Regulatory Alerts2019-06-21
Added · Updated
Code of Practice – Banking (Exposure Limits) Code
The Hong Kong Monetary Authority issued the Banking (Exposure Limits) Code to provide technical guidance on interpreting the Banking (Exposure Limits) Rules. The document specifically clarifies the grouping of linked counterparties based on economic dependence under Rule 41 of the BELR. The Code took effect on 1 July 2019 to ensure consistent application of exposure limit regulations.
Banking Policy Department Our Ref: B1/15C B9/130C B9/188C 21 June 2019 The Chief Executive All Authorized Institutions Dear Sir/Madam, Code of Practice – Banking (Exposure Limits) Code I am writing to inform you that the Banking (Exposure Limits) Code (“Code”) was published in Gazette today. The Code is issued under section 97M of the Banking Ordinance to provide technical guidance to the interpretation of the Banking (Exposure Limits) Rules (Chapter 155S) (“BELR”), in particular the grouping of “linked counterparties” by the “economically dependent” factor under Rule 41 of the BELR. In line with the BELR, the Code will take effect on 1 July 2019. Yours faithfully, Frank Leung Acting Executive Director (Banking Policy) cc: The Chairperson, The Hong Kong Association of Banks The Chairman, The DTC Association FSTB (Attn: Ms Eureka Cheung)
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