Regulatory Alerts2016-12-30
Added · Updated
Banking (Disclosure) (Amendment) Rules 2016 and Banking (Specification of Class of Exempted Charges) (Amendment) Notice 2016
The Hong Kong Monetary Authority issued the Banking (Disclosure) (Amendment) Rules 2016 and the Banking (Specification of Class of Exempted Charges) (Amendment) Notice 2016 to align local regulations with international standards. The Disclosure Rules incorporate the Basel Committee's Revised Pillar 3 requirements to enhance the relevance, consistency, and comparability of bank disclosures, while the Amendment Notice grants authorized institutions exemptions from certain charge creation limitations to facilitate margin exchange standards. These instruments are scheduled to come into operation in March 2017 following negative vetting by the Legislative Council.
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