Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.5A.72

Reporting counterparties

             (1)  This regulation sets out, for the purposes of regulation 7.5A.71, the circumstances in which an entity (the other entity ) is a reporting counterparty in relation to:

                     (a)  a phase 3 reporting entity that proposes to rely on an exemption in that regulation (the exempt entity ); and

                     (b)  information that is:

                              (i)  information about an OTC derivative transaction; or

                             (ii)  OTC derivative position information.

Reporting entities

             (2)  The other entity is a reporting counterparty in relation to the exempt entity and the information if:

                     (a)  the other entity has made a representation to the exempt entity:

                              (i)  that the other entity is a reporting entity, other than a phase 3 reporting entity, that is required to report such information under the Derivative Transaction Rules (Reporting); or

                             (ii)  that the other entity is a phase 3 reporting entity that is required to report such information under the Derivative Transaction Rules (Reporting), and that regulation 7.5A.73 does not apply to the other entity in relation to such OTC derivative transactions or OTC derivative positions; and

                     (b)  the exempt entity makes regular enquiries reasonably designed to determine whether the representation is correct; and

                     (c)  the exempt entity has no reason to suspect that the representation is incorrect.

             (3)  The other entity is a reporting counterparty in relation to the exempt entity and the information if:

                     (a)  the other entity has made the following representations to the exempt entity:

                              (i)  that the other entity is a reporting entity;

                             (ii)  that the other entity will report such information in accordance with the Derivative Transaction Rules (Reporting); and

                     (b)  the exempt entity makes regular enquiries reasonably designed to determine whether the other entity has been making reports in accordance with the representation referred to in subparagraph (a)(ii); and

                     (c)  the exempt entity has no reason to suspect that the other entity has not been making such reports.

Foreign entities

             (4)  The other entity is a reporting counterparty in relation to the exempt entity and the information if:

                     (a)  the other entity is a foreign entity; and

                     (b)  the other entity has made the following representations to the exempt entity:

                              (i)  that the other entity is subject to reporting requirements ( alternative reporting requirements ) in one or more foreign jurisdictions that are substantially equivalent to requirements under the Derivative Transaction Rules (Reporting);

                             (ii)  that the other entity will report such information to a facility prescribed by or under subregulation 7.5A.30(2), in accordance with the alternative reporting requirements;

                            (iii)  that the other entity will designate such information reported to that facility as information that has been reported in accordance with the Derivative Transaction Rules (Reporting); and

                     (c)  the exempt entity makes regular enquiries reasonably designed to determine whether the other entity has been making reports in accordance with the representations referred to in subparagraphs (b)(ii) and (iii); and

                     (d)  the exempt entity has no reason to suspect that the other entity has not been making such reports.

             (5)  The other entity is a reporting counterparty in relation to the exempt entity and the information if:

                     (a)  the other entity is a foreign entity; and

                     (b)  the other entity has made the following representations to the exempt entity:

                              (i)  that the other entity will report such information to a licensed derivative trade repository in accordance with the Derivative Transaction Rules (Reporting);

                             (ii)  that the other entity will designate such information reported to that repository as information that has been reported in accordance with the Derivative Transaction Rules (Reporting); and

                     (c)  the exempt entity makes regular enquiries reasonably designed to determine whether the other entity has been making reports in accordance with the representations referred to in paragraph (b); and

                     (d)  the exempt entity has no reason to suspect that the other entity has not been making such reports.

Subregulations do not limit each other

             (6)  Subregulations (2), (3), (4) and (5) do not limit each other.



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