Notice

Framework to facilitate Austraclear’s compliance with the Common Reporting Standard – Amendments to Austraclear Regulations and Procedures

What's this about:
  • ASX 24 Market
  • ASX Market
  • Trading
  • Clearing
  • Settlement
  • Collateral
  • Austraclear
  • Operations
  • Rules
  • Compliance
  • Common Reporting Standard
  • eligibility criteria
  • Deposited Securities
  • Show more
Notice reference number: 1560.16.12
Date published: 20/12/16
Effective as of: 01/01/17
Last updated: 20/12/16

The Common Reporting Standard (CRS) is a new global standard for the collection, reporting and exchange of financial account information of foreign tax residents, to combat tax evasion. CRS obligations will apply in Australia from 1 July 2017.

What's changing?

Effective 1 January 2017, ASX has amended the Austraclear Regulations to support Austraclear’s compliance with the CRS. The amendments introduce new eligibility criteria for Participants that are authorised to hold Deposited Securities in the Austraclear System. A copy of the amendments is available here. ASX consulted stakeholders on the new eligibility criteria in September 2016 and received no objections (refer to the consultation here).

The amendments do not affect Austraclear Participants that hold a Cash Record only.

 

What do I need to do by when?

If your firm is authorised to hold Deposited Securities in the Austraclear System, ASX will contact your firm in Q1 2017 to complete an electronic self-certification. The purpose of the self-certification is to confirm your firm’s status under the CRS and eligibility to continue to hold Deposited Securities in the Austraclear System.

Effective date

The new eligibility criteria applies with effect from 1 January, 2017.

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