ASIC Corporations (Derivative Transaction Clearing Exemption) Instrument 2016/258

I, Oliver Harvey, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Dated 1 April 2016

Oliver Harvey

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4  Definitions

Part 2—Exemption

5  Pre-commencement date Swaptions

Part 1—Preliminary

1 Name of legislative instrument

This instrument is ASIC Corporations (Derivative Transaction Clearing Exemption) Instrument 2016/258.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 907D(2)(c) of the Corporations Act 2001.

4  Definitions

(1)  In this instrument:

Rules means the ASIC Derivative Transaction Rules (Clearing) 2015.

Swaption means a derivative between two parties under which one or both parties is granted an option which if exercised would result in the parties entering into a Clearing Derivative.

(2)  In this instrument, unless otherwise specified, capitalised terms have the meaning given by the Rules.

Part 2—Exemption

5  Pre-commencement date Swaptions

Rule 2.1.1 of the Rules does not apply to a Clearing Transaction that is the entry into a Clearing Derivative where:

(a) the Clearing Derivative was entered into as a result of a party to a Swaption exercising the option granted to the party under the Swaption; and

(b) the Swaption was entered into before 4 April 2016.