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ISDA catches the wave of Aussie mono-reporting

On 24 September 2015, ISDA published the Australian single-sided reporting letter.

The reporting regime in Australia was phased-in from 1 October 2013 and initially provided for double-sided reporting only. The Australian Treasury brought amendments with effect from 1 October 2015 to permit single-sided reporting for certain entities about to fall under the reporting obligation.

The threshold to qualify for the exemption is set at 5 billion Australian dollars in total gross notional outstanding positions.

The reporting letter contains a set of standard representations both for the party wishing to rely on the exemption and its counterparty effectively reporting.

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