Foreign firms can now rely on foreign reporting rules to meet obligations
Securities and Investment Commission (ASIC), has amended
transaction-reporting rules, exempting the foreign subsidiaries
of some Australian firms.
The regulator said it
decided not to proceed with plans to mandate larger foreign
subsidiaries of some Australian banks and other financial
institutions because the regulatory benefits would not outweigh
the additional compliance costs.
Under the amendments,
regulators will no longer require firms to report intra-day
transactions instead market participants can now use end of day
reporting. The Aussie regulator said, however, it would
continue to review the need for certain intra-day
over-the-counter derivatives to be reported.
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