Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules
(Cap. 571, section 101N, 101P and 101Q)
(Enacting provision omitted— E.R. 1 of 2016)
[1 September 2016]
(Omitted as spent—E.R. 1 of 2016)
In these Rules—
deliverable FX forward (交收外匯遠期) means an OTC derivative transaction under the terms and conditions of which the 2 counterparties to the transaction agree to exchange, on a single day in the future, an agreed amount of a currency for—(a)an agreed amount of another currency; or(b)an amount in another currency calculated by reference to an agreed exchange rate; deliverable FX swap (交收外匯掉期) means an OTC derivative transaction under the terms and conditions of which the 2 counterparties to the transaction agree to exchange 2 currencies (currency A and currency B) in the following manner—(a)on a specified day, a counterparty (counterparty 1) will give to the other counterparty (counterparty 2) an agreed amount of currency A and will receive from counterparty 2—(i)an agreed amount of currency B; or(ii)an amount in currency B calculated by reference to an agreed exchange rate; and(b)on another specified day that is after the day referred to in paragraph (a), counterparty 1 will give to counterparty 2 an agreed amount of currency B and will receive from counterparty 2—(i)an agreed amount of currency A; or(ii)an amount in currency A calculated by reference to an agreed exchange rate; designated CCP (指定中央對手方) has the meaning given by section 101A of the Ordinance; financial services provider (金融服務提供者) means a person designated by the Commission in accordance with rule 3; local AFI (本地認可財務機構) means an authorized institution incorporated in Hong Kong as defined by section 2(1) of the Banking Ordinance (Cap. 155); (14 of 2025 s. 257) local AMB (本地核准貨幣經紀) means an approved money broker that is incorporated in Hong Kong or is a re-domiciled entity; (14 of 2025 s. 257) local LC (本地持牌法團) means a licensed corporation that is incorporated in Hong Kong or is a re-domiciled entity; (14 of 2025 s. 257) non-local AFI (非本地認可財務機構) means an authorized institution incorporated outside Hong Kong as defined by section 2(1) of the Banking Ordinance (Cap. 155); (14 of 2025 s. 257; 31 of 2025 s. 178) non-local AMB (非本地核准貨幣經紀) means an approved money broker that is incorporated outside Hong Kong and is not a re-domiciled entity; (14 of 2025 s. 257; 31 of 2025 s. 178) non-local LC (非本地持牌法團) means a licensed corporation that is incorporated outside Hong Kong and is not a re-domiciled entity; (14 of 2025 s. 257; 31 of 2025 s. 178) outstanding trade (未完結交易), in relation to a person and at a particular time, means an OTC derivative transaction (except a deliverable FX forward and a deliverable FX swap)—(a)to which the person is a counterparty; and(b)that—(i)has not matured; and(ii)before the transaction matures, has not been terminated in accordance with the terms and conditions of the transaction or by agreement between the counterparties to the transaction; re-domiciled entity (經遷冊實體) means a re-domiciled company that is deregistered as required by section 820E(3)(a) of the Companies Ordinance (Cap. 622); (14 of 2025 s. 257) specified OTC derivative transaction (指明場外衍生工具交易) has the meaning given by section 101A of the Ordinance; total position (總持倉量), in relation to a person, means the aggregate of the notional amounts of every outstanding trade of the person.For the purposes of these Rules, the Commission may, with the consent of the Monetary Authority and by notice published in the Gazette, designate any person (whether incorporated in Hong Kong or outside Hong Kong) as a financial services provider if the Commission is satisfied that it is likely that the person is actively engaged in activities relating to OTC derivative transactions or OTC derivative products outside Hong Kong.
For the purposes of subrule (1), the Commission may designate a person by name, or by reference to a class or description of persons to which the person belongs, or both.
The Commission may, with the consent of the Monetary Authority and by notice published in the Gazette, revoke the designation of a person made under subrule (1).
In deciding whether to designate a person under subrule (1) or to revoke the designation of a person under subrule (3), the Commission may have regard to any information in its possession.
A notice published under subrule (1) or (3) is not subsidiary legislation.
For the purposes of paragraph (b) of the definition of specified OTC derivative transaction in section 101A of the Ordinance, an OTC derivative transaction that is specified in section 2 of Schedule 1 is specified for the purposes of the clearing obligation.
For the purposes of paragraph (d) of the definition of specified OTC derivative transaction in section 101A of the Ordinance, an OTC derivative transaction that is specified in section 2 of Schedule 1 is specified for the purposes of the record keeping obligation.
