circumstances, not an authorised financial market (see item 3); (iv) is only reportable in this jurisdiction, whether by one or both counterparties to the transaction (see item 4); or (v) is, or may be, also reportable in a foreign jurisdiction (see items 5– 8A); and (b) in accordance with column 3 of Table 2—which specifies the UTI generating entity for the circumstances of a reportable transaction as variously the: (i) operator of the authorised clearing facility (see item 1); (ii) clearing member (see item 2); (iii) operator of the facility that is an authorised financial market or, in certain circumstances, not an authorised financial market (item 3); Page 26 REGULATORY GUIDE 251: Derivative transaction reporting © Australian Securities and Investments Commission April 2026 Page 26 (iv) operator of the affirmation or confirmation platform (see items 4, 6A and 8A); (v) reporting entity (see item 4); (vi) UTI generating entity determined as agreed by the reporting entity and the other counterparty (see items 4, 6A and 8A); (vii) counterparty whose LEI with the characters reversed would appear first if the reversed LEIs of the counterparties were sorted in alphanumeric order, or the only counterparty with an LEI (see items 4, 6A and 8A); (viii) UTI generating entity determined according to a method in accordance with the derivative transaction reporting requirements of each of the foreign jurisdiction(s) in which the reportable transaction will or may be reported by the reporting entity (see item 5); (ix) UTI generating entity determined according to the derivative transaction reporting requirements of the foreign jurisdiction with the earliest reporting deadline (see item 7); or (x) operator of the derivative trade repository to which the reportable transaction will be reported and recorded in the repository records of a single jurisdiction, subject to both counterparties satisfying any reasonable requirements for the generation of a UTI by the operator (see item 8A). RG 251.101 The UTI rule (under Rule 2.2.9(3)) also requires that a reporting entity determines the UTI generating entity using: (a) the first item of items 1, 2, 3, 4 and 5 of Table 2 that applies to the reportable transaction; or (b) if items 1, 2, 3, 4 and 5 of Table 2 do not apply, then any one of items 6, 7 or 8 that the reporting entity believes is applicable, taking into account its own reporting requirements in foreign jurisdictions and its knowledge of, or