Regulatory Alerts2017-04-27
Added · Updated
HKMA Guidance on OTC Derivative Transactions Phase 2 Reporting Preparations
The Hong Kong Monetary Authority issued this letter to clarify expectations for Authorized Institutions preparing for mandatory OTC derivative reporting under the 2016 Amendment Rules effective July 1, 2017. Regulated entities must complete specific simulation and product tests by May 31, 2017, while those using agents must conduct due diligence and establish direct contingency channels with the Hong Kong Trade Repository. The guidance emphasizes that reporting obligations remain with the regulated entity, requiring them to ensure their agents comply with all technical and testing requirements.
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