April 26, 2019

HKMA and the Securities and Futures Commission (SFC) issued a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong. Comments can be submitted to HKMA or SFC on the updated list of Financial Services Providers by May 25, 2019 and on the other proposals by June 25, 2019. The consultation ensures that the Hong Kong reporting and clearing regimes keep up with international developments and remain relevant and appropriate.

To align with global standards, the regulators propose the following:

  • That transactions to be submitted to the Hong Kong Trade Repository for the reporting obligation would be required to be identified by Unique Transaction Identifiers with the structure and format as set out in the Technical Guidance issued by CPMI and IOSCO
  • To remove 17 jurisdictions from the list of designated jurisdictions for the masking relief of the reporting obligation, in view of the recent clarification by FSB
  • To update the list of Financial Services Providers under the OTC derivatives clearing regime

Keywords: Asia Pacific, Hong Kong, Banking, Securities, OTC Derivatives, Reporting Requirements, UTI, Financial Service Providers, Clearing, Trade Repository, SFC, HKMA

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