Regulatory Alerts2019-12-27
Added · Updated
Supervisory Policy Manual CR-L-3: Letters of Comfort under BELR Rule 57(1)(d)
The Monetary Authority ceases acceptance of new letters of comfort for large exposure purposes and requires locally incorporated authorized institutions to achieve compliance with exposure limits without such aid by 30 June 2020. Existing letters of comfort accepted under former provisions are deemed approved under BELR Rule 57(1)(d)(i) but cease to have effect at the end of 30 June 2020. The Monetary Authority will not approve letters of comfort for Category A institutions, except for government-issued letters supporting specific exposures to the Hong Kong Mortgage Corporation Limited.
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