Regulatory Alerts2019-12-27
Added · Updated
Supervisory Policy Manual: Large Exposures, Risk Concentrations, Connected Parties, and Consolidated Supervision
The Hong Kong Monetary Authority issues five Supervisory Policy Manual modules to implement the Banking (Exposure Limits) Rules and align with Basel Committee standards. Key changes include requiring locally incorporated authorized institutions to set internal limits on aggregate intragroup exposures and ceasing acceptance of letters of comfort from holding companies after June 2020. The revisions also streamline supervisory processes by removing the requirement for prior HKMA approval of underwriting internal controls and limiting extensions of the seven-day exemption period.
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