HK OTC rules add to cross-border concerns
The Securities and Futures Commission and Hong Kong Monetary Authority released a joint consultation on their plans to overhaul OTC derivatives regulation in October. But how will the rules fit with the patchwork of legislation drawn up elsewhere? And will they meet the end-2012 deadline set by the G-20 for central clearing?
Hong Kong’s regulators have their hands full over the next 12 months. Having closed a consultation on the proposed regulatory regime for over-the-counter derivatives on November 30, the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) must now work their way through the various responses, come up with primary enabling legislation, consult on the detail of the rules, draw up exhaustive subsidiary legislation, and then implement the new regime. While not a member of
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