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ARTICLE · 13 SEPTEMBER 2016

Expanded Licensing Regime For Asset Managers Managing OTC Derivatives Transactions

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Amended Hong Kong Securities and Futures Ordinance expands existing type 9 Regulated Activity (Asset Management) to cover management of OTC derivative products.

Hong KongFinance and Banking
Anne-Marie Godfrey
Anne-Marie Godfrey
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  • Amended Hong Kong Securities and Futures Ordinance expands existing type 9 Regulated Activity (Asset Management) to cover management of OTC derivative products.
  • A Type 9 licenseholder managing OTC derivative products will be required to apply to the SFC and to meet new assessment criteria for such products (experience, internal compliance procedures), or will be required to close out of positions and/or discontinue existing OTC derivatives business.

Background

Following a two year consultation period, the SFC issued a Circular in October 2015 ("Circular") setting out an expanded licensing regime covering over-the-counter ("OTC") derivative transactions and products1 ("Expanded OTC Regime").

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