Featured Product

    HKMA Outlines Phase 1 of Approach to Promote Sustainable Banking

    June 28, 2019

    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

    Related Articles
    News

    BIS Innovation Hub Sets Out Work Program for 2021

    BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.

    January 22, 2021 WebPage Regulatory News
    News

    EC Plans to Consult on Crisis Management and EDIS Framework Revisions

    In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.

    January 21, 2021 WebPage Regulatory News
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6488