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HK - OTC derivatives regulatory regime in Hong Kong

25/09/2018

On 27 June 2018, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued conclusions to a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong.

On 27 June 2018, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued conclusions to a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong. Based on market feedback, the mandatory use of Legal Entity Identifiers (LEIs) in trade reporting will only apply to the identification of entities that are on a reporting entity's side of a transaction. This requirement will apply to the reporting of new transactions and daily valuation information beginning April 1, 2019. Reporting entities should continue to identify their counterparties in transaction reports in accordance with a waterfall of identifiers specified in the Supplementary Reporting Instructions for OTC Derivative Transactions. Meanwhile, reporting entities are expected to establish a process to request LEIs from their clients.

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