Corporations Legislation Amendment (Derivative Transactions) Bill 2012

On 13 September 2012 this bill was referred to the Parliamentary Joint Corporations and Financial Services Committee for inquiry and report. The reporting date has been set as 11 October 2012.

The Bill amends the Australian Prudential Regulation Authority Act 1998, Australian Securities and Investments Commission Act 2001, the Corporations Act 2001, the Mutual Assistance in Business Regulation Act 1992, and the Reserve Bank Act 1959 to provide a legislative framework to implement Australia's G 20 commitments in relation to over the counter (OTC) derivatives reforms.

The Bill provides a legislative framework to increase trade reporting requirements for OTC derivatives. This reporting will improve transparency in the market and give regulators and market participants access to valuable data with which to assess the risks associated with OTC derivative transactions.

The Bill responds to Australia's commitment at the G 20 summit in Pittsburgh in 2009 to report all OTC derivatives to trade repositories, clear all standardised OTC derivatives through central counterparties and ensure the execution of all standardised OTC derivatives on exchanges or electronic trading platforms.

The committee is now seeking written submissions from interested individuals and organisations, which should be received by 3 October 2012.

Submissions may be made in electronic form submitted online or sent by email to corporations.joint@aph.gov.au as an attached Adobe PDF or MS Word format document. The email must include full postal address and contact details.

Alternatively, written submissions may be sent to the Committee Secretary at the address below.

Notes to help you prepare your submission are available from the website at http://www.aph.gov.au/senate/committee/wit_sub/index.htm. Alternatively, the Committee Secretariat will be able to help you with your inquiries and can be contacted on telephone +61 2 6277 3583 or facsimile +61 2 6277 5719 or by email to corporations.joint@aph.gov.au.

Inquiries from hearing and speech impaired people should be directed to Parliament House TTY number 02 6277 7799. Adobe also provides tools at http://access.adobe.com/ for the blind and visually impaired to access PDF documents. If you require any special arrangements to enable you to participate in the Committee's inquiry, please contact the Committee Secretariat.

Once the Committee accepts your submission, it becomes a confidential Committee document and is protected by Parliamentary Privilege. You must not release your submission without the Committee's permission. If you do, it will not be protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public and places them on its website. Please indicate if you want your submission to be kept confidential.  

For further information, contact:
Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone: +61 2 6277 3583
Fax: +61 2 6277 5719
Email: corporations.joint@aph.gov.au