Our article in March (available here: https://www.deacons.com/news-and-insights/publications/hong-kong-otc-derivatives-licensing-regime-moves-closer-to-implementation.html) highlighted various changes to the new OTC derivatives licensing regime set out in the Securities and Futures and Companies Legislation (Amendment) Bill. These changes have now been enacted in full.
The Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 was gazetted on Friday 11 June 2021. The provisions of the Amendment Ordinance revising the new OTC derivatives licensing regime came into effect on that date. A copy of the Amendment Ordinance is available here: https://www.gld.gov.hk/egazette/pdf/20212523/es12021252317.pdf
The SFC has previously confirmed that it will implement the new OTC derivatives licensing regime only after amendments to other relevant subsidiary legislation, including the Securities and Futures (Financial Resources) Rules, are completed. Intermediaries should continue to monitor SFC announcements.