Page 60 - 期货和衍生品行业监管动态（2024年1月）

期货和衍生品行业监管动态

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draft regulatory technical standards (RTS) under the European Market Infrastructure
Regulation, proposing an extension to the equity option exemption from bilateral

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margining by two years until 4 January 2026 .

To prevent regulatory arbitrage and considering that licensed corporations’

exposures to non-centrally cleared equity options are currently insignificant, the SFC

has decided to align the effective date of its margin requirements with the UK and

EU’s timelines.

Paragraph 7(e) of Part III of Schedule 10 to the Code of Conduct will be

amended accordingly and gazetted in due course.

1. As set out in Part III of Schedule 10 to the Code of Conduct for Persons

Licensed by or Registered with the Securities and Futures Commission (Code of

Conduct).

2. See PS18/23 – Margin requirements for non-centrally cleared derivatives:

Amendments to BTS 2016/2251:

https://www.bankofengland.co.uk/prudential-regulation/publication/2023/decem

ber/margin-requirements-for-non-centrally-cleared-derivatives-policy-statement

3. Binding Technical Standards 2016/2251 refer to the UK version of

Commission Delegated Regulation (EU) 2016/2251 of 4 October 2016 and the

regulatory technical standards for risk-mitigation techniques for over-the-counter

(OTC) derivative contracts not cleared by a central counterparty.

4. The ESAs refer to the European Banking Authority, the European Securities

and Markets Authority and the European Insurance and Occupational Pensions

Authority.

5. See the draft RTS published by the ESAs:

https://www.esma.europa.eu/press-news/esma-news/esas-propose-extending-emi

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