HKMA, SFC to Update FSP List

The HKMA (Hong Kong Monetary Authority) and SFC (Securities and Futures Commission) are proceeding with changes to the FSP (Financial Services Providers) List under the OTC derivatives regime.

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Implemented in September 2016, the regime provides for, among other things, the introduction of reporting, clearing, trading and record keeping obligations in respect of OTC derivative transactions.

The FSP list was introduced to identify prescribed persons and major dealers outside of Hong Kong that are subject to requirements for central clearing.

A consultation was issued in April, proposing to include one new entity – Nomura Financial Products Europe GmbH, a member of a G15-dealer group – in the FSP List.

The HKMA did not receive any comments on the proposed revisions to the FSP List; as such, the updated List will be gazetted during Q4 of 2022 for implementation on 1 January 2023.