New Rules on OTC Derivatives Clearing Facilities, Trade Repositories Take Effect

On August 1, 2013, the provisions in the Securities and Futures Act (the “SFA”) and its Regulations that relate to establishing the regulatory regimes for clearing facilities for over-the-counter (“OTC”) derivatives and licensed trade repositories or licensed foreign trade repositories (collectively, the “TRs”) came into operation.

These amendments are set out in the Securities and Futures (Amendment) Act 2012 (the “SF(A) Act 2012”), which was passed in Parliament in November 2012 (see report by the authors at WSLR, December 2012, page 16).

Apart from putting in place the regulatory regimes for clearing facilities for OTC derivatives and TRs, ...