Thursday September 17 2015
News Source: Global Exchanges
Focus: Major Shareholdings
Type: General
Country: Hong Kong
Link: http://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2015/20150907e1.pdf
The G20 called for a reform of OTC derivatives market globally to improve transparency, reduce counterparty risk, protect against market abuse, and enable regulators to better assess, mitigate and manage risk in the OTC derivatives market.
In response to the above the Securities and Futures (OTC Derivative Transaction – Reporting and Record Keeping Obligations) Rules (“the Reporting Rules”) was promulgated and came into effect on 10 July 2015.
To facilitate the implementation of the mandatory reporting requirements, the HKMA has developed the Hong Kong Trade Repository (“the HKTR”) for prescribed persons to report their OTC derivatives transactions. The information in the HKTR will be used by the regulators to perform market surveillance.
Authorised Institutions (AIs) have bee reminded that they must be adequately prepared for complying fully with the Reporting Rules, including putting in place adequate internal policies, systems and control procedures and staff training. Additionally, it is the AIs responsibility to submit reportable transactions within the prescribed timeline and ensure that the transaction information provided to HKTR is accurate and complete. Failure to do so will be regarded as a breach of the reporting requirements.
Click on the link above for further details.