HK regulator clarifies extraterritorial impact of OTC derivatives rules
A senior official at the Hong Kong securities watchdog says some exceptions are likely to be made to proposed new extraterritoriality rules on mandatory clearing and reporting OTC derivatives in Hong Kong
Certain over-the-counter derivatives transactions, including those booked and cleared offshore through an appropriate jurisdiction – even when a Hong Kong entity is involved – are likely to receive reporting and clearing exemptions from tough new rules being drafted to become law in Hong Kong, according to Rico Leung, senior director at Hong Kong's Securities and Futures Commission (SFC).
Leung sought to clarify the scope of the new regulatory regime for the OTC derivatives markets in Hong Kong
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