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
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
GLEIF Releases LEI Data Quality Report and GLEIS Business ReportRelated Articles
APRA Updates Validation and Derivation Rules in September 2020
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC Proposes Frameworks for Crypto-Assets and Operational Resilience
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB Publishes Opinion on Proposals to Amend Securitization Framework
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA Consults on Regulation of International Firms in UK
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS Amends Notice on Capital Adequacy Requirements of Banks
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA to Begin to Move Firms to New Data Collection Platform RegData
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA Expects IBOR Fallbacks to be Effective by End of January 2021
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA Reviews Repayment Deferral Plans, Identifies Best Practices
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs Assess Risks to Financial Sector After COVID-19 Outbreak
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE Confirms Withdrawal of COVID Corporate Financing Facility
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