Subject to rules 8(1), 9(1) and 10(1), a prescribed person must clear a specified OTC derivative transaction with a designated CCP (whether directly or through a third party) within 1 business day after the transaction is entered into if—
the person is a counterparty to the transaction and—
the transaction is entered into on or after—
the prescribed day for the first calculation period in respect of which the person reached the clearing threshold; or
if the person gave an exit notice, the prescribed day for the first calculation period in respect of which the person reached the clearing threshold after giving the exit notice; and
if the person is a non-local AFI or a non-local AMB, the transaction is recorded in the form of an entry in the Hong Kong books of the person; and (31 of 2025 s. 179)
the other counterparty to the transaction—
is also a prescribed person and the requirements referred to in paragraph (a)(i) are met in relation to the counterparty; or
is a financial services provider.
For the purposes of subrule (1), a prescribed person is regarded as having reached the clearing threshold at all times after—
subject to paragraph (b), the first calculation period in respect of which the person reached the clearing threshold, even if the person has not reached the clearing threshold for a subsequent calculation period; or
if the person gave an exit notice, the first calculation period in respect of which the person reached the clearing threshold after giving the exit notice, even if the person has not reached the clearing threshold for a subsequent calculation period.
An exit notice may be given by a prescribed person if—
the person is a local AFI, a local AMB or a local LC on the day on which the exit notice is given, and the total position of the person on the last day of each month in a period of 12 consecutive months is less than US$14 billion; or
the person is a non-local AFI, a non-local AMB or a non-local LC on the day on which the exit notice is given, and the local total position of the person on the last day of each month in a period of 12 consecutive months is less than US$14 billion. (14 of 2025 s. 258; 31 of 2025 s. 179)
An exit notice given under subrule (3) must—
be in writing;
be given to—
the Monetary Authority, if the person is an authorized financial institution or an approved money broker; or
the Commission, if the person is a licensed corporation; and
specify—
the period of 12 consecutive months (period) during which the total position or the local total position (as applicable) of the person on the last day of each month was less than US$14 billion;
the total position or the local total position (as applicable) of the person on the last day of each month within the period; and
that the total position or the local total position (as applicable) of the person has not equalled or exceeded US$14 billion between the last day of the last month included in the period and the day on which the exit notice is given.
For the purposes of this rule, a prescribed person reached the clearing threshold if—
where, as at the end of a calculation period, the person is a local AFI, a local AMB or a local LC—the average total position of the person for the calculation period equals or exceeds the clearing threshold specified in column 3 of Schedule 2 for the calculation period; or
where, as at the end of a calculation period, the person is a non-local AFI, a non-local AMB or a non-local LC—the average local total position of the person for the calculation period equals or exceeds the clearing threshold specified in column 3 of Schedule 2 for the calculation period. (14 of 2025 s. 258; 31 of 2025 s. 179)
In this rule—
average local total position (平均本地總持倉量), in relation to a prescribed person that is a non-local AFI, a non-local AMB or a non-local LC for a calculation period, means the amount which is equal to the sum of the person’s local total positions on the last day of each month within the calculation period, divided by the number of months in the calculation period; (31 of 2025 s. 179) average total position (平均總持倉量), in relation to a person for a calculation period, means the amount which is equal to the sum of the person’s total positions on the last day of each month within the calculation period, divided by the number of months in the calculation period; calculation period (計算期間) means a period specified in column 2 of Schedule 2; exit notice (退出通知) means a notice given under subrule (3); local total position (本地總持倉量), in relation to a person, means the total position of the person excluding every outstanding trade of the person that is recorded in the form of an entry in any of the books (other than the Hong Kong books) of the person; (31 of 2025 s. 179) prescribed day (訂明日期), in relation to a calculation period, means the day specified in column 4 of Schedule 2.For the purposes of this Part, a prescribed person must clear a specified OTC derivative transaction with a designated CCP even if—
a counterparty, or more than one counterparty, to the transaction is a person outside Hong Kong; or
the transaction was entered into wholly or partially outside Hong Kong.
Rule 6(1) does not apply to a prescribed person in relation to a specified OTC derivative transaction to which the person is a counterparty if, on the day on which the transaction is entered into—
the other counterparty to the transaction is an affiliate of the person;
the affiliate is an exempt affiliate, within the meaning of subrule (3); and
the requirements referred to in subrule (2) are met.
