On March 16, 2026, the Securities and Futures Commission ("SFC") issued a circular reminding licensed corporations ("LCs") of updates to the Hong Kong Monetary Authority’s ("HKMA") Reference Manual for the HKTR, including data archiving for ISO 20022 (effective 16 Mar 2026) and revised Sunday outage hours ("12:00 PM–00:30 AM"). The changes focus on enhanced archiving and maintenance procedures while keeping weekday hours unchanged.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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SFC Circular on HKMA’s Updated Reference Manual for the OTC Derivatives Trade Repository
On March 16, 2026, the Securities and Futures Commission (SFC) issued a formal communication to all licensed corporations (LCs), outlining critical revisions to the Hong Kong Monetary Authority’s (HKMA) Reference Manual for the OTC Derivatives Trade Repository (HKTR). These updates—predominantly driven by the implementation of ISO 20022 messaging standards—are designed to enhance system functionality and operational efficiency within the HKTR framework.
Key System Enhancements and Compliance Deadlines
Among the notable modifications, the HKTR has been fortified to enable permanent archiving of historical OTC derivatives transaction data, including associated metrics such as valuations, margin, and collateral exposures. These enhancements align with a broader system overhaul, which was fully deployed on September 22, 2025, in conjunction with the adoption of ISO 20022. The updated protocols were initially announced on December 19, 2025, with a subsequent confirmation via HKMA’s February 6, 2026 notice, explicitly detailing revised timelines for data retention and system maintenance.
Operational Adjustments: Revised Outage Protocol
Effective immediately, the HKMA has implemented a new Sunday outage schedule, operational between 12:00 PM and 12:30 AM, during which routine data archiving and system maintenance procedures will take place. Noteworthy, the standard weekday (Monday–Friday) and Saturday operational windows remain unaffected. The SFC emphasized that LCs governed by mandatory reporting obligations should promptly review the March 16, 2026 HKMA Notice, which is appended to the circular, to ensure compliance.
Regulatory Guidance and Technical Documentation
For detailed technical and policy-related clarity, the SFC directed entities to consult the HKTR Reference Manual, alongside supplementary documents, including: - Operating Procedures for TR Reporting Service (User Manual) - Administration and Interface Development Guide These resources serve as critical references for operational adherence. Additionally, licensed parties are advised to channel policy or operational queries to
Summary of Compliance Action Items
In summary, the SFC’s directive mandates that LCs: 1) Familiarize themselves with the revised ISO 20022-compliant archival framework for transactional data; 2) Acclimate to the new Sunday maintenance outage window (12:00 PM–12:30 AM); 3) Verify adherence to the March 16, 2026 HKMA Notice, and; 4) Utilize designated support channels for queries. Timely alignment with these directives is paramount to uphold reporting obligations and maintain regulatory compliance within the derivatives trading ecosystem.
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