Clause 50

by deleting the words “enters into” in subsection (2) and substituting the words “executes or causes to be executed”;

by deleting paragraphs (b) and (c) of subsection (3); and

by deleting subsections (4), (5) and (6) and substituting the following subsections:“(4) A specified person who is required to comply with subsection (1) or (2) in relation to any information on a specified derivatives contract (including any amendment, modification, variation or change to that information) is treated to have reported that information to a licensed trade repository or licensed foreign trade repository, if —

any other person has, with the consent or authority of the specified person, reported that information, in such form or manner prescribed by regulations made under section 129, to that licensed trade repository or licensed foreign trade repository; and

that information is true and correct and has been received by that licensed trade repository or licensed foreign trade repository.(5) A specified person who is treated under subsection (4) to have reported any information on a specified derivatives contract (including any amendment, modification, variation or change to that information) to a licensed trade repository or licensed foreign trade repository, is treated to have so reported that information at the time that information is received by that licensed trade repository or licensed foreign trade repository.(6) A specified person who —

complies with subsection (1) or (2);

consents to or authorises the reporting of any information in connection with subsection (4); or

discloses any information in compliance with the foreign reporting obligations of such jurisdiction as may be prescribed by regulations made under section 129,is not to be treated as being in breach of any restriction upon the disclosure of information imposed by written law, any rule of law, any contract or otherwise.”.