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Cases where specified person is prohibited unless certain consent is obtained, from reporting counterparty information on specified derivatives contract entered into before 1 January 2019, under laws or requirements of any jurisdiction

Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

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—(1) A specified person who —(a)is a party to a specified derivatives contract that is entered into before 1 January 2019;(b)is bound by a requirement of the law of any jurisdiction, or a requirement of any authority of any jurisdiction, to report the counterparty information set out in Part 1 of the First Schedule in respect of the derivatives contract only with the consent of the counterparty to the derivatives contract;(c)has made reasonable efforts but is unable to obtain such consent; and(d)continues to make reasonable efforts to obtain the requisite consent of the counterparty,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (2).(2) Subject to paragraph (3), a specified person to whom paragraph (1) applies must report, in the form and manner specified in regulations 7 and 9, the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:(a)the requisite consent is obtained;(b)the requirement of the law or of the authority for consent is revoked.(3) A specified person need not comply with paragraph (2) if the specified derivatives contract ceases to be in force before the date mentioned in that paragraph.(4) A specified person who —(a)executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract before 1 January 2019;(b)is bound by a requirement of the law of any jurisdiction, or a requirement of any authority of any jurisdiction, to report the counterparty information set out in Part 1 of the First Schedule in respect of the derivatives contract only with the consent of —(i)the counterparty to the derivatives contract;(ii)the party for whom the specified person has entered into the specified derivatives contract; or(iii)both the persons mentioned in sub-paragraphs (i) and (ii);(c)has made reasonable efforts but is unable to obtain such consent; and(d)continues to make reasonable efforts to obtain the requisite consent of the person or persons mentioned in sub-paragraph (b)(i), (ii) or (iii), as the case may be,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (5).(5) Subject to paragraph (6), a specified person to whom paragraph (4) applies must report, in the form and manner specified in regulations 7 and 9, the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:(a)the requisite consent is obtained;(b)the requirement of the law or of the authority for consent is revoked.(6) A specified person need not comply with paragraph (5) if the specified derivatives contract ceases to be in force before the date mentioned in that paragraph.

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