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The Banking (Disclosure) (Amendment) Rules 2014 to introduce disclosure requirements associated with the second phase of Basel III requirements for authorised institutions will be gazetted tomorrow (December 24).
The disclosure requirements relate primarily to:
(a) the capital buffers and the liquidity coverage ratio to be implemented via the Banking (Capital) (Amendment) Rules 2014 and the Banking (Liquidity) Rules respectively, which will come into effect on January 1, 2015; and
(b) the Basel III leverage ratio which, according to the Basel Committee on Banking Supervision's Basel III implementation timetable, is required to be disclosed by banks with effect from 2015.
A spokesperson for the Hong Kong Monetary Authority said, "Enhanced disclosure of key information of banks' capital and liquidity resources is fundamental for maintaining market discipline and confidence. We have engaged the banking industry in formulating disclosure standards which closely reflect those promulgated internationally."
The Banking (Disclosure) (Amendment) Rules 2014 will be tabled before the Legislative Council at its sitting on January 7, 2015 for negative vetting. They are scheduled to come into operation on March 31, 2015.
Ends/Tuesday, December 23, 2014
Issued at HKT 14:00
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