HKMA on Timeline to Lodge Documents Specified Under Banking Ordinance
HKMA published a circular stating that authorized institutions are required to lodge with HKMA their audited annual accounts and other documents as specified under section 60 of the Banking Ordinance (Cap. 155). For authorized institutions that are incorporated in Hong Kong, the specified documents shall be lodged with HKMA prior to their first exhibition, which is required to be made no later than 4 months after the close of each financial year, or within such further period as the HKMA approves in writing. For authorized institutions that are incorporated outside Hong Kong, the specified documents shall be lodged with HKMA no later than 6 months after the close of each financial year, or within such further period as the HKMA approves in writing.
The circular states that if an authorized institution anticipates the need for an extension period in meeting the above-mentioned statutory timeline due to operational difficulties caused by the coronavirus situation, it may apply to HKMA in writing as soon as practicable. Similarly, should an authorized institution anticipate difficulty in meeting the deadlines for making the required disclosures under the Banking (Disclosure) Rules (Cap. 155M) owing to the coronavirus situation, it should approach HKMA as soon as practicable for discussion.
Keywords: Asia Pacific, Hong Kong, Banking, Banking Ordinance, Banking Disclosure Rules, Timeline, Disclosures, Reporting, Section 60, HKMA
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