SFC Issues Variation Notice on MF Global Hong Kong Limited
The Securities and Futures Commission (SFC) has issued a Variation Notice on MF Global Hong Kong Limited (MFGHK) which removes the deadline in relation to the close out or transfer of clients’ outstanding positions in the HKFE Clearing Corporation Limited (HKCC).
Upon the making of the Order on 2 November 2011 by Mr Justice Harris for the appointment of Provisional Liquidators of MFGHK, the Provisional Liquidators were empowered to carry out and are carrying out the duties of MFGHK. As such, the SFC considers the deadline provided for in the Restriction Notice has become unnecessary.
With the removal of the deadline, MFGHK is not subject to any time constraint when closing out or transferring (in accordance with client’s instructions and consent) the outstanding positions in HKCC and/or on certain overseas exchanges of its clients .
The Restriction Notice does not prohibit the clients of MFGHK which are intermediaries from acting on their underlying client’s instructions to either close out or transfer their outstanding positions.
Clients of MFGHK are advised to monitor the regular updates from the Provisional Liquidators which are posted on the website of MFGHK