Supervisory Policy Manual Module IC-6: The Sharing and Use of Consumer Credit Data through Credit Reference Agencies

Our Ref: B1/21C
B4/1C
B9/32C
B9/60C
8 July 2022
The Chief Executive
All Authorized Institutions
Dear Sir / Madam,
Supervisory Policy Manual (“SPM”) Module: IC-6 “The Sharing and Use of Consumer Credit Data through Credit Reference Agencies” I am writing to inform you that, following consultation with relevant industry associations, the Monetary Authority is issuing by notice in the Gazette today a revised SPM module IC-6 “The Sharing and Use of Consumer Credit Data through Credit Reference Agencies” as a statutory guideline under section 16(10) of the Banking Ordinance. The changes in the revised SPM module IC-6 are mainly to set out the HKMA’s expectation for authorized institutions (“AIs”) involved in the provision of consumer credit to participate as fully as possible in the sharing and use of consumer credit data through credit reference agencies (“CRAs”) in the Multiple CRAs Model via the Credit Reference Platform (“CRP”), which will be operated by an independent operator as a data switch between participating credit providers and the CRAs. The HKMA have also taken this opportunity to streamline the guidance and remove outdated parts as appropriate. The CRP is expected to be launched by the end of 2022. While the Effective Date (i.e. date of commencement of the operation of the CRP) is not specified in the revised SPM module, the HKMA will inform AIs of this date in due course.

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  On-line access to the SPM module is available under the icon for “Supervisory Policy Manual” on the HKMA’s website (https://www.hkma.gov.hk/eng/). Should you have any questions regarding the revised SPM module, please contact Ms Katrina Ng at 2878-1338 or Ms Yuki Chan at 2878-1652. Yours faithfully, Alan Au Executive Director (Banking Conduct) Encl. cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association Financial Services and the Treasury Bureau (Attn: Mr Justin To)