On 06 Dec 2024, the HKMA published three codes of practice in the Gazette for implementation on 1 January 2025, including a new Banking (Capital) (Operational Risk) Code and amended Banking (Exposure Limits) and Banking (Liquidity Coverage Ratio — Calculation of Total Net Cash Outflows) Codes. These regulatory instruments form part of the Basel III Final Reform Package implementation, aligning Hong Kong's capital and liquidity frameworks with international standards.
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Implementation of Basel III Final Reform Package
On 06 Dec 2024, the Hong Kong Monetary Authority (HKMA) announced the publication of three regulatory codes of practice in the Gazette, effective 1 January 2025, as part of the implementation of the Basel III Final Reform Package. These documents amend or introduce specific codes under the Banking (Capital) (Amendment) Rules 2023 and Banking (Exposure Limits) (Amendment) Rules 2023, which will come into effect on the same date.
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