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May 04, 2018

HKMA announced that the Banking (Disclosure) (Amendment) Rules 2018 (BDAR 2018) and the Banking (Specification of Multilateral Development Bank) (Amendment) Notice 2018 (Amendment Notice 2018) were published in the Gazette. The two pieces of subsidiary legislation will be tabled before the Legislative Council for negative vetting on May 09, 2018, with a view to them taking effect on June 30, 2018. The BDAR 2018 will first apply to an authorized institution concerning the required disclosures of its interim reporting period (and of its quarterly reporting period, which ends on the same date as its interim reporting period) in relation to its 2018 financial year.

BDAR 2018. The amendments are principally designed to implement the latest disclosure requirements issued by BCBS in March 2017 to enhance the requirements in terms of transparency, comparability, and user-relevance of bank disclosures. The March 2017 requirements of BCBS represented the outcome of the second phase of its review of the regulatory disclosure requirements for banks. Requirements in the first phase of the review were already implemented in Hong Kong with effect from March 31, 2017.

Amendment Notice 2018. The Amendment Notice 2018 seeks to implement a BCBS decision of October 2017 to allow banks to apply a 0% risk-weight to claims on the Asian Infrastructure Investment Bank as a multilateral development bank, under the standardized approach for credit risk. 

 

Effective Date: June 30, 2018

Keywords: Asia Pacific, Hong Kong, Banking, BDAR 2018, Amendment Notice 2018, Disclosures, HKMA

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