Regulatory Alerts2020-03-30
Added · Updated
Deferral of Basel III implementation and HKMA’s supervisory actions in response to Covid-19
The Hong Kong Monetary Authority (HKMA) announces the one-year deferral of the final Basel III reform package implementation to 1 January 2023, aligning with the Group of Central Bank Governors and Heads of Supervision's decision to support financial stability during the pandemic. This deferral applies to revised frameworks on credit risk, operational risk, output floor, leverage ratio, market risk, and credit valuation adjustment, allowing banks and supervisors to prioritize immediate crisis response. Concurrently, the HKMA continues to encourage authorized institutions to assist customers through lending coordination mechanisms and is evaluating the impact of Covid-19 on expected credit loss provisioning requirements.
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