HKMA and SFC Announce Annual Updates to Financial Services Providers List

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have announced their annual updates to the Financial Services Providers (FSP) list for over-the-counter (OTC) derivatives clearing. The updates were completed on June 27, 2024, after a thorough consultation process and consideration of market feedback. The FSP list includes entities that meet specific criteria, such as belonging to global systemically important banks or being clearing members of major central counterparties. The updated FSP list will be gazetted in the fourth quarter of 2024 and implemented on January 1, 2025. This annual update aims to maintain a strong regulatory framework for OTC derivatives, ensuring the stability and integrity of financial markets.