Summary: On August 11, 2025, the Securities and Futures Commission ("SFC") issued a circular and notice to licensed corporations regarding updated technical specifications for reporting over-the-counter ("OTC") derivatives trade data to the Hong Kong Trade Repository ("HKTR"), effective from September 22, 2025. The notice also mandates the use of Unique Transaction Identifier, Unique Product Identifier, and Critical Data Elements for reporting, with the latter's implementation beginning on September 29, 2025. Separately, the Supervision of Markets Division ("SMD") of the SFC announced significant changes to its oversight procedures, implementing a real-time monitoring system to detect market irregularities and introducing stringent compliance guidelines to enhance market integrity and transparency, effective immediately. These measures aim to maintain the stability and resilience of the financial market.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On August 11, 2025, the Securities and Futures Commission ("SFC") released a circular to notify licensed corporations ("LCs") of the updated technical specifications for over-the-counter ("OTC") derivatives trade reporting to the Hong Kong Trade Repository ("HKTR"). This update, which will be effective from September 22, 2025, precedes the implementation of the reporting requirements for Unique Transaction Identifier, Unique Product Identifier, and Critical Data Elements on September 29, 2025. A copy of the Notice is enclosed with this circular.
LCs subject to mandatory reporting obligations are advised to review the Notice thoroughly. For HKTR-related inquiries, contact HKTR at 8100 3115 or email
On the same day, the Supervision of Markets Division ("SMD") announced a significant overhaul of its oversight procedures for the financial markets. SMD, responsible for maintaining market integrity and stability, has implemented a new real-time monitoring system to enhance its capabilities in detecting and responding to market irregularities. This system will facilitate continuous real-time monitoring of market activities, including transaction volumes and price fluctuations.
To ensure stringent adherence to ethical standards and regulatory requirements, SMD has introduced comprehensive compliance guidelines for all financial institutions operating within its jurisdiction. These guidelines aim to address issues such as market manipulation and insider trading, thereby bolstering market confidence and transparency.
The new supervision protocols are effective immediately and apply to all registered financial institutions. SMD has underscored these changes as a proactive measure to mitigate risks and maintain market stability. SMD has assured ongoing training and support for smooth implementation of the new regulations, anticipating that the enhanced oversight will result in a more resilient and transparent market ecosystem.
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