HKMA and SFC to implement international standards on financial market infrastructures

On 28 March 2013, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) jointly announced their commitment to comply with the new international regulatory standards on financial market infrastructures. They are contained in the ‘Principles for Financial Market Infrastructures’ jointly issued by the Committee on Payment and Settlement Systems of the Bank for International Settlements and the International Organization of Securities Commissions in April 2012.

These standards are intended to harmonise and, where appropriate, strengthen the existing international standards for payment systems, central securities depositories, securities settlement systems, and central counterparties.

The HKMA and the SFC plan to implement these standards within their respective regulatory frameworks through their respective regulatory guidelines. The HKMA has already revised its oversight guidelines on the designated systems for clearing and settlement. The SFC will issue its guidelines for recognised clearing houses soon…

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