AIMA and the ACC have written directly to the Honorable Caroline Pham to congratulate her on assuming the role of Acting Chair of the U.S. Commodity Futures Trading Commission. The letter also outlines several short-term objectives that would immediately benefit the alternative investment industry and market confidence. These requests include: - Extending the compliance date for the pending amendments to Form PF until 12 September 2025 - Replacing “regulation via enforcement” with an approach that prosecutes bad actors while rewarding responsible innovators - Amending the Japan Securities Clearing Corporation’s Exemptive Order from registration as a Derivatives Clearing Organization AIMA and the ACC look forward to working productively with Chair Pham and the CFTC. Link to the full letter in the comments.
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On 26 September 2024, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) released the conclusions paper from a consultation on improving the OTC derivatives reporting regime in Hong Kong. The proposed adoption of Unique Transaction and Product Identifiers, coupled with Critical Data Elements reporting, aligns with global standards. The changes, that take into account industry feedback are set to come into effect in September 2025. The full conclusions paper is available on the HKMA and SFC websites.
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HKMA and SFC conclude on further proposals to enhance Hong Kong’s OTC derivatives reporting regime On September 26, 2024, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) announced enhancements to the over-the-counter (OTC) #derivatives reporting regime. Following a consultation in March, the new measures will require Unique Transaction Identifiers and Unique Product Identifiers, aligning with #G20 commitments to reform OTC derivatives markets. Stakeholder feedback was largely positive, leading to refined proposals for implementation. The mandatory reporting of specific data elements is set to begin in September 2025, representing a significant move towards international standardization in Hong Kong's financial sector. Read more here: https://lnkd.in/eaheyfZK
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Regulators are looking closely at #margin practices, #procyclicality, #transparency and margin collection processes. What changes might be on the agenda, and what steps will central counterparties take in response? ISDA’s Ulrich Karl is on-stage talking to Stephane Marot of AXA Investment Managers, Jeffrey Ollada from Mizuho Americas, Tetsuo Otashiro at the Japan Securities Clearing Corporation and Yuji Yamashita from the Financial Services Agency, Japan (JFSA, 金融庁) about these issues at the #isdaagm in Tokyo today. Thanks to the Japan Securities Clearing Corporation for sponsoring this panel.
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📢 Our team led by Chong Liew, with support from Simon Zhang and Shirley Chan, advised Hong Kong Exchanges and Clearing Limited (HKEX) on the design, drafting of documentation for, and the regulatory and legal issues on taking Chinese Government Bonds and Policy Financial Bonds (CGBs) as collateral for Northbound Swap Connect trades, which was effective from Monday 13 January 2025. Find out more here 👉: https://lnkd.in/gDcRFnzy Zhao Sheng Law Firm, our joint operation partner in China, provided PRC law support to HKEX in relation to this project – the Zhao Sheng team was led by Ying Zhou, with support from Yvette Bao. This signifies the evolution of CGBs as a treasury management and collateral liquidity tool in the international markets.
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#Monetary Authority of Singapore introduces new Regulations under Securities and Futures Act for Corporate Governance of approved entities The Regulations define components relevant to the corporate governance regulation of Approved Exchanges, Clearing Houses, Licensed Trade Repositories, and Holding Companies considering security futures.... #Monetary Authority of Singapore: #The Managing Director of the Monetary Authority of Singapore, using the powers conferred upon it under the Securities and Futures Act 2001, introduced the Securities and Futures (Corporate Governance of Approved Exchanges, Approved Clearing Houses, Licensed Trade Repositories and Approved Holding Companies) Regulations, 2024, on 24-04-2024. The Regulations will commence from 15-07-2024 and after commencement, will revoke the former Securities and Futures (Corporate Governance of Approved Exchanges, Approved Clearing Houses and Approved Holding Companies) Regulations 2005....
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The Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) have jointly published revised FAQs for the new OTC derivative reporting regime. https://lnkd.in/gA_G2Jqs
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New trial regulation on quant trading, and especially HFT, in China. The full text of the press release about this is here (in Chinese): https://lnkd.in/gGKt8Ef6
China Securities Regulatory Commission (CSRC), China's top securities regulator, has issued trial regulation on quantitative trading in the stock market on Wednesday. The trial regulation will take effect on October 8th, 2024. Specific measures will be formulated by the Shanghai Stock Exchange and Shenzhen Stock Exchange and announced separately. The new rule makes clear definition on quantitative trading and its overall requirement. It specially noted that relevant activities involving quantitative trading should abide by the principle of fairness and must not affect the security of the stock exchange system or its normal trading orders. Quantitative traders should report on information involving account, funding, trading strategy, and program, and carry out the requirement of "reporting before trading," and could only engage in quantitative trading after fulfilling their reporting obligation. Furthermore, the regulation focuses on strengthening the management of information systems, trading systems, and colocation services etc. It also places a strong emphasis on supervising high-frequency trading, with differentiated regulatory requirements introduced for reporting information, fees, and transaction monitoring. Additionally, the regulation extends to quantitative traders participating in the northbound stock connection program, ensuring consistency between onshore and offshore traders and implementing uniform transaction monitoring standards. These measures aim to promote transparency, fairness, and integrity in the stock market while enhancing the overall stability and efficiency of China's capital market.#China #stockmarket #regulation #Quantitativetrading #highfrequencytrading #quant #hft
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On 10 May, the Monetary Authority of Singapore (#MAS) published amendments to the Securities and Futures (Reporting of Derivatives Contracts) (Amendment) Regulations 2024, which come into effect on 21 October: https://lseg.group/4be3pDD We are reviewing the changes and will provide updated specifications in due course, if required. Learn how #LSEG Post Trade can help streamline your regulatory reporting here: https://lseg.group/3JZ4VxK
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SFC sets clear timeline for implementing an uncertificated securities market in Hong Kong The Securities and Futures Commission (SFC) today releasedconsultation conclusions on its proposed subsidiary legislation, code and guidelines for implementing an uncertificated securities market (USM) in Hong Kong (Note 1). In response to market feedback, the SFC now proposes a 5-year timeline as follows: ·Subject to completing the legislative process, the USM regime will be implemented towards the end of 2025 (Note 2). ·Companies whose laws are compatible with the regime will have to transition to the new regime in batches by the end of 2030 (Note 3). ·A more detailed timeline will be set to ensure an orderly transition (Note 4). #capitalmarket #SFC #HongKong #securities #futures
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🔔@SSE's Notice on implement the relevant requirements for the management of programmed trading and continue to improve the regulatory arrangements for programmed trading. The China Securities Regulatory Commission publicly solicited opinions from the public on the "Regulations on the Administration of Programmed Transactions in the Securities Market (Trial)" (hereinafter referred to as the "Administrative Regulations"). The "Management Regulations" make overall and framework institutional arrangements for the supervision of programmed transactions in the securities market, and provide for specific matters such as programmed transaction report management, transaction monitoring and risk management, information system management, and differentiated management of high-frequency trading. And authorize stock exchanges to refine business rules and specific measures. 👉 Read more: https://lnkd.in/gKceugnf #SSE #mainland #China #ChinaSecurities #investors #trading #Stock #MarketShare #ChinaSecurities #BondMarket #MaketEconomy
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