The Securities and Futures Commission (SFC) has announced that starting from 22nd December 2023, the amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules (referred to as the "Rules") is in effect. These amendments are designed to strengthen the position limit system in various ways. This includes providing clear guidelines on how the Rules apply to asset managers who oversee funds or sub-funds of umbrella funds, as well as outlining the regulatory expectations for trustees concerning compliance with the Rules. Additionally, the amendments expand the list of "specified contracts" that qualify for excess position limits, introduce an excess position limit system for clearing participants, raise the statutory position limits for specific futures and options contracts, establish position limits and reporting levels for newly introduced contracts, and implement reporting requirements for large open positions during holiday trading periods. The objective of these changes is to offer greater transparency and guidance on regulatory obligations pertaining to funds, making compliance easier for all parties involved.