Uncertificated securities market regime On 11 June 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 (SFCA Ordinance), marking a significant milestone in moving Hong Kong towards an uncertificated securities market (USM) where investors will have the option of holding securities in their own names and without paper … Continue Reading
The Securities and Futures Commission (SFC) has published its consultation conclusions on the proposed refinements to the scope of regulated activities and competence requirements relating to the over-the-counter (OTC) derivatives licensing regime (the Consultation Conclusions) contained in its consultation paper dated 20 December 2017 (the Consultation Paper), following feedback from industry associations, market participants, professional … Continue Reading
The Securities and Futures Commission (SFC) has announced that the introduction of the initial margin (IM) requirements for non-centrally cleared OTC derivative transactions, initially scheduled to be phased-in from 1 September 2020, will be deferred by one year. To read our previous blog post on the SFC’s consultation conclusions on margin requirements for non-centrally cleared … Continue Reading
The Securities and Futures Commission (SFC) has issued its consultation conclusions on the proposed margin requirements for non-centrally cleared OTC derivative transactions set out in its consultation paper issued on 19 June 2018 (the Consultation Paper) following submissions from industry associations, market participants and other stakeholders. By way of recap, the Consultation Paper contains proposals … Continue Reading
The Monetary Authority of Singapore (MAS) recently issued a consultation paper setting out its proposed regulatory approach for derivatives contracts that reference payment tokens as underlying assets (Payment Token Derivatives). What is this approach meant to address? A well-regulated market for derivatives – particularly one anchored by institutional investors with sophisticated risk management and investment … Continue Reading
Norton Rose Fulbright has been engaging globally with clients to assist them to update their existing derivatives documentation to ensure regulatory compliance with the varying local implementation of the BCBS-IOSCO final report on “Margin requirements for non-centrally cleared derivatives”. Final rules on margining have been in place for a while in a number of jurisdictions requiring … Continue Reading