The requirements are that—
the person and the exempt affiliate are accounted for on a full basis in the consolidated financial statements of the holding company of the group of companies to which they belong, for the purposes of and in compliance with—
the Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants;
the International Financial Reporting Standards issued by the International Accounting Standards Board; or
if the holding company is incorporated in a place outside Hong Kong and is not a re-domiciled entity—the standards of accounting practices applicable to the holding company in that place; and (14 of 2025 s. 259)
the risk evaluation, measurement and control procedures applicable to the person and the exempt affiliate are centrally overseen and managed within the group of companies to which they belong.
For the purposes of subrule (1)(b), an affiliate of a prescribed person is an exempt affiliate on and after the effective day specified in an exemption notice until the day before the effective day specified in a cessation notice (if any).
An exemption notice or a cessation notice given by a prescribed person must—
be in writing;
be given to the Commission or the Monetary Authority;
specify the affiliate (or if more than one, each affiliate) of the person that is to be regarded as, or is to cease to be regarded as, an exempt affiliate for the purposes of this rule; and
specify the effective day, being a day that is not earlier than the day on which the notice is received by the Commission or the Monetary Authority.
In this rule—
affiliate (聯屬公司), in relation to a prescribed person, means a corporation that is in the same group of companies as the person, except a corporation that is a collective investment scheme; cessation notice (停止通知), in relation to an exemption notice given by a prescribed person in respect of an affiliate specified in the exemption notice, means a notice given by the person in accordance with subrule (4) to the effect that the affiliate is to cease to be regarded as an exempt affiliate for the purposes of this rule; effective day (生效日期), in relation to an exemption notice or a cessation notice, means the day on which the notice is to take effect as specified in the notice; exemption notice (豁免通知) means a notice given by a prescribed person in accordance with subrule (4) in respect of an affiliate of the person to the effect that the affiliate is to be regarded as an exempt affiliate for the purposes of this rule.Rule 6(1) does not apply to a prescribed person that is a licensed corporation, a local AFI or a local AMB in relation to a specified OTC derivative transaction to which the person is a counterparty if—
on the day on which the transaction is entered into, the jurisdiction is an exempt jurisdiction in relation to the person, within the meaning of subrule (3);
the transaction is recorded in the form of an entry in the exempt jurisdiction books of the person; and
at the end of the day on which the transaction is entered into, taking into account every outstanding trade of the person (including the transaction), the requirements referred to in subrule (2) are met.
The requirements are that—
the jurisdiction position of the person for each jurisdiction that is an exempt jurisdiction in relation to the person does not exceed 5% of the total position of the person; and
the aggregate of the person’s jurisdiction positions for all jurisdictions that are exempt jurisdictions in relation to the person does not exceed 10% of the total position of the person.
Subject to subrule (5), for the purposes of subrule (1)(a), a jurisdiction outside Hong Kong is an exempt jurisdiction in relation to a prescribed person on and after the effective day specified in an exemption notice in respect of the jurisdiction until the day before the effective day specified in a cessation notice (if any) in respect of the jurisdiction.
An exemption notice or a cessation notice given by a prescribed person must—
be in writing;
be given to the Monetary Authority, if the person is a local AFI or a local AMB;
be given to the Commission, if the person is a licensed corporation;
specify the jurisdiction (or if more than one jurisdiction, each jurisdiction) that is to be regarded as, or is to cease to be regarded as, an exempt jurisdiction in relation to the person for the purposes of this rule; and
specify the effective day, being a day that is not earlier than the day on which the notice is received by the Monetary Authority or the Commission.
A prescribed person that has given an exemption notice and a cessation notice in respect of a jurisdiction is permitted to give only 1 more exemption notice in respect of the jurisdiction.
