The Financial Services and the Treasury Bureau (FSTB) has published a Bill to provide a regulatory framework for the over-the-counter (OTC) derivatives market in Hong Kong. The Bill details:
- mandatory reporting, clearing and trading obligations;
- the establishment and regulation of the infrastructure through which the mandatory obligations will be fulfilled (e.g. CCPs); and
- provisions for the regulation and oversight of key players in the OTC derivatives market, i.e. authorised institutions, approved money brokers, licensed corporations and other persons to be prescribed by subsidiary legislation.
The FSTB has given notice to present the Bill to the Legislative Council for its first reading on 10 July 2013.
Related Link:
http://www.legco.gov.hk/yr12-13/english/bills/brief/b21_brf.pdf