HKMA Finalizes Implementation of BDAR 2018 and Amendment Notice 2018
HKMA informed that the negative vetting by the Legislative Council of the Banking (Disclosure) (Amendment) Rules 2018 (BDAR 2018) and the Banking (Specification of Multilateral Development Bank) (Amendment) Notice 2018 (Amendment Notice 2018) has now expired. Thus, the BDAR 2018 and the Amendment Notice 2018 will come into operation on June 30, 2018.
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. HKMA published the BDAR 2018 and the Amendment Notice 2018 in the Gazette on May 04, 2018. The two pieces of subsidiary legislation were tabled before the Legislative Council for negative vetting on May 09, 2018.
Effective Date: June 30, 2018
Keywords: Asia Pacific, Hong Kong, Banking, BDAR 2018, Amendment Notice 2018, Disclosures, HKMA
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