In this rule—
cessation notice (停止通知), in relation to an exemption notice given by a prescribed person in respect of a jurisdiction specified in the exemption notice, means a notice given by the person in accordance with subrule (4) to the effect that the jurisdiction is to cease to be regarded as an exempt jurisdiction in relation to the person for the purposes of this rule; effective day (生效日期), in relation to an exemption notice or a cessation notice, means the day on which the notice is to take effect as specified in the notice; exemption notice (豁免通知) means a notice given by a prescribed person in accordance with subrule (4) in respect of a jurisdiction to the effect that the jurisdiction is to be regarded as an exempt jurisdiction in relation to the person for the purposes of this rule; jurisdiction position (司法管轄區持倉量), in relation to a prescribed person and an exempt jurisdiction, means the aggregate of the notional amounts of every outstanding trade of the person that is recorded in the form of an entry in the exempt jurisdiction books of the person.Rule 6(1) does not apply to a prescribed person in relation to a specified OTC derivative transaction to which the person is a counterparty if—
the transaction is entered into by the person—
as a result of a multilateral portfolio compression exercise; and
with a participant in the multilateral portfolio compression exercise that was a counterparty to one or more of the compressed transactions; and
rule 6(1) did not apply to the person in relation to any of the compressed transactions, under the multilateral portfolio compression exercise. (17 of 2021 s. 80)
(Repealed 17 of 2021 s. 80)
In this rule—
compressed transaction (壓縮交易), in relation to a multilateral portfolio compression exercise, means an OTC derivative transaction that was modified, terminated, or terminated and replaced, as a result of the exercise; (17 of 2021 s. 80) multilateral portfolio compression exercise (多邊投資組合壓縮行動) means a process applied to portfolios of OTC derivative transactions of the participants in the process—(a)that is conducted for the purpose of reducing exposures between or among the participants;(b)that involves more than 2 participants, none of whom is the person (service provider) operating the process;(c)that is conducted in accordance with—(i)the operating rules set by the service provider for participation in the process; and(ii)any parameters agreed between the service provider and each of the participants;(d)that is conducted without changing the market risk of the portfolio of OTC derivative transactions of any of the participants beyond any market risk tolerance level set by the participant concerned;(e)that is conducted for the purpose of reducing counterparty credit risk or operational risk for the participants; and(f)as a result of which none, any or all of the OTC derivative transactions—(i)are modified;(ii)are terminated; or(iii)are terminated and replaced with one or more new OTC derivative transactions. (17 of 2021 s. 80)A prescribed person is taken to have complied with rule 6(1) in relation to a specified OTC derivative transaction to which the person is a counterparty if—
under the laws of a jurisdiction that is designated by the Commission in accordance with subrule (2) (designated jurisdiction), the transaction is required to be cleared with a central counterparty;
the transaction has been cleared with a central counterparty in accordance with the laws of the designated jurisdiction; and
the central counterparty referred to in paragraph (b) is a designated CCP.
For the purposes of subrule (1), the Commission may, with the consent of the Monetary Authority and by notice published in the Gazette, designate any jurisdiction outside Hong Kong if the Commission is satisfied that the laws of the jurisdiction—
provide for requirements that are similar to, or serve similar purposes as, the clearing obligation; and
are appropriately administered and enforced in the jurisdiction.
The Commission may, with the consent of the Monetary Authority and by notice published in the Gazette, revoke the designation of a jurisdiction made under subrule (2).
A notice published under subrule (2) or (3) is not subsidiary legislation.
A prescribed person must, in relation to a specified OTC derivative transaction to which it is a counterparty, keep the records specified in rule 14 in the manner specified in rule 15 until no earlier than 5 years after the transaction has—
matured; or
before the transaction matures, been terminated in accordance with the terms and conditions of the transaction or by agreement between the counterparties to the transaction.
Rule 12 applies to a specified OTC derivative transaction even if—
a counterparty, or more than one counterparty, to the transaction is a person outside Hong Kong; or
the transaction was entered into wholly or partially outside Hong Kong.
The records that a prescribed person must keep in relation to a specified OTC derivative transaction are records sufficient to demonstrate that—
rule 6(1) applied to the person in relation to the transaction and—
the person complied with rule 6(1); or
the person was taken to have complied with rule 6(1) because rule 11(1) applied to the person in relation to the transaction; or
rule 6(1) did not apply to the person in relation to the transaction because—
rule 6(1)(a)(i) was not satisfied;
rule 6(1)(b) was not satisfied;
rule 6(3) applied to the person and the person gave a notice under rule 6(3);
rule 8(1) applied to the person in relation to the transaction;
rule 9(1) applied to the person in relation to the transaction; or
rule 10(1) applied to the person in relation to the transaction.
A prescribed person must, in relation to a specified OTC derivative transaction, keep the records specified in rule 14 in a manner that enables the records to be readily accessible.
The Commission may, if it is satisfied that it is appropriate to do so in the interests of the investing public or in the public interest—
designate a person under section 101J(1) of the Ordinance as a central counterparty for the purposes of Part IIIA of the Ordinance; and
do the following with regard to a designation—
impose conditions;
amend or revoke a condition;
impose additional conditions.
