Featured Product

    HKMA Extends Timelines for Regulatory Submissions by Banks

    March 07, 2022

    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

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280