The Australian Government will press ahead with a framework for regulating over-the-court derivatives but will not – yet – mandate central clearing.
Treasury released an exposure draft of legislation yesterday that will establish a framework to further regulate derivatives.
The draft law will not spell out that framework, but will give the Minister for Financial Services the power to decide what mandatory obligations should apply to certain classes of over-the-counter derivatives.
Even then it will be up to the Australian Securities and Investments Commission to...
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