Regulatory Alerts2020-10-21
Added · Updated
Customer Protection in respect of Reform of Interest Rate Benchmarks
The Hong Kong Monetary Authority reminds authorized institutions to uphold customer protection principles and treat customers fairly during the transition from LIBOR to alternative reference rates. Institutions are required to identify potential product impacts, assess client exposures, and manage risks such as contract continuity and liquidity before the end of 2021. Additionally, banks must implement robust communication programs to educate customers, ensure clear and fair disclosure, and provide adequate staff training to handle inquiries and complaints effectively.
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