New Banking Rules Gazetted In Hong Kong
It emerged last week that two new banking regulations - the Banking (Capital)
Rules and Banking (Disclosure) Rules - have been gazetted in Hong Kong, and
will be tabled at the Legislative Council on November 1. Subject to negative vetting, the rules will be enforced from January 1, 2007.
The Monetary Authority said the subsidiary legislations have been made under
new powers provided by sections 98A and 60A of the Banking Ordinance, which
were introduced by the Banking (Amendment) Ordinance 2005. The rules, which form part of the implementation of the Basle II capital adequacy standards, outline how the capital adequacy ratio of locally incorporated authorised
institutions shall be calculated and what information on the state of affairs,
profit and loss and capital adequacy ratio shall be publicly disclosed by authorised
institutions. The Authority's Deputy Chief Executive William Ryback said the adoption of
the rules will contribute to greater robustness of the banking system and greater
banking stability. .
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