Asic reporting definition 'unworkable' say foreign banks
Australian regulator's latest guidance may cause fragmentation of rules across the region with no likelihood of a regional reporting standard now emerging
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
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