The HKMA in conjunction with the Working Party on Financial Disclosure and the Joint Technical Working Group has produced recommendations in a 1998 financial disclosure package (Annex) to further improve financial disclosure by authorized institutions in Hong Kong. The two industry associations and the Hong Kong Society of Accountants have been consulted and they are supportive of the package. The revised Best Practice Guide on Financial Disclosure by Authorized Institutions (the "Guide") incorporating the recommendations in the 1998 disclosure package is being printed and will be made available to all institutions when ready.

The revised Guide is applicable to all licensed banks and the larger restricted licensed banks and deposit-taking companies incorporated in Hong Kong in respect of their annual accounts for financial years ending on or after 31 December 1998.

If you have any enquiries on the 1998 disclosure package, please contact Ms Jennifer Lee at 2878 1287 or Mr PM Koo at 2878 1536.

Updated on 24 Nov 1998