Hong Kong - HKMA Finalizes Basel III Final Reform Package Implementation Date.

December 12, 2023 by Rohin Pujari

On 10 November 2023, the HKMA wrote a letter to the Hong Kong Association of Banks (“Letter”), providing an update on the implementation timetable of the Basel III final reform package. The Letter informed the HKAB that:-

(a) all standards in the package (on credit risk, operational risk, market risk, CVA risk and the output floor) would take effect on 1 January 2025; and

(b) the reporting-only requirement for the new standards on market risk and CVA risk would commence on 1 July 2024.

The HKMA will consider if further refinements are needed before submission to the Legislative Council for negative vetting.

To view the Letter, please click here.

WRITTEN BY

Simon Deane - Deacons. Discover Simon's expertise with over 30 years in Banking and Finance law, specializing in lending, debt financing, and regulatory compliance.

For further information, please contact:

Simon Deane – Deacons,
simon.deane@deacons.com

Simon is a Consultant in our Banking and Finance practice. Bringing more than 30 years of legal experience to the role, he advises clients on lending and security incorporating most kinds of debt financing work including syndicated and bilateral lending, structured finance and restructuring/rescheduling of distressed debt. He also has vast experience in banking and finance regulation and related areas – advising clients on applications for banking licences, bank mergers and acquisitions, anti-money laundering regulations and personal data protection forms a significant part of his practice.