Regulatory Alerts2019-03-18
Added · Updated
Updates on SPM module CR-G-14
The Hong Kong Monetary Authority updates Supervisory Policy Manual module CR-G-14 to maintain the United Kingdom's status as a deemed-comparable jurisdiction for margin standards post-Brexit. The HKMA incorporates clarifications from the Basel Committee and IOSCO stating that amendments to legacy contracts for interest rate benchmark reforms are exempt from margin requirements and that specific operational arrangements are not mandated below the HKD 375 million threshold. Covered entities are expected to prepare documentation and custodial arrangements in advance to ensure compliance when their exposures approach or exceed this threshold.
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