HKMA and SFC consult on annual updates to Financial Services Providers list under OTC derivatives regulatory regime

The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) have collaborated on a joint consultation regarding the annual update to the list of Financial Services Providers (FSP) under the over-the-counter (OTC) derivatives clearing regime. The introduction of the FSP concept within the clearing regime aims to identify significant OTC derivatives dealers located outside of Hong Kong. Transactions between an FSP and a prescribed person, such as an authorized institution, approved money broker, or licensed corporation, necessitate central clearing. As part of the proposed changes to the list, one entity will be added, and the name of another will be updated. Interested parties have until 17 May 2024 to provide their comments, and the joint consultation paper can be obtained from the HKMA or SFC websites. Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR68