Regulatory Alerts2023-04-14
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority and the Treasury Markets Association jointly developed a leaflet and Q&A to guide corporate customers in transitioning away from remaining LIBOR settings. Authorized institutions are recommended to distribute these materials to clients holding outstanding LIBOR-linked contracts to ensure timely preparation. This initiative aims to facilitate an orderly transition by raising awareness and providing necessary guidance to affected businesses.
Our Ref.: B1/15C 14 April 2023 The Chief Executive All Authorized Institutions Dear Sir / Madam, Reform of interest rate benchmarks I am writing to share with the industry a leaflet and a set of questions and answers jointly developed by the Hong Kong Monetary Authority and the Treasury Markets Association to remind corporate customers of banks to make timely preparation for transitioning away from the remaining LIBOR settings. Your institution is recommended to distribute the enclosed leaflet to your corporate customers with outstanding LIBOR-linked contracts with your institution. Should you have any questions about this letter, please contact Mr Herbert Chan on 2878-8054 or Mr Raymond Lau on 2597-0856. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl.
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