An application under section 101J(1) of the Ordinance for designation must—
be in writing;
specify the class or description of OTC derivative transactions in respect of which the applicant seeks to be designated;
if the applicant is a person outside Hong Kong—
specify each authority or regulatory organization outside Hong Kong that is responsible for regulation of the applicant in its capacity as a central counterparty (non-Hong Kong regulators); and
be accompanied by information that is sufficient to demonstrate that the applicant meets legal or regulatory requirements enforced or administered by the non-Hong Kong regulators, and that those requirements meet generally recognized international principles and standards applicable to central counterparties; and (31 of 2025 s. 180)
contain or be accompanied by any other information that the Commission may reasonably require.
The Commission may, in considering an application for designation—
by a written notice served on the applicant, request the applicant to submit any additional information that the Commission reasonably considers may be relevant to the Commission’s consideration of the application; and
have regard to any information in the possession of the Commission, whether provided by the applicant or not.
A notice of designation given by the Commission to a person under section 101J(1)(a) of the Ordinance must specify—
the class or description of OTC derivative transactions in respect of which the person is designated;
the conditions (if any) imposed with regard to the designation; and
the time at which the designation is to take effect.
The Commission may, in considering whether to exercise any of the powers referred to in subrule (1)(b) with regard to a designation, have regard to any information in the possession of the Commission, whether provided by the designated person or not.
If the Commission, under section 101J(1)(b) of the Ordinance, refuses to designate a person as a central counterparty for the purposes of Part IIIA of the Ordinance, the Commission must, by a written notice served on the person, inform the person of the refusal and the reasons for the refusal.
The Commission may revoke a designation of a person under section 101J(5)(d) of the Ordinance—
if the Commission is satisfied that it is appropriate to do so in the interests of the investing public or in the public interest; or
at the request, in writing, of the person.
If the Commission revokes a designation of a person under section 101J(5)(d) of the Ordinance—
it must include in the notice the reasons for the revocation, except where the revocation is at the request of the person; and
it may include in the notice any directions to the person that it considers appropriate for the purpose of—
ceasing the designation of the person; or
protecting the interests of the investing public or the public interest.
The Commission may, in considering whether to revoke a designation of a person under section 101J(5)(d) of the Ordinance, have regard to any information in the possession of the Commission, whether provided by the person or not.
In this Schedule—
basis swap (基準掉期) means an interest rate swap under the terms and conditions of which—(a)the payments to be made by one of the 2 counterparties are to be calculated by reference to a floating interest rate applied to a notional amount; and(b)the payments to be made by the other counterparty are to be calculated by reference to another floating interest rate applied to the same notional amount; features (特點), in relation to an interest rate swap, and as applicable depending on whether the swap is a basis swap (see Table 1), a fixed-to-floating swap (except an overnight index swap) (see Table 2) or an overnight index swap (see Table 3), means the following—(a)the currency in which the notional amount and payments are denominated as specified under column 2 with the heading of “Currency” in Table 1, 2 or 3;(b)the floating rate index on which the floating interest rate (or rates) for the swap is based as specified under column 3 with the heading of “Floating rate index” in Table 1, 2 or 3;(c)the tenor of the swap is within the range as specified under column 4 with the heading of “Tenor” in Table 1, 2 or 3;(d)whether or not the swap has optionality as specified under column 5 with the heading of “Optionality” in Table 1, 2 or 3;(e)whether or not the notional amount of the swap is constant during the tenor of the transaction as specified under column 6 with the heading of “Constant notional” in Table 1, 2 or 3; fixed-to-floating swap (固定對浮動掉期) means an interest rate swap under the terms and conditions of which—(a)the payments to be made by one of the 2 counterparties are to be calculated by reference to a fixed interest rate applied to a notional amount; and(b)the payments to be made by the other counterparty are to be calculated by reference to a floating interest rate applied to the same notional amount; interest rate swap (掉期息率) means an OTC derivative transaction under the terms and conditions of which—(a)the 2 counterparties to the transaction agree to exchange interest rate cash flows (payments) at specified intervals while the transaction is still outstanding; and(b)the payments are to be calculated by reference to—(i)a notional amount that is denominated in a single currency; and(ii)agreed fixed interest rates or agreed floating interest rates; optionality (授予選擇權), in relation to an interest rate swap, means a counterparty to the swap is granted an option which, if exercised, would or might affect the amount, timing or form of the payments that would otherwise be made under the swap; overnight index swap (隔夜指數掉期) means a fixed-to-floating swap where the floating interest rate referred to in paragraph (b) of the definition of fixed-to-floating swap in this section is based on an overnight interest rate index.The following OTC derivative transactions are specified for the purposes of rules 4 and 5—
a basis swap that has all of the features specified for an item in a row of Table 1;
a fixed-to-floating swap (except an overnight index swap) that has all of the features specified for an item in a row of Table 2;
an overnight index swap that has all of the features specified for an item in a row of Table 3.
