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October 13, 2017

HKMA published a letter informing about the publication of Banking (Amendment) Bill 2017 in the Gazette. The Bill is published in an effort to strengthen the resilience of the banking system of Hong Kong, in accordance with the international regulatory standards. The aim of the Bill is to amend the Banking Ordinance to bring the regulatory regime up to date with the latest international standards on recovery planning and large exposure limits. The Bill will be introduced into the Legislative Council for first reading on October 25, 2017.

The Bill seeks to implement the latest standards promulgated by BCBS in relation to the financial exposure limits of authorized institutions by empowering HKMA to prescribe rules for such limitations. In accordance with the FSB recommendations, the Bill also empowers HKMA to require authorized institutions to maintain, revise, or implement a recovery plan, which should set out the measures that the institution can take to stabilize and restore its financial resources and ensure its viability if it comes under severe stress.

 

Keywords: Asia Pacific, Hong Kong, Banking, Banking Bill, HKMA

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