CS 33 Proposed remake of the ASIC Derivative Transaction Rules (Clearing) 2015

Released 28 October 2025. Comments close 28 November 2025.

ASIC proposes to remake the ASIC Derivative Transaction Rules (Clearing) 2015 (the 2015 Rules) which are due to sunset on 1 April 2026. We propose to remake the 2015 Rules, in substantially the same form, to continue the operation of Australia’s over-the-counter (OTC) derivatives central clearing regime under Part 7.5A of the Corporations Act 2001 (the Act).

The 2015 Rules set out the clearing requirements that apply to certain Australian and foreign financial entities (clearing entities). The 2015 Rules require clearing entities to centrally clear transactions in certain OTC interest rate derivative products with certain specifications relating to the currency of denomination, floating rate index, and termination date range subject to meeting a clearing threshold. Alternatively, entities may voluntarily opt-in to comply with the 2015 Rules to benefit from substituted compliance arrangements in respect of equivalent clearing requirements in key foreign jurisdictions.

See Related links below for a copy of the draft ASIC Derivative Transaction Rules (Clearing) 2026 (the draft 2026 Rules).

The operation of the 2015 Rules has been reviewed to ensure they remain effective and efficient. Broadly, we propose limited, minor and administrative amendments and one minor policy update in the draft 2026 Rules to modernise the 2015 Rules, including to:

update dates
include a simplified outline of the instrument (see Rule 1.1.5)
update definitions to include a reference to the 2015 Rules and remove definitions which duplicate terms defined under the Act (see Rule 1.2.1)
remove outdated transitional provisions and related references (see paragraph 1.2.6(1)(iii) and subrule 1.2.3(7)), and
include new transitional provisions to address the remake of the 2015 Rules for:
- financial entities meeting the clearing threshold in either a personal or representative capacity (see Rule 4.1.1)
- opt-in and withdrawal notices (see Rule 4.1.2), and
- clearing start dates and end dates (see Rule 4.1.3).

We propose to extend exemptive relief to clearing derivative transactions resulting from post-trade risk reduction exercises (see subrules 2.1.5(3)–(4)). This is consistent with existing relief under the 2015 Rules relating to clearing derivatives resulting from multilateral portfolio compressions.

Separately, we do not intend to extend transitional relief from the 2015 Rules under ASIC Corporations (Derivative Transaction Clearing Exemption) Instrument 2016/258 beyond its scheduled expiry of 1 April 2026. Instrument 2016/258 provided clearing entities with relief from the clearing requirements for derivatives resulting from the exercise of a swaption entered into before 4 April 2016. We have reviewed Instrument 2016/258 and propose to let the relief lapse.

A consultation paper was not issued for this consultation.

Providing feedback

We invite feedback on the proposed remake of the 2015 Rules and the proposed expiry of Instrument 2016/258.

Please send your submission to otcd@asic.gov.au by 5 pm AEDT on 28 November 2025.

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous we will not be able to contact you to discuss your feedback should we need to.

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Submissions

(non-confidential submissions)