Featured Product

    HKMA Proposes Revisions to Policy Module on Conduct at Banks

    February 09, 2021

    HKMA is consulting the banking industry on revisions to the Supervisory Policy Module CG-3 on Code of Conduct, with the comment period closing on April 09, 2021. The proposed revisions have been highlighted in track changes, with key revisions relating to the Application, Oversight by Senior Management, and Internal Control sections of the module. In general, the module sets out the minimum standards that HKMA expects authorized institutions to adopt in respect of their codes of conduct and elements of an effective system for enforcing the Codes.

    The policy module applies to all authorized institutions. In the case of locally incorporated authorized institutions, the scope should cover all their branches and subsidiaries subject to the consolidated supervision of HKMA. An overseas-incorporated authorized institution may adopt the Code of Conduct formulated at the group level if it can demonstrate to the satisfaction of HKMA that the relevant group policy is consistent with the requirements set out in this module, or with certain other prescribed conditions. Failure to adhere to the standards and requirements in this module may call into question whether an authorized institution continues to satisfy certain criteria under seventh Schedule to the Banking Ordinance. This module should be read in conjunction with other relevant Supervisory Policy Manual modules, including CG-1 “Corporate Governance of Locally Incorporated Authorized Institutions” in the case of locally incorporated authorized institutions, CG-5 “Guideline on a Sound Remuneration System,” and CG-6 “Competence and Ethical Behavior,” as well as any other applicable guidance issued and updated by HKMA.

     

    Comment Due Date: April 09, 2021

    Keywords: Asia Pacific, Hong Kong, Banking, Code of Conduct, Banking Ordinance, Supervisory Policy Manual, Governance, Operational Risk, HKMA

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    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.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    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).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    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.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514