Regulatory Alerts2021-03-05
Added · Updated
Reporting Requirements for Enhanced Currency Conversion Arrangement under Northbound Bond Connect
The Hong Kong Monetary Authority mandates that Hong Kong FX Settlement Banks report investor-level information for all Enhanced CNY Conversion Services provided to Eligible Investors under Northbound Bond Connect. These reporting obligations require submission via the HKTR system using specific FX Standard and FX Other templates, with a compliance deadline of 8 March 2021 following a twelve-month transitional period. The regulations also detail procedures for reporting pre-existing CNY positions and allow for continued quarterly reporting by banks that do not offer the enhanced service.
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