Hong Kong HKMA and HK SFC Publish Joint Consultation Conclusions on Annual Update to Financial Services Providers List beneath the OTC Derivatives Regulatory Regime | Charltons Quantum

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On 26 June 2025, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (HK SFC) collectively issued the “Consultation Conclusions on the Annual Update to the Financial Services Providers List under the OTC Derivatives Regulatory Regime”. The up to date listing of Financial Services Providers (FSP List) will probably be carried out from 1 January 2026.

The finalised annual revisions to the Hong Kong Financial Services Providers List beneath town’s over-the-counter (OTC) derivatives regulatory regime, is a crucial element of the statutory clearing framework beneath the Hong Kong Securities and Futures Ordinance (Cap. 571) and is used to designate entities with roles within the world derivatives market. The revised FSP List will probably be gazetted in the course of the fourth quarter of 2025 and can come into drive on 1 January 2026.

The Hong Kong Financial Services Providers List identifies entities which can be topic to enhanced clearing obligations beneath the OTC derivatives regulatory framework. To be included within the FSP List, an entity should fulfill each of the next standards:

• It should belong to a gaggle of corporations that seems on both:
  • The listing of worldwide systemically necessary banks (G-SIBs) revealed by the Financial Stability Board, or
  • The listing of main vendor teams that made formal undertakings to the OTC Derivatives Supervisors Group to collaborate with central counterparties (CCPs), infrastructure suppliers, and world regulators to boost the worldwide derivatives market construction.
• It should be a clearing member of a significant central counterparty (CCP) providing rate of interest swap clearing providers in no less than one of many following jurisdictions: the United States, the European Union, Japan, or Hong Kong.

The FSP List helps the enforcement of necessary clearing necessities beneath Part VIA of the Hong Kong Securities and Futures Ordinance and its accompanying guidelines, together with the Hong Kong Securities and Futures (OTC Derivative Transactions – Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules.

The conclusions have been issued following the April 2025 launch of the Hong Kong Joint Consultation Paper on the Annual Update to the Financial Services Providers List beneath the OTC Derivatives Regulatory Regime. Feedback from market contributors typically supported the proposed updates, and no materials objections have been raised. The HKMA and HK SFC have subsequently confirmed their intention to implement the revisions with out additional modifications.

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