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Regulators release further consultation conclusions on introducing mandatory clearing and expanding mandatory reporting for OTC derivatives market

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) today published further conclusions on proposals to introduce mandatory clearing and expand mandatory reporting for the second stage of the over-the-counter (OTC) derivatives regulatory regime (Note 1).

The further conclusions paper sets out the revised proposals on various technical aspects of the next stage of the regime in light of market feedback and comments.

Highlights include:

  • removal of the requirement to submit PDF files when reporting transactions;
  • further clarification and guidance on completing specific data fields; and
  • acceptance of internal code references (in place of other counterparty identifying particulars) when reporting transactions involving individuals.

The paper also includes a revised version of the specific data fields to be completed under the expanded reporting regime, and a revised list of entities that will be regarded as financial services providers for the purpose of mandatory clearing.

The further conclusions paper can be downloaded from the websites of the HKMA or the SFC.

 

End

Note:

  1. On 30 September 2015, the HKMA and the SFC issued a consultation paper on introducing mandatory clearing and expanding mandatory reporting.

    On 5 February 2016, the HKMA and the SFC issued a conclusions paper and further consultation, which dealt with most of the proposals in the 30 September 2015 paper (other than the specific data fields to be completed under the expanded reporting regime), and sought views on a proposed list of financial services providers.
Last revision date: 15 July 2016
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