On September 26, 2024, the Securities and Futures Commission ("SFC") and the Hong Kong Monetary Authority ("HKMA") jointly published a conclusions paper on a further consultation to enhance Hong Kong’s over-the-counter ("OTC") derivatives reporting regime.
The consultation, launched in March 2024, aimed to mandate the use of **Unique Transaction Identifier** and **Unique Product Identifier**, and the reporting of **Critical Data Elements** (Notes 1, 2, and 3). This aligns with the Group of Twenty’s commitment to reform OTC derivatives markets and facilitates regulators' analysis of these transactions.
Respondents supported the proposal, recognizing the benefits of international standardization and harmonization of data elements. After considering the feedback, SFC and HKMA fine-tuned certain proposals to ensure a smooth implementation.
The conclusions paper also listed data elements subject to mandatory reporting and confirmed the implementation of the proposals in September 2025.
This article was generated using SAMS, a proprietary artificial intelligence technology under development by Timothy Loh LLP and its affiliates. This article does not constitute legal advice and should not be relied upon by any person. Only the original text, which is hyperlinked to this article, should be regarded as definitive.
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