An update on the OTC derivative client money reforms: be ready for 4 April 2018
A few months ago, in The low-down on the retail client money reforms for OTC derivatives, we looked at client money reforms which had just been passed into law. Last week, the Australian Securities & Investments Commission (ASIC) finalised its Client Money Reporting Rules (the rules) which will come into force from 4 April 2018. These rules set out the specific record-keeping, reconciliation and reporting requirements for Australian financial services (AFS) licensees with respect to over-the-counter (OTC) derivative client money.[1] By Dr Drew Donnelly, Compliance Quarter. In today’s update we provide a quick summary of the finalised rules and highlight some key amendments introduced by ASIC in response to sector consultation. Recap on the client money reforms As we set out in our previous article, the client money reforms were…