Page 73 - 期货和衍生品行业监管动态（2022年11月）

期货和衍生品行业监管动态

Further Changes (2022/11/22)

The Securities and Futures Commission (SFC) today published consultation

conclusions and began a further consultation on proposed changes to the position limit

regime.

Considering market feedback to the consultation (Note 1), the SFC concluded to

proceed with some of the proposals to better align the position limit regime with the

SFC’s regulatory policies and objectives in light of recent developments in Hong

Kong’s derivatives market. These include expanding the list of specified contracts

and introducing an excess position limit regime for clearing participants (Note 2).

The SFC is launching a further consultation on additional amendments related to

the application of position limits and reporting requirements to funds (Note 3). It also
proposes to revise the statutory position limits for stock options and stock futures

contracts and remove the additional position limits for mini stock index futures and
options contracts (Note 4).

“The primary objective of establishing statutory position limits is to contain

systemic risk in the Hong Kong market by limiting large positions,” said Mr Ashley

Alder, the SFC’s Chief Executive Officer. “The position limit regime is crucial in

maintaining the stability of the Hong Kong financial market and it should be regularly

updated to reflect market developments.”

Separately, after a carefully considered policy review, to facilitate market

development, the SFC will adopt a separate regulatory approach for international

futures and options contracts by not prescribing the statutory position limits and large

open position reporting levels for these contracts (excluding Mainland-related and

Renminbi currency contracts).

The public is invited to submit their comments by 23 December 2022 via the
SFC website (www.sfc.hk), by email to position-limit@sfc.hk, by post or by fax to

2521 7917.

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