Regulatory Alerts2014-06-20
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Advisory Notice issued by Financial Stability Board
The Financial Stability Board issued an advisory notice on 19 June 2014 designating Venezuela as a non-cooperative jurisdiction regarding international regulatory cooperation and information exchange. The Hong Kong Monetary Authority, represented by Executive Director Henry Cheng, directed all authorized institutions to take this notice into account when conducting business. This directive ensures that financial institutions align their operations with the FSB's assessment of Venezuela's regulatory standards.
Our Ref.: B1/15C 20 June 2014 The Chief Executive All authorized institutions Dear Sir/Madam, Advisory Notice issued by Financial Stability Board I am writing to inform you that on 19 June 2014 the Financial Stability Board (FSB) issued an advisory notice to financial institutions over the determination of Venezuela as a non-cooperative jurisdiction with respect to regulatory and supervisory standards on international cooperation and information exchange. The notice can be found on the FSB’s website (http://www.financialstabilityboard.org/press/pr_140616.htm). Authorised institutions should take the notice into account in conducting business. Yours faithfully, Henry Cheng Executive Director (Banking Supervision)
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