Regulatory Alerts2021-06-10
Added · Updated
Revised Basel III implementation timeline
The Hong Kong Monetary Authority issued this directive to extend the implementation deadlines for the Basel III final reform package, granting the banking industry additional preparation time. The revised credit, operational risk, output floor, and leverage ratio frameworks will take effect as minimum requirements from 1 July 2023, while market and CVA risk frameworks will enter a reporting-only phase by that date with full effect deferred to no earlier than 1 January 2024. To support these changes, the regulator aims to complete rule drafting by the end of 2022, allowing authorized institutions to finalize necessary system adjustments before the new effective dates.
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