2 November 2001
The Chief Executive
All overseas incorporated authorized institutions
Dear Sir/Madam,
Financial Disclosure by Overseas Incorporated Authorized Institutions
Further to our letter of 27 September 2001, I am writing to inform you that the guideline entitled "Financial Disclosure by Overseas Incorporated Authorized Institutions" has today been finalised and issued. The changes in the guideline are mainly to enhance credit risk disclosures, taking into account international best practices and recent papers issued by the Basel Committee. The opportunity has been taken at the same time to recast the guideline into a module of the Supervisory Policy Manual. The relevant overseas incorporated authorized institutions are required to adopt the guideline in preparation of their Key Financial Information Statements for financial periods ending on or after 31 December 2001.
A copy of the guideline in both English and Chinese is attached. The guideline can also be accessed through the HKMA's public (http://www.info.gov.hk/hkma/eng/bank/spma/index.htm) and private (http://www.hkfin.net) websites. If you have any questions, please feel free to contact Ms. Tess Leung at 2878 8279 or Ms. Kennis Hui at 2878 8228.
Yours faithfully,
Rita Yeung
Acting Executive Director (Banking Policy)
c.c. Chairman, HKAB
Chairman, DTC Association
President, Hong Kong Society of
Accountants
Auditors of Authorized Institutions
Secretary for Financial Services (Attn:
Ms. Kinnie Wong)
