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期货和衍生品行业监管动态




                   电邮（frr_consultation@sfc.hk）、邮寄或传真（2523 4598）的方式，就本次公开

                   征求意见提交反馈。


                   SFC Consults on Financial Resources Rule Enhancements to Foster Market

                   Developments for OTC Derivatives and Other Products (2025/7/14)


                        The Securities and Futures Commission (SFC) today launched a public

                   consultation on draft amendments to the Securities and Futures (Financial Resources)

                   Rules (FRR) and related guidelines for implementing a set of internationally

                   comparable capital requirements for licensed corporations (LCs) engaging in

                   over-the-counter derivative activities (OTCD capital requirements).


                        Under the proposal, the OTCD capital requirements previously proposed have

                   been fine-tuned with reference to recent changes to Hong Kong’s Banking (Capital)

                   Rules and the Basel Framework. The capital requirements for inter-dealer brokers will

                   also be significantly lowered and transfer pricing treatments for LCs will be

                   simplified to reflect the comments received during the SFC’s 2017 consultation.


                        In addition, the SFC proposed various other FRR changes to support LCs’

                   business development and diversification. These include measures to facilitate LCs’

                   trading of stocks in Mainland China and emerging markets, commodities and carbon


                   products, as well as digital asset futures and options on licensed virtual asset trading

                   platforms. Also, to drive Hong Kong’s development as a regional fixed income and

                   currency hub, the SFC proposed to exempt the capital requirements for

                   centrally-cleared repurchase transactions (repos) to promote their central clearing in

                   Hong Kong and the development of the city’s inter-dealer repo market.


                        “To reinforce Hong Kong’s status as an international financial centre, it is crucial

                   to align our OTCD capital requirements with global standards,” said Dr. Eric Yip, the

                   SFC’s Executive Director of Intermediaries. “We are confident that these

                   forward-looking and inclusive proposals will facilitate innovation and boost the

                   sustainable development of Hong Kong’s offshore RMB, FICC, and digital asset


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