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Press Releases

Joint HKMA-SFC consultation conclusions on reporting and record keeping rules for OTC derivatives

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) published today their conclusions on a joint public consultation on the mandatory reporting and related record keeping obligations under the new over-the-counter (OTC) derivatives regime (Note 1). The conclusions paper includes revised proposals which were formulated after taking into account feedback from the respondents and also seeks further views on three ancillary matters (Note 2).

The major revisions include:

  • The mandatory reporting and related record keeping obligations will commence first for authorized institutions, approved money brokers, licensed corporations and central counterparties, but the implementation of the same obligations will be deferred for other persons that are based in or operating from Hong Kong. This approach is adopted in response to market feedback that the reporting obligation should be introduced in phases by type of reporting entity – the more significant players should be subject to mandatory reporting first while others should be given more time to prepare for the new regime and are therefore covered in a later phase of implementation.
  • Deferring the proposal to require authorized institutions and licensed corporations to report transactions that they have entered into in their capacity as a person registered or licensed to carry on Type 9 Regulated Activity (asset management). This will allow the market more time to sort out some of the reporting difficulties that arise in view of practices in the fund industry. 
  • Further extending or relaxing some of the exemptions and concessions in response to market feedback.

The conclusions paper attaches a revised draft of the Securities and Futures (OTC Derivative Transactions – Reporting and Record Keeping Obligations) Rules (Note 3).

Interested parties are invited to submit their comments on any of the three ancillary matters to the HKMA or the SFC by 23 December 2014.

The conclusions paper can be downloaded from the HKMA website or the SFC website.

End

Notes:    

  1. On 18 July 2014, the HKMA and the SFC issued the Consultation Paper on the Securities and Futures (OTC Derivative Transactions – Reporting and Record Keeping) Rules. The consultation ended on 18 August 2014. 
  2. The further matters on which views are sought relate to (i) the reporting of valuation transaction information (including the details of this requirement and the proposed implementation timetable); (ii) the designation of a list of jurisdictions for the purpose of the masking relief; and (iii) the list of stock markets, futures markets and clearing houses to be prescribed for the purposes of defining the scope of the OTC derivatives regime.
  3. The Rules aim at enhancing financial market stability by increasing transparency in the OTC derivatives market and have been formulated in line with similar reform efforts in other major financial markets.
Last revision date: 28 November 2014
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