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Hong Kong SFC Changes to Contracts Position Limits & Required Reporting Positions Starts on 22nd December 2023, Clarify Rules Applicable to Asset Managers & Funds

20th December 2023 | Hong Kong

The Hong Kong Securities & Futures Commission (SFC) changes to contracts position limits and required reporting positions will start on 22nd December 2023 (Friday), and clarifies the rules applicable to asset managers & funds.  Hong Kong SFC: “The amendments will enhance the position limit regime in several ways. These include clarifying the application of the Rules to asset managers who manage funds or sub-funds of umbrella funds and the regulatory expectations for trustees in respect of the Rules’ requirements, expanding the list of “specified contracts” for granting excess position limits, introducing an excess position limit regime for clearing participants, raising the statutory position limits for certain futures and options contracts, prescribing position limits and reporting levels for some new contracts, and imposing large open position reporting requirements for holiday trading contracts.  The changes aim to give more clarity on regulatory requirements related to funds, facilitate compliance and provide more flexibility to the market.”  How do the Securities and Futures (Contracts Limits and Reportable Positions) Rules apply to different fund management entities (eg, management companies, sub-investment managers or co-investment managers of the fund, etc): “Fund management companies are subject to the prescribed limits and reporting obligations as long as they hold or control any futures or options contracts as prescribed in the Rules, whether for their own or in respect of the funds. Nevertheless, provided that these management companies do not have discretion in relation to the positions (eg, the day-to-day investment management of the funds has been delegated to investment managers or sub-managers), they are not required to aggregate the funds’ positions, or the funds’ positions with their own positions, if any, in order to comply with the Rules. In this case, the prescribed limits and reporting obligations shall apply separately to the fund management companies’ own positions and each of the funds they hold. On the other hand, investment managers including sub- or co-investment managers who carry out the investment management functions in respect of the funds are generally required to aggregate the positions for the purpose of compliance. However, if they do not hold or control any positions in the futures or options contracts as prescribed in the Rules, they will not be subject to the relevant prescribed limits and reporting requirements.” More info below | View: FAQ

“ Hong Kong SFC Changes to Contracts Position Limits & Required Reporting Positions Starts on 22nd December 2023, Clarify Rules Applicable to Asset Managers & Funds “

 



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Hong Kong SFC Changes to Contracts Position Limits & Required Reporting Positions Starts on 22nd December 2023, Clarify Rules Applicable to Asset Managers & Funds

Hong Kong, Asia’s leading financial centre

19th December 2023 – The Securities and Futures Commission (SFC) announced today that the amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules (the “Rules”) will come into effect on 22 December 2023 (Note 1).

The amendments will enhance the position limit regime in several ways. These include clarifying the application of the Rules to asset managers who manage funds or sub-funds of umbrella funds and the regulatory expectations for trustees in respect of the Rules’ requirements, expanding the list of “specified contracts” for granting excess position limits, introducing an excess position limit regime for clearing participants, raising the statutory position limits for certain futures and options contracts, prescribing position limits and reporting levels for some new contracts, and imposing large open position reporting requirements for holiday trading contracts.

The changes aim to give more clarity on regulatory requirements related to funds, facilitate compliance and provide more flexibility to the market. To help market participants understand the amendments, the SFC has also published an FAQ and updated the guidance note on related regulatory requirements.

 

Note:

  1. On 5 June 2023, the SFC published conclusions to its further consultation on proposed changes to the position limit regime for the derivatives market.



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