It enhances transparency and comparability requirements.
The amendment on banking disclosure rules 2018 was gazetted to implement recent international standards on banking regulation in Hong Kong.
It seeks to implement latest disclosure requirements set by the Basel Committee on Banking Supervision aiming to enhance requirements in transparency, comparability, and user-relevance of bank disclosures.
The disclosure rules are also part of the government’s efforts to promote market discipline in the banking sector.
“The Government said the continuation of Basel III implementation shows Hong Kong's commitment to aligning its regulatory regime with the latest international regulatory standards, which is important to the city as a major international financial centre,” the press release added.
An amendment notice was similarly gazetted which reflects the decision to specify the Asian Infrastructure Investment Bank as a multilateral development bank to which banks’ exposures will be eligible for preferential capital and liquidity treatment.
The amendments will be tabled at the Legislative Council on May 9 for implementation on June 30.
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