The Hong Kong Monetary Authority and the Securities and Futures Commission announced a phase-in approach to mandatory reporting and record keeping requirements related to over-the-counter derivatives. In general, such obligations will commence first for authorized institutions, approved money brokers, licensed corporations and clearinghouses, but the requirements for other persons will be deferred. Requirements for asset managers also will be delayed. The first OTC products to be covered will be overnight index swaps while forward rate agreements and foreign exchange derivatives will be covered later.