Regulatory Alerts2017-07-07
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Financial Institutions (Resolution) Ordinance - commencement
The Hong Kong Monetary Authority announced that the Financial Institutions (Resolution) Ordinance and its associated Regulation commenced operation on 7 July 2017. This legislation establishes a cross-sector resolution regime designed to mitigate systemic risks by securing critical financial functions while imposing failure costs on shareholders and creditors. Concurrently, the Monetary Authority was designated as the lead resolution authority for 25 cross-sectoral groups and published three guidance codes on resolution planning and operational independence.
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