Featured Product

    HKMA on Timeline to Lodge Documents Specified Under Banking Ordinance

    February 07, 2020

    HKMA published a circular stating that authorized institutions are required to lodge with HKMA their audited annual accounts and other documents as specified under section 60 of the Banking Ordinance (Cap. 155). For authorized institutions that are incorporated in Hong Kong, the specified documents shall be lodged with HKMA prior to their first exhibition, which is required to be made no later than 4 months after the close of each financial year, or within such further period as the HKMA approves in writing. For authorized institutions that are incorporated outside Hong Kong, the specified documents shall be lodged with HKMA no later than 6 months after the close of each financial year, or within such further period as the HKMA approves in writing.

    The circular states that if an authorized institution anticipates the need for an extension period in meeting the above-mentioned statutory timeline due to operational difficulties caused by the coronavirus situation, it may apply to HKMA in writing as soon as practicable. Similarly, should an authorized institution anticipate difficulty in meeting the deadlines for making the required disclosures under the Banking (Disclosure) Rules (Cap. 155M) owing to the coronavirus situation, it should approach HKMA as soon as practicable for discussion.

     

    Keywords: Asia Pacific, Hong Kong, Banking, Banking Ordinance, Banking Disclosure Rules, Timeline, Disclosures, Reporting, Section 60, HKMA

    Featured Experts
    Related Articles
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    IAIS Statement on Monitoring Period of Insurance Capital Standard

    IAIS published a statement from its Secretary General Jonathan Dixon on the Insurance Capital Standard (ICS) monitoring period.

    February 21, 2020 WebPage Regulatory News
    News

    EC Consults on Review of Non-Financial Reporting Directive

    EC is launched a consultation on the review of the Non-Financial Reporting Directive or NFRD (Directive 2014/95/EU, as part of its strategy to strengthen sustainable investment in Europe.

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule

    EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238).

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Publishes Statement on Adverse Interest Rate Environment

    EIOPA published a supervisory statement on the impact of the ultra-low or negative interest rate environment on the insurance sector in EU.

    February 20, 2020 WebPage Regulatory News
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4720