HKMA & SFC Issue Joint Consultation on Proposed Reporting Changes

Against the backdrop of a busy year with major jurisdictions going through OTCD revised changes, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have launched a joint further consultation on enhancements to the over-the-counter (OTC) derivatives reporting regime in Hong Kong last week.

In the joint consultation press release released on March 22, 2024, the regulators discussed proposals of the following changes to its current reporting requirement – ISO 20022 XML inbound reporting, Unique Transaction Identifier (UTI), Unique Product Identifier (UPI), and reporting of Critical Data Elements (CDE), with more details to come. All proposed implementations are to be effective from September 29, 2025 onwards.

See below for a summary of the proposed changes:

According to the joint consultation press release, Industry participants have until May 17, 2024 to provide comments on this proposal.

As we have learned from past enhancements to reporting regimes, it is strongly encouraged for market participants to start planning early.  Learn more about how Cappitech can help with your reporting needs. Contact us here.

About the author: Charles Foo

Charles serves as Director, APAC lead for Business Development within S&P Global Market Intelligence Cappitech and is responsible for leading the growth of the regulatory reporting capabilities in Asia. His 15-year capital market experience spans across middle office, G20 regulatory reporting and post-trade securities processing.