Featured Product

    HKMA Urges Local Banks to Start Working on FRTB Implementation

    January 17, 2019

    HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019. HKMA will also assess impact of the updated FRTB for Hong Kong, based on local data in due course. For local implementation of the market risk standard, HKMA expects to closely follow the BCBS standard. Given the size and complexity of the new market risk standard, HKMA urges all locally incorporated authorized institutions to start working on their firm-specific implementation of the market risk standard, based on the published BCBS framework, in 2019.

    BCBS had issued its new minimum capital requirements for market risk (as they resulted from the fundamental review of the trading book or FRTB) on January 14, 2019. These newly issued BCBS requirements update an earlier version of the framework that was originally published in January 2016. The revised FRTB includes a set of amendments to address issues that have been identified through input from a wide spectrum of stakeholders since the publication of its original 2016 version. The revised standard on market risk takes into account extensive feedback received on a consultative document issued by BCBS in March 2018 and it is calibrated based on the most recent set of the BCBS quantitative impact study data. The revised BCBS standard comes into effect on January 01, 2022. HKMA had earlier communicated that it will align the local implementation of the new market risk standard with the latest BCBS timetable—that is, January 01, 2022.

    Keywords: Asia Pacific, Hong Kong, Banking, FRTB, Market Risk, Basel III, BCBS, HKMA

    Featured Experts
    Related Articles
    News

    APRA Announces Deferral of Capital Reform Implementation

    APRA announced that it is deferring the scheduled implementation of Basel III reforms in Australia by one year.

    March 30, 2020 WebPage Regulatory News
    News

    IFRS Publishes Statement on Its Work During the COVID-19 Crisis

    IFRS, in its statement, emphasized that it shares global concerns about the impact of COVID–19 and is supporting its stakeholders by reconsidering timelines of its meetings and publications, providing information on the application of IFRS 9 on financial instruments, and offering calendar updates on ongoing activities.

    March 27, 2020 WebPage Regulatory News
    News

    US Agencies Announce Changes to SA-CCR and CECL Rules Due to COVID-19

    In light of the recent disruptions in economic conditions due to the COVID-19 outbreak, US Agencies (FDIC, FED, and OCC) announced two actions to allow banking organizations to continue lending to households and businesses.

    March 27, 2020 WebPage Regulatory News
    News

    IAIS Adjusts Work Program to Address Impact of COVID-19 on Insurers

    Considering the impact of COVID-19 outbreak, IAIS announced initial adjustments to its work program to provide operational relief to its member supervisors, insurers, and other stakeholders.

    March 27, 2020 WebPage Regulatory News
    News

    OSFI Announces Regulatory Adjustments to Support COVID-19 Efforts

    OSFI published three targeted industry letters that announce a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers, and private pension plans in the light of COVID-19.

    March 27, 2020 WebPage Regulatory News
    News

    UK Regulators Announce Measures to Address Impact of COVID-19

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.

    March 26, 2020 WebPage Regulatory News
    News

    ISDA and Industry Request Delay in Timeline for Initial Margin Rules

    Considering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.

    March 26, 2020 WebPage Regulatory News
    News

    FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19

    In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.

    March 26, 2020 WebPage Regulatory News
    News

    EC Rule Corrects Regulation Supplementing Solvency II Directive

    EC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).

    March 26, 2020 WebPage Regulatory News
    News

    FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19

    FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19.

    March 26, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4900