Hong Kong regulators to enhance the OTC derivatives regulatory regime


French Autorité des Marchés Financiers (AMF)

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have issued a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong, including a proposal to mandate the use of the Legal Entity Identifier (LEI) for the reporting obligation.

To align with global standards, all entities contained in a transaction report to be submitted to the Hong Kong Trade Repository would be required to be identified by their LEI. The timeline for implementation will be staggered for different types of entities.

In addition, as the second phase of the OTC derivatives clearing regime, the regulators propose to expand the clearing obligation to specified standardised interest rate swaps denominated in Australian Dollars.

The consultation paper also sets out proposed factors for determining which products would be appropriate for a platform trading obligation in Hong Kong.

Interested parties are invited to submit comments to the HKMA or the SFC by 27 April 2018.

The joint consultation paper can be downloaded from the websites of the HKMA or the SFC.

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Hong Kong regulators to enhance the OTC derivatives regulatory regime

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