Clearing and settlement facilities

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Domestic Australian clearing and settlement facilities

RG 211 Clearing and settlement facilities: Australian and overseas operators

RG 166 Licensing: Financial requirements

RG 172 Financial markets: Domestic and overseas operators

RG 253 Fundraising: Facilitating offers of CHESS Depository Interests

ASIC Corporations (Division 4 Financial Products) Instrument 2015/1030

ASIC Corporations (Dematerialised
Securities: Austraclear) Instrument 2016/841

CO 14/827 Offers of CHESS depository interests

CO 04/291 CHESS Depositary Nominees — FSG relief in relation to CHESS Depositary Interests

REP 194 Response to submissions on CP 120 Operators of clearing and settlement facilities

Overseas clearing and settlement facilities

RG 211 Clearing and settlement facilities: Australian and overseas operators

RG 172 Financial markets: Domestic and overseas operators

REP 322 Response to submissions on CP 186: Clearing and settlement facilities: International principles and cross-border policy (Update to RG 211)

Background

Regulatory index topic: Financial markets: Overseas markets

Regulatory index topic: Fundraising: Offers that do not need a disclosure document - foreign disclosure documents - mutual recognition

Exemptions

RG 253 Fundraising: Facilitating offers of CHESS Depository Interests

CO 14/827 Offers of CHESS depository interests

CO 04/291 CHESS Depositary Nominees — FSG relief in relation to CHESS Depositary Interests

Assessment reports

This section contains:

ASX

ASX Limited/ Australian Clearing House Pty Limited/ASX Settlement and Transfer Corporation Pty Limited

REP 33 Market assessment report: ASX Settlement and Transfer Corporation Pty Limited/ Australian Clearing House Pty Limited (November 2004)

REP 57 Market assessment report: ASX Settlement and Transfer Corporation Pty Limited/ Australian Clearing House Pty Limited (September 2005)

REP 79 Market assessment report: Australian Clearing House Pty Limited/ASX Settlement and Transfer Corporation Pty Limited (July 2006)

REP 94 Market assessment report: ASX Limited/ Australian Clearing House Pty Limited/ASX Settlement and Transfer Corporation Pty Limited (May 2007)

REP 135 Market Assessment Report: ASX Limited/Australian Clearing House Pty Limited/ASX Settlement and Transfer Corporation Pty Limited/Sydney Futures Exchange Limited/SFE Clearing Corporation Pty Limited/Austraclear Limited (August 2008)

REP 168 Market assessment report: Australian Securities Exchange group

REP 222 Market assessment report: ASX group

REP 265 Market assessment report: ASX Group

REP 289 Market assessment report: ASX Group

SFE Clearing Corporation Pty Ltd/Austraclear Limited

REP 67 Market assessment report: SFE Clearing Corporation Pty Ltd/Austraclear Limited (January 2006)

REP 76 Market assessment report: SFE Clearing Corporation Pty Ltd/Austraclear Limited (May 2006)

REP 99 Market assessment report: Sydney Futures Exchange , SFE Clearing Corporation Limited, Austraclear (Nov 2007)

Reports from 2008 onwards included with ASX Limited

ASX CHESS Replacement

The Australian Securities Exchange (ASX) commenced a process of evaluating replacement options for its Clearing House Electronic Sub-register System, CHESS, in 2015. Information about the process and key updates is available on the ASX website.

On 1 October 2020, ASIC and the RBA outlined their expectations of ASX as it replaces the CHESS.

20-229MR ASIC and RBA announce expectations for CHESS replacement

ASIC and RBA announce expectations for CHESS replacement | Media Releases | RBA

While the new system, using distributed ledger technology, was initially intended to ‘go-live’ in Q4 2020 - Q1 2021, there have been a number of delays.

ASIC and the RBA, as co-regulators of licensed clearing and settlement (CS) facilities, have published responses to various ASX announcements.

On 3 August 2022, ASIC and the RBA acknowledged the ASX announcement of a further delay to the CHESS Replacement and the appointment of Accenture to provide an independent review of the new CHESS application software. 

22-204MR Delay to the ASX CHESS Replacement Project and Independent Review

Delay to the ASX CHESS Replacement Project and Independent Review | Media Releases | RBA

On 17 November 2022, ASIC and the RBA responded to an ASX announcement that it would reassess all aspects of the CHESS replacement project following completion of the independent review, conducted by Accenture, and its own internal assessment.

22-320MR ASIC-RBA joint statement on ASX CHESS replacement program

ASIC - RBA joint statement on ASX CHESS replacement program | Media Releases | RBA

On 15 December 2022, ASIC and the Reserve Bank of Australia announced further action to ensure that all necessary steps are taken by ASX to support and maintain current CHESS until its replacement is successfully implemented.

22-357MR ASIC – RBA further regulatory response regarding the ASX CHESS replacement program

ASIC – RBA Further Regulatory Response Regarding the ASX CHESS Replacement Program | Media Releases | RBA

On 22 February 2023, ASIC has issued notices to ASX Limited, ASX Clear Pty Ltd and ASX Settlement Pty Ltd (the ASX Licensees) under sections 794B and 823B of the Corporations Act requiring the ASX Licensees to produce two special reports covering:

  • how the ASX Licensees will respond to the findings and recommendations of the External Review; and
  • the ASX Licensees’ current portfolio, program and project management frameworks and an assessment of those frameworks against internationally recognised standards.

These special reports will be audited by Ernst & Young and will assist ASIC in its assessment of whether any further regulatory action is required.

23-035MR Further ASIC regulatory response on CHESS Replacement and ASX’s program capabilities

Last updated: 15/05/2023 03:51