02406cas a2200241 a 4500 AALejournalIMF014564 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498300315 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. People's Republic of China-Hong Kong Special Administrative Region : Financial Sector Assessment Program-Oversight and Supervision of Financial Market Infrastructures-Technical Note. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (38 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This Technical Note on Oversight and Supervision of Financial Market Infrastructures has been prepared in the context of the Financial Sector Assessment Program for the People's Republic of China-Hong Kong Special Administrative Region (HKSAR). Nine financial market infrastructures (FMIs) operate in HKSAR; the effectiveness of their supervision and oversight is critical in maintaining financial stability. In order to support their objective of consolidating Hong Kong's position as an international financial center, the Hong Kong authorities have fostered the development of sophisticated and multicurrency FMIs. The risks associated with domestic and overseas linkages appear to be adequately managed. Extensive domestic and overseas system linkages have been implemented making HKSAR a regional settlement hub. The legal framework should be amended to explicitly prohibit a domestic clearing house from operating in HKSAR without being recognized as such. The respective legal framework and policy mandate determines the actions of the Hong Kong Monetary Authority and the Securities and Futures Commission as the two regulatory, oversight and supervision authorities for FMIs in HKSAR. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/208 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/208/002.2014.issue-208-en.xml IMF e-Library