On 10 August 2021, the Securities and Futures Commission (SFC) published its consultation conclusions to proceed with the implementation of an investor identification regime at trading level for the securities market in Hong Kong (HKIDR).

Under the HKIDR, when an order is submitted or arranged to be submitted to the trading system of The Stock Exchange of Hong Kong Limited (SEHK) for execution or where an off-exchange trade is reported to SEHK (OE Trade Reporting) by an Exchange Participant according to SEHK’s Rules of the Exchange, the order or OE Trade Reporting would be required to include an identification code assigned to the relevant client.  This would enhance market surveillance by identifying the originators of the orders and trades.

  

Reference Materials

• SFC's Consultation Paper and Consultation Conclusions
• Information Paper

 

Presentation and Investor Education Materials

• Industry Webinar (Video / PDF) 
• SFC’s video - Unlocking Investor ID (Full Video / Highlights) 
• SFC’s circular - HKIDR investor education items 
  
  
  

FAQ

• FAQ on HKIDR File Submission and Order Tagging
• FAQ on HKIDR Requirements (Issued by SFC) 

Circulars

• Compliance Bulletin (Issue No. 9) – (1) Hong Kong Investor Identification Regime ("HKIDR"), (2) Reporting Requirements for Non-Automatch Trades, (3) Pre-trade and Post-trade Controls for Detecting Significant Price Deviation, and (4) Investor Eligibility Requirements [New]
• Compliance Bulletin (Issue No. 8) – (1) Restricting Mainland Investors from Northbound Trading under Stock Connect, (2) Hong Kong Investor Identification Regime (“HKIDR”), (3) Stock Connect Northbound BCAN (“NB BCAN”) requirements, and (4) 2023 Self-attestation of Compliance Questionnaire [New]
• Hong Kong Investor Identification Regime (HKIDR) - End of Stabilisation Period
• Hong Kong Investor Identification Regime  (HKIDR) - Explanatory Notes of Five Reporting Forms and Update of Frequently Asked Question (FAQ), File Interface Specification and Information Paper
• Amendments to the Rules of the Exchange and the Disciplinary Procedures of The Stock Exchange of Hong Kong Limited (“SEHK”)
• Arrangements for the Launch of the Hong Kong Investor Identification Regime (HKIDR)
• Hong Kong Investor Identification Regime (HKIDR) - Practice Session (for BCAN Tagging Only) on 25 February 2023 
• Hong Kong Investor Identification Regime (HKIDR) – Submission of BCAN-CID Mapping Data 
• Launch of The Hong Kong Investor Identification Regime (HKIDR)
• Hong Kong Investor Identification Regime (HKIDR) – Market Rehearsals (MRs) and Update of File Transfer Connectivity Guide
• Hong Kong Investor Identification Regime (HKIDR) – Reminder on End-to-End (E2E) Test
• Hong Kong Investor Identification Regime (HKIDR) – Extension of End-to-End (E2E) Test 
• Hong Kong Investor Identification Regime (HKIDR) – Reminder on End-to-End (E2E) Test 
• Hong Kong Investor Identification Regime (HKIDR) - Reporting Form Submission During End-to-End (E2E) Test
• Hong Kong Investor Identification Regime (HKIDR) - Commencement of End-to-End (E2E) Test 
• Hong Kong Investor Identification Regime (HKIDR) - Publication of End-to-End (E2E) Test Package and File Transfer Connectivity Guide
• Hong Kong Investor Identification Regime (HKIDR) - End-to-End (E2E) Test and Update of File Interface Specification
• Hong Kong Investor Identification Regime (HKIDR) - Update of Frequently Asked Questions (FAQ) & File Interface Specification 
• Hong Kong Investor Identification Regime (HKIDR) - Frequently Asked Questions (FAQ), Presentation Materials and End-To-End (E2E) Test Session 
• Hong Kong Investor Identification Regime (HKIDR) and Over-The-Counter Securities Regime (OTCR) - Webinar and Publication of Updated Technical Specification for HKIDR
• HKIDR - Publication of Information Paper, Technical Specifications and Launch of Web Corner 

 

Technical Documents

• Specifications
  • HKIDR File Transfer Connectivity Guide (version 1.3) (Marked-up Version) 
  • File Interface Specification (for BCAN-CID Mapping File and Reporting Forms) (version 2.4) (Marked-up Version) 
  • Interface Specifications HKEX OCG-C Binary Trading Protocol (version 3.1) (Marked-up Version)
  • Interface Specifications HKEX OCG-C Binary Drop Copy Protocol (version 3.1) (Marked-up Version)
  • Interface Specifications HKEX OCG-C FIX Trading Protocol (version 3.1) (Marked-up Version)
  • Interface Specifications HKEX OCG-C FIX Drop Copy Protocol (version 3.1) (Marked-up Version)
    
    
• End-to-End (E2E) Test Package
  • E2E Test Package (For Non-Exchange Participant Relevant Regulated Intermediaries only)
    

• Market Rehearsal Information Package
  • Information Package on HKIDR Market Rehearsals
  • Notification Form for the HKIDR Market Rehearsal (MR)
  • Feedback Form for HKIDR MR 1 and MR 2
  • Feedback Form for HKIDR MR 3

• Practice Session Information Package 
  • Information Package on HKIDR Practice Session
  • Notification Form for the Post Test Verification Session
    
    
• Post Release Test Information Package
  • Information Package on Post Release Test

 

Reporting Forms

• Explanatory Notes

• Explanatory Notes of Reporting forms under HKIDR
  
  

• Reporting Form Templates

• Aggregated Transaction Report
• BCAN Change Report
• BCAN Change for LP Quote Report
• BCAN Error Report
• Off-Exchange Trade BCAN (Buy-Side) Report
  

 

Questions

• Please address questions about the HKIDR to HKIDR_faq@sfc.hk.
• For questions about the technical guidance for systems and related materials for submitting information to SEHK under the HKIDR, please address to otpc@hkex.com.hk.