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
Previous ArticleGLEIF Releases LEI Data Quality Report and GLEIS Business Report
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.