Featured Product

    HKMA Consults to Update Providers List Under OTC Derivatives Regime

    April 15, 2021

    HKMA and SFC seek views, until May 14, 2021, to update the list of financial services providers under the over-the-counter (OTC) derivatives clearing regime in Hong Kong. The list includes entities that belong to a group of companies appearing on the list of global systemically important banks (G-SIBs) or on the list of dealer groups that undertook to the OTC Derivatives Supervisors Group to work collaboratively with central counterparties, infrastructure providers, and global supervisors to continue to make structural improvements to the global OTC derivatives markets (G15 dealers). The list also includes an entity if it is a member of the largest central counterparties offering clearing for interest rate swaps in the US, Europe, Japan, and Hong Kong. The conclusion paper for this consultation is expected in June 2021 while the revised list will become effective on January 01, 2022.

    This consultation should be read with papers on the earlier consultations on the implementation of the OTC derivatives regulatory regime, particularly the consultations on mandatory clearing. The following are the proposed changes to the financial services providers list, based on the current review:

    • Include TD Global Finance Unlimited Company in the revised list of financial service providers, as it became a clearing member of central counterparties offering clearing for interest rate swaps in the US, Europe, Japan, and Hong Kong
    • Keep on list the G-SIBs or G15-dealers member entities that are no longer clearing members of central counterparties offering clearing for interest rate swaps in the US, Europe, Japan and Hong Kong, unless there is no longer any entity within the group that is a clearing member of the central counterparties offering clearing for interest rate swaps in the US, Europe, Japan, and Hong Kong
    • Retain on the list CACEIS Bank SA, a group member of a G-SIB (Groupe Crédit Agricole) that is no longer a clearing member of central counterparties offering clearing for interest rate swaps in the US, Europe, Japan, and Hong Kong, though other entities within its group continue to be clearing members of these central counterparties
    • Revoke the financial provider designation of DB Privat- und Firmenkundenbank AG and remove it from the list, as this entity merged into another group entity in May 2020, which is also a financial services provider
    • Reflect changes to the names of certain financial services providers since the last review

    ,

    Comment Due Date: May 14, 2021

    Keywords: Asia Pacific, Banking, Securities, OTC Derivatives, Financial Service Providers, G-SIBs, Clearing Regime, Clearing Counterparty, Interest Rate Swaps, SFC, HKMA

    Related Articles
    News

    BIS Bulletin Examines Cognitive Limits of Large Language Models

    The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.

    January 25, 2024 WebPage Regulatory News
    News

    ECB is Conducting First Cyber Risk Stress Test for Banks

    As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.

    January 24, 2024 WebPage Regulatory News
    News

    EBA Continues Momentum Toward Strengthening Prudential Rules for Banks

    A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.

    January 24, 2024 WebPage Regulatory News
    News

    EU and UK Agencies Issue Updates on Final Basel III Rules

    The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards

    December 19, 2023 WebPage Regulatory News
    News

    Industry Agency Expects Considerable Uptake for Swiss Climate Scores

    The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.

    December 18, 2023 WebPage Regulatory News
    News

    BCBS Consults on Disclosure of Climate Risks, Issues Other Updates

    The Basel Committee on Banking Supervision (BCBS) launched consultation on a Pillar 3 disclosure framework for climate-related financial risks, with the comment period ending on February 29, 2024.

    December 18, 2023 WebPage Regulatory News
    News

    US Government Moves to Regulate Development and Use of AI Models

    The U.S. President Joe Biden signed an Executive Order, dated October 30, 2023, to ensure safe, secure, and trustworthy development and use of artificial intelligence (AI).

    December 18, 2023 WebPage Regulatory News
    News

    MAS Launches Gprnt Digital Platform for ESG Reporting for SMEs

    The Monetary Authority of Singapore (MAS) launched an integrated digital platform, Gprnt, also known as “Greenprint.”

    November 29, 2023 WebPage Regulatory News
    News

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News
    News

    NGFS Publishes Phase IV Long-term Climate Scenarios for Banks

    The Network for Greening the Financial System (NGFS) published its latest set of long-term climate macro-financial scenarios (Phase IV) for assessing forward-looking climate risks.

    November 28, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8947