HKMA Outlines Phase 1 of Approach to Promote Sustainable Banking
HKMA published a circular that sets out its work plan for Phase I of the approach to promote green and sustainable banking in Hong Kong. In the Green Finance Forum, which was held on May 07, 2019, HKMA had unveiled a number of measures for promoting the development of green finance in Hong Kong, including the adoption of a three-phased approach to promote green and sustainable banking.
In the first phase, HKMA will prioritize the development of a common framework to enable comprehensive assessments of the "greenness” of authorized institutions. HKMA will collaborate with major industry stakeholders to form a working group to carry out the relevant work. The first meeting of the working group is expected to be held before the end of August. The working group will aim to develop the framework for industry consultation by the end of this year. The framework would consist of both guiding principles and possible metrics for assessing the “greenness” of the institutions.
Such principles and metrics will be developed taking into account both local stakeholders’ opinions as well as international guidelines and recommended practices. HKMA has recently joined the central banks and supervisors' Network for Greening the Financial System (NGFS) and will participate in the workstreams of NGFS, so that international insights would be considered in the development of the local Framework. Once the Framework is finalized by incorporating the industry’s comments, as appropriate, HKMA will conduct a comprehensive assessment, tentatively in the second quarter of 2020, to inform the future policy development.
Keywords: Asia Pacific, Hong Kong, Banking, Climate Change Risks, Sustainable Finance, NGFS, Green Finance Strategy, HKMA
Previous Article
HKMA Consults on Market Risk Capital Requirements for BanksRelated Articles
MAS Concludes Blockchain Payments Prototype Shows Commercial Potential
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA Updates Reporting Validation Rules in July 2020
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA Updates List of Correlated Currencies Under CRR
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB Proposes to Delay Implementation of Insurance Contracts Standard
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB Set Out Recommendations for Benchmark Transition
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS Sets Out Recommendations for Benchmark Transition for Insurers
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA Updates Reporting Manual on European Single Electronic Format
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
