Stay informed: hkma and sfc seek input on updates to financial services providers list for otc derivatives regulation
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) today (April 19) issued a joint consultation on the annual update to the list of Financial Services Providers (FSP) under the over-the-counter (OTC) derivatives clearing regime (Note).
The concept of FSP has been introduced to the clearing regime to identify major OTC derivatives dealers outside Hong Kong. Central clearing is required for certain transactions conducted between an FSP and a prescribed person (i.e., an authorized institution, an approved money broker or a licensed corporation).
Proposed changes to the list include adding one entity and updating the name of another.
Interested parties are invited to submit comments to the HKMA or SFC by May 17,2024. The joint consultation paper can be downloaded from the websites of the HKMA or SFC.
Note: The list includes entities that meet the following two criteria:
(i) They belong to a group of companies that appears on either the list of global systemically important banks published by the Financial Stability Board, or the list of dealer groups which undertook to the OTC Derivatives Supervisors Group to work collaboratively with central counterparties, infrastructure providers and global supervisors to continue to make structural improvements to the global OTC derivatives markets; and
(ii) They are clearing members of the largest central counterparties offering clearing for interest rate swaps in the United States, Europe, Japan and Hong Kong.
Source: AI-generated images
Empowering the future: siti's inspiring speech at lingnan university's data science school inauguration
Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Lingnan University School of Data Science Establishment Ceremony today (May 2):
Mr Andrew Yao (Chairman of the Council of the Lingnan University), Mr Tim Lui (Chairman of the University Grants Committee), Professor Joe Qin (President of the Lingnan University and Wai Kee KauChair Professor of Data Science), distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join you all today at the Establishment Ceremony of the School of Data Science in Lingnan University.
For long, Lingnan has taken pride in its long history as well as its legacy and mission of providing whole-person education that blends Eastern and Western philosophies. Liberal arts education, or in Chinese, åé
æè², forms the cornerstone of the Lingnan community.
Today marks the beginning of a new chapter of Lingnan. With the objective to seamlessly integrate arts, humanities and sciences, the new School of Data Science is the best illustration of what higher education looks like today and tomorrow.
In the digital era where data-related knowledge has become indispensable and the demand for talents equipped with such knowledge rises at exponential rate, I am pleased to learn that Lingnan University has offered various programmes on Data Science and AI (artificial intelligence), and will be introducing more in the coming years. These programmes would be the strong propellers to the Government's efforts in enlarging the local talent pool in the innovation and technology (I&T) sector to create new impetus for economic growth.
Having been in the field of higher education for nearly 30 years in Hong Kong, I am well aware of the pressure university administrators face in admitting new programmes and the concerns students may have about their career prospects after graduation. As President Xi Jinping has indicated, new quality productive forces would be the driving force for our future, and I&T is the transformative agent in the process. Please rest assured that I&T is Hong Kong's future and we are on the right track.
The Government is making significant strides to foster the development of Hong Kong's I&T and data-based digital economy. Apart from our steadfast commitment to opening up more data and promoting cross-boundary data flow in the Greater Bay Area, Cyberport is setting up the AI Supercomputing Centre for commissioning in phases from this year onwards to accelerate high-powered computing projects and facilitate scientific breakthrough. The $3 billion AI funding scheme as announced in the Budget this year will also help eligible users, including universities, to make the best use of the AI supercomputing infrastructure.
To unleash the potentials of data and optimise these I&T resources, we need more talents in the field of data science to ignite the power of data and AI, transform research outcomes into applications and business opportunities, and chart new horizon of our digital society. Members of the School of Data Science would surely be a good fit for these.
Before I close, please allow me to express my appreciation to Mr Yao, Professor Qin and all Lingnan members for contributing to today's success and steering Lingnan University into a new era. I am confident that Lingnan University will continue to stand tall as a beacon of excellence in liberal arts education. And, with the establishment of the School of Data Science, there is no doubt that Lingnan University will lead the next wave of digital revolution in Hong Kong's higher education sector.
As Lingnan University's 60th anniversary approaches, I wish Lingnan many fruitful returns. And, again, congratulations on today's Establishment Ceremony of the School of Data Science. Thank you.
Speech by SITI at Lingnan University School of Data Science Establishment Ceremony Source: HKSAR Government Press Releases
