Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p5
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 5/43)
Character Range: 712985–715933

principles, recommendations or standards issued by the CPSS or IOSCO (or a successor of the CPSS or IOSCO).

7.5A.50  Persons on whom requirements cannot be imposed
 (1) This regulation is made for paragraph 901D(a) of the Act.
 (2) The class of persons on whom the derivative transaction rules cannot impose requirements consists of end users.
 (2A) Also, the derivative transaction rules cannot impose requirements relating to a class of derivatives on financial services licensees:
 (a) who are taken not to be end users only because of paragraph (3)(c); and
 (b) whose Australian financial services licences do not authorise them to provide financial services in relation to that class of derivatives.
 (3) An end user is a person who is not:
 (a) an Australian ADI; or
 (b) a CS facility licensee; or
 (c) a financial services licensee; or
 (d) a person:
 (i) who, in this jurisdiction, provides financial services relating to derivatives to wholesale clients only; and
 (ii) whose activities, relating to derivatives, are regulated by an overseas regulatory authority.
 (4) This regulation does not apply to a provision of any derivative transaction rules to the extent that the provision imposes clearing requirements or requirements that are incidental or related to clearing requirements.

Subdivision 2.1A—Derivative transaction rules imposing clearing requirements

7.5A.60  Definitions for Subdivision 2.1A
 (1) In this Subdivision:
Australian clearing entity, in relation to a derivative transaction, has the meaning given by regulation 7.5A.61.
Derivative Transaction Rules (Reporting) means the ASIC Derivative Transaction Rules (Reporting) 2013.
foreign clearing entity, in relation to a derivative transaction, has the meaning given by regulation 7.5A.62.
representative capacity: an entity is a party to a derivative transaction, or holds a position relating to a derivative transaction, in a representative capacity if the entity is such a party, or holds such a position, in a capacity as:
 (a) the responsible entity of a registered scheme; or
 (b) the operator of a notified foreign passport fund; or
 (c) the responsible holding party for a notified foreign passport fund; or
 (d) the trustee of a trust; or
 (e) the corporate director of a CCIV.
total gross notional outstanding positions, in relation to an entity, means an amount worked out for the entity under derivative transaction rules, in accordance with subregulation (2).
 (2) For the purposes of this Subdivision, derivative transaction rules may:
 (a) set out a method for working out the total gross notional outstanding positions held by an entity in a representative capacity, or otherwise; and
 (b) provide for an entity that starts, or stops, meeting a threshold referred to in subparagraph 7.5A.61(1)(a)(ii), 7.5A.62(1)(a)(ii) or (b)(iv) to be taken to meet, or not to meet, the threshold for transitional purposes specified by the rules.

7.5A.61  Meaning