| Table 1 Basis Swaps |
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
| Item | Currency | Floating rate index | Tenor | Optionality | Constant notional |
| 1. | (Repealed L.N. 150 of 2023) | ||||
| 2. | EUR | EURIBOR | 28 days to 10 years | No | Yes |
| 3-4. | (Repealed L.N. 150 of 2023) | ||||
| 5. | HKD | HIBOR | 28 days to 10 years | No | Yes |
| Table 2 Fixed-to-Floating Swaps (except Overnight Index Swaps) |
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
| Item | Currency | Floating rate index | Tenor | Optionality | Constant notional |
| 1. | (Repealed L.N. 150 of 2023) | ||||
| 2. | EUR | EURIBOR | 28 days to 10 years | No | Yes |
| 3-4. | (Repealed L.N. 150 of 2023) | ||||
| 5. | HKD | HIBOR | 28 days to 10 years | No | Yes |
| Table 3 Overnight Index Swaps |
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
| Item | Currency | Floating rate index | Tenor | Optionality | Constant notional |
| 1. | USD | Fed Funds | 7 days to 2 years | No | Yes |
| 2. | EUR(L.N. 150 of 2023) | €STR | 7 days to 3 years | No | Yes |
| 3. | GBP(L.N. 150 of 2023) | SONIA | 7 days to 50 years | No | Yes |
| 4. | JPY(L.N. 150 of 2023) | TONA | 7 days to 30 years | No | Yes |
| 5. | USD(L.N. 150 of 2023) | SOFR | 7 days to 50 years | No | Yes |
| 6. | HKD(L.N. 150 of 2023) | HONIA | 7 days to 10 years | No | Yes |
| Column 1 | Column 2 | Column 3 | Column 4 |
| Item | Calculation period | Clearing threshold | Prescribed day |
| 1. | 1 September 2016 to 30 November 2016 | US$20 billion | 1 July 2017 |
| 2. | 1 March 2017 to 31 May 2017 | US$20 billion | 1 January 2018 |
| 3. | 1 September 2017 to 30 November 2017 | US$20 billion | 1 July 2018 |
| 4. | 1 March 2018 to 31 May 2018 | US$20 billion | 1 January 2019 |
| 5. | 1 March 2019 to 31 May 2019 (L.N. 259 of 2018) | US$20 billion | 1 January 2020 |
| 6. | 1 September 2019 to 30 November 2019 (L.N. 259 of 2018) | US$20 billion | 1 July 2020 |
| 7. | 1 March 2020 to 31 May 2020 (L.N. 259 of 2018) | US$20 billion | 1 January 2021 |
| 8. | 1 September 2020 to 30 November 2020 (L.N. 259 of 2018) | US$20 billion | 1 July 2021 |
| 9. | 1 March 2021 to 31 May 2021 (L.N. 259 of 2018) | US$20 billion | 1 January 2022 |
| 10. | 1 September 2021 to 30 November 2021 (L.N. 259 of 2018) | US$20 billion | 1 July 2022 |
| 11. | 1 March 2022 to 31 May 2022 (L.N. 259 of 2018) | US$20 billion | 1 January 2023 |
| 12. | 1 September 2022 to 30 November 2022 (L.N. 259 of 2018) | US$20 billion | 1 July 2023 |
| 13. | 1 March 2023 to 31 May 2023 (L.N. 159 of 2022) | US$20 billion | 1 January 2024 |
| 14. | 1 September 2023 to 30 November 2023 (L.N. 159 of 2022) | US$20 billion | 1 July 2024 |
| 15. | 1 March 2024 to 31 May 2024 (L.N. 159 of 2022) | US$20 billion | 1 January 2025 |
| 16. | 1 September 2024 to 30 November 2024 (L.N. 159 of 2022) | US$20 billion | 1 July 2025 |
| 17. | 1 March 2025 to 31 May 2025 (L.N. 159 of 2022) | US$20 billion | 1 January 2026 |
| 18. | 1 September 2025 to 30 November 2025 (L.N. 159 of 2022) | US$20 billion | 1 July 2026 |
| 19. | 1 March 2026 to 31 May 2026 (L.N. 159 of 2022) | US$20 billion | 1 January 2027 |
| 20. | 1 September 2026 to 30 November 2026 (L.N. 159 of 2022) | US$20 billion | 1 July 2027 |