SPM CR-G-14: deemed comparable jurisdictions

HONG KONG MONETARY AUTHORITY � m � mi if fll mi Banking Policy Department Our Ref: Bl/15C Bl/21C B9/129C 7 August 2026 The Chief Executive All Authorized Institutions Dear Sir/Madam, SPM CR-G-14: deemed comparable iurisdictions I am writing to inform you that, following consultation with the banking industry, we will replace the current reference to WGMR member jurisdictions in paragraph 2.3.2 of the Supervisory Policy Manual (SPM) module CR-G-14 "Non-centrally Cleared OTC Derivatives Transactions - Margin and Other Risk Mitigation Standards" with BCBS memberjurisdictions. Their margin and risk mitigation standards are deemed comparable from the date oftheir entry into force. This update takes effect immediately and will be reflected in the wording of the SPM module. We are currently reviewing different elements of the SPM module and plan to issue a revised version for industry consultation during the second halfof this year. Ais may refer to the BIS website (https://www.bis.org/bcbs/membership.htm) for information on BCBS membership and to the BCBS BaselIII implementation dashboard (https://www.bis.org/bcbs/implementation/rcap_reports.htm) for the implementation status ofmargin requirements among BCBS memberjurisdictions. Should you have any questions regarding this circular, please contact Mr Horace Lee at 2878 1540 or Mr Lincoln Wong at 2878 1271. Yours faithfully, Donald Chen Executive Director (Banking Policy) cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn: Mr Timothy Wong) 55th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong Website: www.hkma.gov.hk w #! <f=t ffl � 1M fti s !/tt �I�� 1M <f=t ,i:., 2 AA 55 � � :IJ.l:: www.hkma.gov.hk