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Authored by: Simon Deane and Michelle Ng
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.
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