FIRO Code of Practice Chapter OCIR-1 on Operational Continuity in Resolution

Resolution Office 處 置機制 辦 公 室
Our Ref: B9/124/2/1C
5 November 2021
The Chief Executive
All Authorized Institutions
Dear Sir / Madam,
FIRO Code of Practice Chapter OCIR-1 on Operational Continuity in Resolution I am writing to inform you that, following consultation with the two industry Associations, the Monetary Authority (“MA”) is issuing today OCIR-1 “Resolution Planning – Operational Continuity in Resolution”, a new chapter of the code of practice issued by the MA under section 196 of the Financial Institutions (Resolution) Ordinance (Cap. 628) (“FIRO”). The chapter explains the MA’s policy in relation to operational continuity in resolution, and sets out the MA’s expectations regarding the ex-ante arrangements authorized institutions should put in place to secure the continuity in resolution of services that are essential to the continued performance of critical financial functions as well as to support post-stabilization restructuring in a timely manner. Comments received during consultation have been addressed as appropriate. On-line access to the chapter is available under the “Code of Practice” icon on the HKMA’s public website (https://www.hkma.gov.hk/eng/) and the Supervisory Communication Website (https://www.stet.iclnet.hk).

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Should you have any questions regarding the chapter, please contact Mr Wilson Yim at wcyyim@hkma.gov.hk. Yours faithfully, Elizabeth Coupe Head (Resolution Office) Encl cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn: Ms Candy Lau)