HKMA Extends Timelines for Regulatory Submissions by Banks
The Hong Kong Monetary Authority (HKMA) decided to provide authorized institutions with the flexibility to submit various surveys, banking returns, self-assessments, and consultations amid an ongoing upsurge of COVID-19 infections.
HKMA is allowing this flexibility by extending submission deadline or temporarily suspending submissions and by allowing the industry to provide feedback for upcoming consultations within a more accommodative timeframe. HKMA, on February 07, 2020, had issued a circular informing authorized institutions of its preparedness to allow flexibility for those encountering pandemic-related operational difficulties in meeting the deadlines for lodging documents with the HKMA under section 60 of the Banking Ordinance (Cap. 155) (BO) or in making disclosures under the Banking (Disclosure) Rules (Cap. 155M). HKMA reiterates that the same principles for allowing flexibility as set out in the February 2020 circular remain applicable. Any authorized institution anticipating difficulties is requested to approach HKMA as soon as practicable for discussion. Among others, the submission timelines have been modified for certain Basel-related returns (as well as Return of Consolidated Accounts (Form MA(BS)1H) and Combined Return of Assets and Liabilities (MA(BS)1B)), self-assessments by banks, surveys (including Estimated LCR and Reform of Interest Rate Benchmarks), and consultations (such as Consultation on Code of Practice chapter on Liquidity and Funding in Resolution and Consultation on Guidance Paper on Name Screening, Transaction Monitoring, and Suspicious Transaction Reporting).
Keywords: Asia Pacific, Hong Kong, Banking, Banking Ordinance, Banking Disclosure Rules, Disclosures, Reporting, Covid-19, Basel, HKMA
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