Regulatory Alerts2021-11-05
Added · Updated
FIRO Code of Practice Chapter OCIR-1 on Operational Continuity in Resolution
The Hong Kong Monetary Authority issued Chapter OCIR-1 of the Financial Institutions (Resolution) Ordinance Code of Practice to establish policy on operational continuity during resolution. The chapter mandates that authorized institutions implement ex-ante arrangements to ensure the continuity of services essential to critical financial functions. These requirements also aim to support timely post-stabilization restructuring efforts in the event of institutional failure.
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