Asic reporting definition 'unworkable' say foreign banks

Australia move ends hope of a regional reporting standard emerging

contract-law

A clarification of the Australian financial regulator's reporting remit concerning cross-border trades has caused widespread confusion among international banks which claim it is almost impossible to implement and poses significant systems and compliance challenges.

The large presence of offshore banks in Asia's derivatives market means that regulators have formulated rules to govern when and where cross-border trades need to be reported.

Under derivatives transaction rules by the Australian Sec

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