HONG KONG: SFC and HKMA Consults on the Enhancements to OTC Derivatives Reporting Regime

Monday March 25 2024

On 22^nd March 2024, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) launched a joint further consultation on enhancements to the over-the-counter (OTC) derivatives reporting regime in Hong Kong.

To align with global standards, the SFC and the HKMA conducted a consultation in April 2019, and one of the proposed requirements was identifying transactions submitted to the Hong Kong Trade Repository (HKTR) for the reporting obligation by a Unique Transaction Identifier.

The current joint further consultation consults on the implementation of the Unique Transaction Identifier, together with the mandatory use of Unique Product Identifier and Critical Data Elements for submission of transactions to the HKTR. These proposals ensure that Hong Kong’s reporting regime keeps up with international developments.

The SFC and the HKMA also concluded that the list of designated jurisdictions for the masking relief of the reporting obligation remains unchanged.

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