Regulatory Alerts2017-05-22
Added · Updated
Financial Institutions (Resolution) Ordinance - consequential amendments to Banking (Capital) Rules
The Hong Kong Monetary Authority issued this letter to inform authorized institutions of consequential amendments to the Banking (Capital) Rules introduced by the Financial Institutions (Resolution) Ordinance. These amendments require that capital instruments designated as Additional Tier 1 or Tier 2 capital must include provisions acknowledging and agreeing to potential write-off, cancellation, conversion, or modification under the Ordinance's powers. The new criteria apply to instruments issued on or after the Ordinance's commencement date of 7 July 2017, pending negative vetting by the Legislative Council.
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