Hong Kong Regulators Set to Enhance OTC Derivatives Regulatory Regime

[kreslik.news]

In a bid to enhance the regulatory regime of over-the-counter (OTC) derivatives in Hong Kong, the two regulatory agencies of the independent jurisdiction – the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) – on Wednesday issued a joint consultation paper.

The publication includes a proposal to mandate the use of the Legal Entity Identifier (LEI) – a 20-digit unique alphanumeric id for entities in a financial transaction – for the reporting obligation. The identification with the respective LEI is proposed to align with global standards, as every entity contained in a transaction ... (read more)