ASIC Corporations (DDRS Class Exemption) Instrument 2024/557

I, Benjamin Cohn-Urbach, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date  19 August 2024

Contents

Part 1—Preliminary 3

1 Name of legislative instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Definitions...................................................3

Part 2—Exemption 4

5 Liability of Officers............................................4

6 Condition....................................................4

Part 3—Repeal 5

7 Repeal.......................................................5

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (DDRS Class Exemption) Instrument 2024/557.

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)(a) of the Corporations Act 2001.

4 Definitions

In this instrument:

Corporations Act means the Corporations Act 2001.

DDRS means DTCC Data Repository (Singapore) Pte Ltd (ARBN 601 601 021).

DTRRs means the ASIC Derivative Trade Repository Rules 2023.

Officer means an officer within the meaning of section 9 of the Corporations Act.

Part 2—Exemption

5 Liability of Officers

(1)          An Officer of DDRS does not have to comply with Rule 2.1.1 of the DTRRs to the extent that:

(a) Rule 2.1.1 requires the Officer to take all reasonable steps to ensure that DDRS complies with its obligations under a provision (Relevant Rule) of the DTRRs; and

(b) ASIC has granted DDRS an exemption under paragraph 907D(2)(a) of the Corporations Act from the requirement to comply with the Relevant Rule.

(2) The exemption in subsection 5(1) of this instrument applies for so long as the Officer of DDRS takes all reasonable steps to ensure that DDRS complies with the conditions (if any) of its exemption from the Relevant Rule.

6 Condition

It is a condition of the exemption in subsection 5(1) of this instrument that the Officer of DDRS must take all reasonable steps to ensure that DDRS complies with the conditions of the Australian derivative trade repository licence granted to DDRS under section 905C of the Corporations Act.

Part 3—Repeal

7 Repeal

This instrument is repealed at the start of 1 October 2029.