Page 35 - 期货和衍生品行业监管动态（2023年6月刊）
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期货和衍生品行业监管动态
further consultation on proposed changes to the position limit regime for the derivatives
market (Note 1). These include imposing obligations on asset managers who manage
funds or sub-funds of umbrella funds and amending the Securities and Futures
(Contracts Limits and Reportable Positions) Rules in response to HKEX’s proposed
enhancements to its position limit regime (Note 2).
After considering market feedback, the SFC will implement the proposed changes
to give more clarity on regulatory requirements in relation to funds to facilitate
compliance and provide more flexibility to the market by increasing position limits for
certain products. Subject to the legislative process, the SFC plans for the law changes
to come into effect in December 2023.
Notes:
1． In the Consultation Conclusions and Further Consultation on proposed
changes to the Securities and Futures (Contracts Limits and Reportable
Positions) Rules and the Guidance Note on Position Limits and Large Open
Position Reporting Requirements published on 22 November 2022, the SFC
concluded some of the proposals including: (1) expanding the list of
“specified contracts” for granting excess position limits; (2) prescribing
position limits and reporting levels for some new contracts; (3) increasing the
position limit for renminbi currency contracts; (4) imposing large open
position reporting requirements for holiday trading contracts; (5) clarifying
the circumstances under which a clearing participant is not regarded as having
discretion over its clients’ positions; and (6) introducing an excess position
limit regime for clearing participants.
2． The obligations relate to the application of position limits and reporting
requirements to funds. Other changes include revising the statutory position
limits for stock options and stock futures contracts, and removing the
additional position limits for mini stock index futures and options contracts.
https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-
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