Featured Product

    HKMA Revises Submission Timelines for Several Existing Returns

    November 16, 2020

    HKMA issued a circular that sets out the revised submission deadlines for several existing returns, including the returns on capital adequacy ratio, liquidity monitoring tools, stable funding position, large exposures. HKMA had initially proposed that the new submission timelines for the returns listed in Annex 5 of the circular should become effective starting from the reporting position of June 2021. Based on the requests for provision of sufficient time for authorized institutions to adapt to the revised deadlines, HKMA has decided that the new submission deadlines will now be starting from the reporting position of March 2022. In this circular, HKMA also announced that it has developed a new Return of Consolidated Accounts (Form MA(BS)1H).

    HKMA has revised submission deadlines of the following existing returns:

    • Return of Capital Adequacy Ratio—In case of combined return, the existing submission deadline is one month for local authorized institutions without overseas branches and six weeks after the end of each quarter for all other cases. The submission deadline will remain unchanged for local authorized institutions without overseas branches whereas for all other cases the new submission deadline will be one month after the end of each quarter. In case of consolidated return, new submission deadline will also change to one month after the end of each quarter as opposed to six weeks after the end of each quarter.
    • Returns of Liquidity Monitoring Tools, Stable Funding Position, and Large Exposures—The submission deadline for these returns will change from six weeks to one month after the end of each quarter.

    As authorized institutions are expanding their overseas presence, it is necessary for HKMA to introduce the Return of Consolidated Accounts to monitor the developments of the banking sector in a more comprehensive manner and strengthen the consolidated supervision of locally incorporated authorized institutions. HKMA will require the locally incorporated licensed banks with one or more subsidiaries to provide information in the form of the enclosed Return of Consolidated Accounts in accordance with Section 63(2) of the Banking Ordinance, starting with the reporting position of December 2021. The finalized Return and the Completion Instructions for this Return are enclosed in Annexes 1 to 4 of the circular. In response to the request by the industry, the submission deadline of the Return of Consolidated Accounts will be six weeks after the end of each quarter during the first year of submission (that is, the reporting positions of December 2021, March 2022, June 2022, and September 2022) to provide reporting institutions with sufficient time to adopt the reporting of the new Return of Consolidated Accounts. Thereafter, the deadline will be one month after each quarter-end.

     

    Keywords: Asia Pacific, Hong Kong, Banking, Reporting, Submission Timeline, Capital Adequacy Ratio, Liquidity Monitoring Tools, Large Exposures, Basel, Banking Ordinance, HKMA

    Featured Experts
    Related Articles
    News

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk

    The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.

    January 18, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7903