On 24 Oct 2024, the HKMA revised the Pillar 3 Disclosure Package under the Banking (Disclosure) Rules to align with the Basel III final reform package and DIS chapter standards, introducing new templates and revised existing disclosures. The updated framework becomes effective from 1 January 2025, mandating its use for all reporting periods ending thereafter, with the English version now accessible via HKMA’s public channels.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction
On 24 Oct 2024, the Hong Kong Monetary Authority (HKMA) issued a revised Pillar 3 Disclosure Package under the Banking (Disclosure) Rules (BDR), amending existing disclosure requirements to align with the Basel III final reform package and updated Basel Framework standards.
Key Regulatory Changes
The revised package incorporates new disclosure templates and tables reflecting the Basel III final reform package, alongside revisions to existing templates to enhance clarity and align with the Disclosure Standards (DIS) chapter of the Basel Framework. These amendments replace the current disclosure framework under the BDR, incorporating refinements to ensure consistency with international standards without introducing new regulatory obligations.
Implementation Timeline and Access
The revised package will take effect on 1 January 2025, requiring all authorized institutions (AIs) to use it for disclosures covering reporting periods ending after this date. The English version is immediately available via the HKMA’s public website under 'Key Functions — Banking — Banking Legislation, Policies and Standards Implementation — Disclosure' and the Supervisory Communication Website, with the Chinese version to follow upon completion.
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